• 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
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Genting HK completes acquisition of German shipyard

Nov 24, 2015 Newsdesk Latest News, Rest of Asia, Top of the deck, World  


Genting HK completes acquisition of German shipyard

Genting Hong Kong Ltd, an operator of casino cruise ships and a joint venture casino operator in the Philippines, on Tuesday said it has completed the acquisition of a German shipbuilding firm for a total consideration of EUR17.5 million (US$18.6 million).

The Hong Kong-listed company acquired 70 percent of German shipyard owner Lloyd Werft Bremerhaven AG and 50 percent of Lloyd Investitions-und Verwaltungs GmbH, another German firm that provides letting and leasing services for real estate and operating facilities. The sellers are German firms Petram Beteiligungs GmbH, Ehlerding Beteiligungs GmbH and BLG Logistics Group AG and Co.

Genting Hong Kong said in a filing in September that the investment in the German companies would facilitate its fleet expansion and brand development plan.

“The transaction will enable the company to leverage on the technical know-how and expertise of a reputable shipyard with a well-established and long track record in the shipbuilding industry, thus allowing the company to expedite its business plans through timely and priority access to new building slots at competitive pricing,” said Genting Hong Kong.

The company in March agreed to acquire U.S.-based Crystal Cruises and its subsidiaries for a total consideration of US$550 million. Genting Hong Kong – part of Malaysian conglomerate Genting Bhd – owns and operates Star Cruises and is a major shareholder in Norwegian Cruise Line. The firm is also a substantial shareholder in Philippines-based Travellers International Hotel Group Inc, owner and operator of the Resorts World Manila casino property.

Pursuant to the latest deal, Genting Hong Kong or its affiliates are required to place ship building orders with Lloyd Werft for at least an aggregate value of EUR550 million by June 30, 2016, according to Tuesday’s filing.

In July, Genting Hong Kong signed a letter of intent to build new cruise ships at Lloyd Werft. Crystal Cruises also has plans to build new luxury river ships at the German shipyard.


  • tweet
Related articles
  • Genting HK terminates sale-leaseback deal on cruise vessel
    Genting HK terminates sale-leaseback...

    Jan 04, 2021  

  • Genting HK to sell 50pct stake in Macau hotel project
    Genting HK to sell 50pct stake in Macau...

    Nov 11, 2020  

More news
  • CNY 2021 unlikely to boost Macau casinos, say observers
    CNY 2021 unlikely to boost Macau...

    Jan 15, 2021  

  • Mass market play record 65pct Macau GGR in 4Q: govt
    Mass market play record 65pct Macau GGR...

    Jan 15, 2021  


Latest News

CNY 2021 unlikely to boost Macau casinos, say observers

CNY 2021 unlikely to boost Macau casinos, say observers

Jan 15, 2021  

Recent advisory notices issued by a number of local authorities in mainland China, calling on residents not to travel during the February Chinese New Year (CNY) break, further clouds the prospects...
Read More
Mass market play record 65pct Macau GGR in 4Q: govt

Mass market play record 65pct Macau GGR in 4Q: govt

Jan 15, 2021  

Malaysia Covid outlook negative to Genting Bhd: Moody’s

Malaysia Covid outlook negative to Genting Bhd: Moody’s

Jan 15, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“We expect Las Vegas Sands to not have any material change in strategy. The focus remains developing Macau and Singapore”

Vitaly Umansky, Kelsey Zhu and Tianjiao Yu

Analysts at brokerage Sanford C. Bernstein



Most Popular

  • Sheldon Adelson, self-declared casino industry iconoclastSheldon Adelson, self-declared casino industry iconoclast January 13, 2021
  • Casino entrepreneur Sheldon Adelson dies aged 87Casino entrepreneur Sheldon Adelson dies aged 87 January 12, 2021
  • Guangdong govt advises public to stay in province for CNYGuangdong govt advises public to stay in province for CNY January 11, 2021
  • Quality fake chips sold online found at Macau casinoQuality fake chips sold online found at Macau casino January 13, 2021
  • Revamped Nüwa hotel reopens Feb 8, says City of DreamsRevamped Nüwa hotel reopens Feb 8, says City of Dreams January 12, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us