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Casino cruise operator Genting Hong Kong said it is assessing whether the group will have sufficient financial resources to continue operating, and that it was concerned with the continued uncertainties brought on by the covid-19 pandemic.
Genting Hong Kong has reached a financing accord with creditors under which it will receive EUR300 million ($362.2 million) in new funding and the renegotiation of interest and maturities on existing debt.
Genting Hong Kong has warned that it expects to post a net loss of about $1.5 billion for 2020 and said the Covid-19 crisis continues to affect its cruise business.
Major cruise lines have been pushing back their planned dates to resume sailing as the Covid-19 pandemic drags, helping to dampen a fourth-quarter rally in stocks.
A Singapore "cruise to nowhere," operated by Royal Caribbean has been forced to return to port after an 83-year-old passenger tested positive for Covid-19.
China plans to permit cruise ships to set sail from December, but only between Chinese ports and with no international cruise operators allowed to resume operations.
In a rare glimmer of good news for the cruise industry, Genting Dream Cruises officially resumed sailing on Friday, with a trip to nowhere out of Singapore.
Genting Cruise Lines' World Dream mega ship set sail on a cruise to nowhere from Singapore on Friday night with stringent anti-Covid protocols put into place.
Genting Hong Kong’s results briefing provided some reassurance that the loss-making company will be able to raise enough funds from the investment community without needing other entities in the group to bail it out.
As the world struggles to get back to its feet, the Covid-19 pandemic has left the cruise community wondering if things will ever get back to the way they were before.