Genting Hong Kong Ltd, an operator of casino cruise ships and a joint venture casino developer and operator in the Philippines, said on Tuesday it expects net profit for the year ended December 31, 2015 “of not less than US$2 billion”, compared to US$331.7 million for the prior-year period.
The numbers contained in its most recent update did not include the contribution from Travellers International Hotel Group Inc, a venture with a Philippines partner that operates and is expanding the Resorts World Manila casino resort in Manila.
Genting Hong Kong – part of Malaysia-based Genting Group – said the expected increase in net profit is mainly attributable to, among other factors, a total gain of about US$658.6 million “from disposals of certain stakes” in Norwegian Cruise Line Holdings Ltd (NCLH) and a one-off accounting gain of US$1.57 billion “recognised upon completion of a secondary offering of NCLH’s ordinary shares”.
Genting Hong Kong’s interest in NCLH has declined to approximately 11.1 percent, the company had said in a previous filing, adding that it accounts its interest in NCLH as an “available-for-sale investment”.
In March, Genting Hong Kong announced a deal to acquire U.S.-based Crystal Cruises and its subsidiaries for a total consideration of US$550 million. In November, the Hong Kong-listed company completed the acquisition of a German shipbuilding firm for a total consideration of EUR17.5 million (US$18.6 million).
In Tuesday’s filing, Genting Hong Kong additionally said its results for 2015 are likely to be impacted by the “weakness” of the gaming industry in Asia.
“Despite an overall improvement in the performance of the group’s cruise business and contribution from Crystal Cruises, the group expects a deterioration of operating results … due to challenging market conditions in particular the continued weakness in the regional gaming industry, which resulted in a softer overall gaming performance,” the firm said.
“In line with industry, management has increased the provision of doubtful debts,” it added.
Genting Hong Kong’s audited results for 2015 are expected to be announced in March, according to the latest filing.
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”We do not believe that reopening the advance notice nomination deadline [for board directors] is appropriate or justified”
Daniel Boone Wayson
Chairman of the Wynn Resorts board of directors