• 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

GEN HK to net US$90mln from Norwegian cruise share sale

Aug 14, 2017 Newsdesk Latest News, Rest of Asia, Top of the deck  


GEN HK to net US$90mln from Norwegian cruise share sale

Casino cruise ship operator and Philippine casino investor Genting Hong Kong Ltd is to book a net gain of approximately US$90.1 million from the sale of a 3.29-percent stake in Norwegian Cruise Line Holdings Ltd, a business listed in Nasdaq in New York.

Hong Kong-listed Genting Hong Kong announced on Sunday it was reducing its participation in Norwegian Cruise Line Holdings by 3.29 percent via a secondary public offering. The stake was sold for a total consideration – after deduction of the relevant estimated expenses – of approximately US$409.1 million to a group of three underwriting banks.

Genting Hong Kong’s stake in Norwegian Cruise Line Holdings is controlled by a wholly-owned subsidiary called Star NCLC Holdings Ltd.

Based on the closing price of the Norwegian Cruise Line Holdings shares on the Nasdaq Global Select Market on August 10 – the date of the underwriting agreement – the aggregate market value of the shares being disposed by Genting Hong Kong was approximately US$428 million, the firm said in Sunday’s filing.

“It is intended that the sale proceeds for the disposal will be used as general working capital and capital expenditure for the Genting Hong Kong group and/or to fund new investments of the group should suitable opportunities arise,” Genting Hong Kong said in the filing.

Upon completion of the exercise – expected for Wednesday – Genting Hong Kong will still control a stake of approximately 7.84 percent in Norwegian Cruise Line Holdings. The stake will continue to be labelled as “available-for-sale investment”, the firm said.

Genting Hong Kong announced last month it was selling its entire stake in Australian gaming operator Star Entertainment Ltd. The sale via on-market disposals and a block trade amounted to a total consideration of approximately AUD273.4 million (US$212 million), the firm stated at the time.

Genting Hong Kong Ltd said on July 31 it expected a net loss for the six months to June 30 in the range of US$200 million to US$220 million. That compares to US$73.7 million in the prior-year period, according to a filing to the Hong Kong Stock Exchange. The forecast did not include the contribution from Travellers International Hotel Group Inc, the joint venture that operates the Resorts World Manila casino resort in the Philippines.

Genting Hong Kong – a subsidiary of Malaysian conglomerate Genting Bhd – has been accelerating expansion plans for its cruise business and has developed a three-brand portfolio of cruise lines serving different parts of the market: Crystal Cruises for what it terms the ultra-luxury segment; Dream Cruises for what it describes as the premium segment; and Star Cruises for what it defines as the “contemporary” segment.


  • tweet
Related articles
  • Universal Ent counterclaims are desperate: 26 Capital
    Universal Ent counterclaims are...

    Mar 21, 2023  

  • Universal Ent seeks to end SPAC deal for Okada Manila listing
    Universal Ent seeks to end SPAC deal...

    Mar 20, 2023  

More news
  • Philippines must strengthen junket AML controls: watchdog
    Philippines must strengthen junket AML...

    Mar 22, 2023  

  • Vietnam’s Hoiana says has several partners to bring biz
    Vietnam’s Hoiana says has several...

    Mar 22, 2023  


Latest News

Philippines must strengthen junket AML controls: watchdog

Philippines must strengthen junket AML controls: watchdog

Mar 22, 2023  

Anti-money laundering (AML) controls in the Philippines’ casino sector need to be strengthened, says an analysis report by the country’s AML watchdog. The body pointed the finger at the junket...
Read More
Vietnam’s Hoiana says has several partners to bring biz

Vietnam’s Hoiana says has several partners to bring biz

Mar 22, 2023  

Jennifer Kartono named chief HR officer of Crane NXT

Jennifer Kartono named chief HR officer of Crane NXT

Mar 22, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”We are seriously considering the privatisation of all Pagcor-operated casinos”

Alejandro Tengco

Chairman and chief executive of the Philippine Amusement and Gaming Corp (Pagcor)



Most Popular

  • Universal Ent seeks to end SPAC deal for Okada Manila listingUniversal Ent seeks to end SPAC deal for Okada Manila… March 20, 2023
  • Macau GGR for March 1 to 19 at US$845mln: JP MorganMacau GGR for March 1 to 19 at US$845mln: JP Morgan March 20, 2023
  • Let’s Win hosts grand opening for club at Hoiana in VietnamLet’s Win hosts grand opening for club at Hoiana in… March 20, 2023
  • Macau ops getting overseas visitors via private jets: reportMacau ops getting overseas visitors via private jets: report March 21, 2023
  • US$165mln syndicated loan for Hann Reserve, says promoterUS$165mln syndicated loan for Hann Reserve, says promoter March 20, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us