• 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

Genting HK expects net loss of up to US$75 mln in 1H

Aug 02, 2016 Newsdesk Latest News, Rest of Asia, Top of the deck  


Genting HK expects net loss of up to US$75 mln in 1H

Genting Hong Kong Ltd, an operator of casino cruise ships and a joint venture casino operator in the Philippines, has issued a warning that it expects to record a net loss in the range of US$60 million to US$75 million for the six months ended June 30, 2016.

The firm said that the numbers contained in its Monday update 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.

The expected loss compares with a net profit of US$2.1 billion for the six months ended June 30, 2015.

The company said the expected net loss is mainly attributable to the absence of a one-off accounting gain of US$1.57 billion following the reclassification of Genting Hong Kong’s investment in Norwegian Cruise Line Holdings Ltd and the absence of a gain of US$599.6 million from the disposal of shares in Norwegian Cruise. Both of these operations were completed in the first half of 2015.

The Hong Kong-listed company said that other factors leading to the expected loss in the first half of 2016 included: one-time start-up and marketing costs for the launch of new Dream and Crystal cruise brands and products; and higher overall operating and selling costs, and higher general and administrative expenses.

Genting Hong Kong, a subsidiary of Malaysian conglomerate Genting Bhd, has accelerated its expansion plans for its cruise business. The company last month announced it would invest more than EUR100 million (US$110.9 million) to upgrade the three shipyards in Germany that it acquired in April. The move follows the company’s earlier purchase of the Lloyd Werft Bremerhaven shipyard in Germany last year. Genting Hong Kong plans to build new cruise ships to expand its fleet.

Genting Hong Kong already operates the Star Cruises brand and it acquired Crystal Cruises in 2015. The firm’s new Asian cruise line, Dream Cruises, is scheduled to start operations in November 2016, according to previous filings.


  • tweet
Related articles
  • Travellers Int 2023 capex on Newport to hit US$71mln
    Travellers Int 2023 capex on Newport to...

    Jun 15, 2023  

  • Alliance Global acquires remaining stake in Newport op
    Alliance Global acquires remaining...

    May 31, 2023  

More news
  • Grand Hyatt MICE revamp before year end: Melco CEO
    Grand Hyatt MICE revamp before year...

    Sep 21, 2023  

  • Melco to help Macau govt revitalise some Inner Harbour piers
    Melco to help Macau govt revitalise...

    Sep 21, 2023  


Latest News

Grand Hyatt MICE revamp before year end: Melco CEO

Grand Hyatt MICE revamp before year end: Melco CEO

Sep 21, 2023  

Lawrence Ho Yau Lung, chairman and chief executive of casino group Melco Resorts & Entertainment Ltd, has confirmed to GGRAsia that before year-end it will start revamp work for the meeting space...
Read More
Melco to help Macau govt revitalise some Inner Harbour piers

Melco to help Macau govt revitalise some Inner Harbour

Sep 21, 2023  

GEN Malaysia stable outlook, rebound taking its time: Fitch

GEN Malaysia stable outlook, rebound taking its time: Fitch

Sep 21, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Genting Malaysia’s revenue rebound has been slower than our expectations, and the impact on leverage has been compounded by Empire’s weak metrics”

Akash Gupta, Shiv Kapoor and Hasira De Silva

Analysts at Fitch Ratings



Most Popular

  • Macau logs 3.2mln visitors in Aug, only 4pct from overseasMacau logs 3.2mln visitors in Aug, only 4pct from… September 20, 2023
  • Golden Week Macau GGR to be 17pct up on rest of Oct: MSGolden Week Macau GGR to be 17pct up on rest of Oct: MS September 21, 2023
  • No swift resumption of dividends for most Macau ops: GSNo swift resumption of dividends for most Macau ops: GS September 19, 2023
  • LT Game readies new LMG product as Macau recovers: ChunLT Game readies new LMG product as Macau recovers: Chun September 20, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us