• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Casino cruise firm GEN HK narrows 1H loss by 61pct

Sep 02, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck  


Casino cruise firm GEN HK narrows 1H loss by 61pct

Genting Hong Kong Ltd, a Hong Kong-listed operator of casino cruise ships and shipyards, as well as an investor in the Resorts World Manila casino resort in the Philippines, narrowed its first-half loss by 60.6 percent.

Such loss was US$55.2 million for the six months to June 30, compared to US$140.1 million a year earlier, on revenue that fell slightly, the group said in a Friday filing to the Hong Kong bourse.

Group revenue for the period was nearly US$729.2 million, compared to US$777.6 million in the prior-year period, a year-on-year decline of 6.2 percent.

The decline in group revenue was mainly due to an unfavourable comparison with “higher third-party shipyard revenue in first-half 2018,” Genting Hong Kong said in its Friday announcement.

The group reported for first-half 2019 an 18.6-percent reduction in operating expenses excluding depreciation and amortisation, to US$527.2 million from US$647.4 million. Expenses relating to shipyard and non-cruise activities fell 59.6 percent, to US$82.2 million, from US$203.7 million.

The board did not recommend the declaration of any interim dividend for the latest reporting period. For the first half 2018, it had declared a dividend of US$0.01 per ordinary share.

In the casino cruise segment, total revenue was US$652.4 million, up from US$642.0 million in the prior-year period. Of the cruise revenue for the first six months of 2019, US$487.1 million came from passenger ticket sales, and US$165.3 million from “onboard revenue”.

The group noted that in the reporting period the number of “capacity days” for cruise operations had been reduced by 11 percent due to the withdrawal of the SuperStar Libra vessel in July 2018 “to be an accommodation ship for subcontractors in the MV Werften Wismar shipyard,” in Germany.

Group earnings before interest, taxation, depreciation and amortisation swung to a positive US$76.9 million for first-half 2019 versus a loss of US$5 million in first-half 2018.

The loss per ordinary and per diluted share attributable to equity owners of the company for the period was US$0.65 respectively.

The group’s share of profit from joint ventures and associates totalled US$9.1 million in first half 2019 compared with US$15.2 million in first-half 2018.

The decrease was “mainly due to smaller contribution from Travellers International Hotel Group, Inc, which was mainly due to absence of non-operating income recognised in first-half 2018,” said Genting Hong Kong. It was referring to the operator of Resorts World Manila. The Genting unit is an investor in Travellers International alongside Philippine conglomerate Alliance Global Group Inc.

In August it was announced that Travellers International had started a tender offer in order to be delisted from the Philippine Stock Exchange.

The first half filing of Genting Hong Kong noted that outside the reporting period – on August 6 – the company had announced the sale of up to 35 percent of the equity interest in its unit Dream Cruises Holding Ltd for up to US$489 million.

“This results in a US$470 million gain for the group and strengthens the consolidated statement of financial position of the group,” it noted in Friday’s filing.

“The sale is subject to customary closing conditions, which the company expects to be completed by year-end,” it added.

In other commentary, Genting Hong Kong noted that Explorer Dream, a cruise vessel formerly known as SuperStar Virgo, joined Dream Cruises in April this year as the third ship in the fleet of that cruise brand.

“She is sailing in north and east China during summer to bring Dream Cruises brand awareness and in preparation for the early 2021 arrival of the 206,500 gross tons [187,334 metric tonnes] Global Dream to these parts of China,” added the group.


  • tweet
Related articles
  • Alliance Global acquires remaining stake in Newport op
    Alliance Global acquires remaining...

    May 31, 2023  

  • Newport World Resorts op interested in Pagcor casinos: COO
    Newport World Resorts op interested in...

    May 17, 2023  

More news
  • Sega Sammy Creation growing land-based, eyes online
    Sega Sammy Creation growing land-based,...

    Jun 01, 2023  

  • iGaming growing in Asia, ops tackling challenges: Uplatform
    iGaming growing in Asia, ops tackling...

    Jun 01, 2023  


Latest News

Sega Sammy Creation growing land-based, eyes online

Sega Sammy Creation growing land-based, eyes online

Jun 01, 2023  

Casino equipment maker Sega Sammy Creation Inc is tweaking its market approach in the land-based segment, in terms of manufacturing and sales, says Naoki Kameda (pictured, left), the firm’s...
Read More
iGaming growing in Asia, ops tackling challenges: Uplatform

iGaming growing in Asia, ops tackling challenges: Uplatform

Jun 01, 2023  

G2E Asia 2023: Singapore

  • Sega Sammy Creation growing land-based, eyes online
    Sega Sammy Creation growing land-based, eyes online

    Jun 01, 2023  

    Casino equipment maker Sega Sammy Creation Inc is tweaking...
  • iGaming growing in Asia, ops tackling challenges: Uplatform
    iGaming growing in Asia, ops tackling challenges: Uplatform

    Jun 01, 2023  

    The iGaming segment in Asia “has grown rapidly” since...
  • ‘See before you play’ slot marketing tool, say tech suppliers
    ‘See before you play’ slot marketing tool, say tech...

    May 31, 2023  

    Showing slot machine players – via animations on the...
  • Macau stocks tied to China outlook: Bloomberg analyst
    Macau stocks tied to China outlook: Bloomberg analyst

    May 31, 2023  

    Macau stocks in likelihood “have been punished too much...
  • Investors still eye possible fresh IR locations in Japan: scholar
    Investors still eye possible fresh IR locations in Japan:...

    May 31, 2023  

    There are foreign companies still interested in investing...
  • Thai casino law possible in 2024, IR in 2030: govt adviser
    Thai casino law possible in 2024, IR in 2030: govt adviser

    May 31, 2023  

    Thailand could pass the necessary enabling legislation for...
  • China still ‘critical’ to Asian markets: G2E Asia panel
    China still ‘critical’ to Asian markets: G2E Asia panel

    May 30, 2023  

    China will remain a key market for Asian gaming...
  • Much interest in state casinos sale, says Pagcor boss Tengco
    Much interest in state casinos sale, says Pagcor boss

    May 30, 2023  

    Alejandro Tengco (pictured in a file photo), chairman and...
  • Gaming industry in for a very exciting period: Bill Miller
    Gaming industry in for a very exciting period: Bill Miller

    May 30, 2023  

    There are “plenty of reasons” for the global gaming...
  • IGT flags route to high-performing games for Asia
    IGT flags route to high-performing games for Asia

    May 30, 2023  

    Gaming equipment provider International Game Technology Plc...
  • G2E Singapore trade show, conference begins today
    G2E Singapore trade show, conference begins today

    May 30, 2023  

    The Global Gaming Expo (G2E) Asia 2023 Special Edition:...
  • Novomatic’s Black Edition II cabinets at G2E in Singapore
    Novomatic’s Black Edition II cabinets at G2E in Singapore

    May 29, 2023  

    Austria-based gaming equipment maker and operator Novomatic...
  • Uplatform to show latest iGaming products at G2E Singapore
    Uplatform to show latest iGaming products at G2E Singapore

    May 25, 2023  

    Sports betting and online casino operating platform...
  • L&W ambition to be No1 in Asia well on its way: SVP gaming
    L&W ambition to be No1 in Asia well on its way: SVP...

    May 24, 2023  

    The business performance in Asia of gaming content and...
  • G2E Singapore expecting 6k visitors, 100+ exhibitors
    G2E Singapore expecting 6k visitors, 100+ exhibitors

    May 18, 2023  

    The organisers of Global Gaming Expo (G2E) Asia 2023...
  • ‘Dragon Unleashed’ slot link by L&W at G2E in Singapore
    ‘Dragon Unleashed’ slot link by L&W at G2E in...

    May 17, 2023  

    Gaming content and equipment supplier Light & Wonder...
  • Sega Sammy Creation new multi-ETG at G2E in Singapore
    Sega Sammy Creation new multi-ETG at G2E in Singapore

    May 16, 2023  

    Casino equipment maker Sega Sammy Creation Inc is to...
  • Aristocrat at G2E Asia in Singapore previews Year of Dragon
    Aristocrat at G2E Asia in Singapore previews Year of Dragon

    May 09, 2023  

    Casino slot machine and digital gaming content provider...
  • IGT ‘Prosperity’ link in Asia show debut G2E in Singapore
    IGT ‘Prosperity’ link in Asia show debut G2E in...

    May 05, 2023  

    The Global Gaming Expo (G2E) Asia event in Singapore is the...
  • Thai parliament adviser on casinos attending G2E Singapore
    Thai parliament adviser on casinos attending G2E Singapore

    May 04, 2023  

    An adviser to a Thailand parliamentary committee mulling...

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”We’re interested [in entering Thailand], we’re looking… but it’s early days”

Robert Goldstein

Chairman and chief executive of casino operator Las Vegas Sands



Most Popular

  • Dividend restart still far for Macau ops: JP MorganDividend restart still far for Macau ops: JP Morgan May 30, 2023
  • We’ll be in Singapore for many years: LVS chairmanWe’ll be in Singapore for many years: LVS chairman May 30, 2023
  • Macau stocks tied to China outlook: Bloomberg analystMacau stocks tied to China outlook: Bloomberg analyst May 31, 2023

Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us