Casino operator Genting Hong Kong Ltd expects to post a net profit of more than US$180 million for the first half of this year. That compares with a consolidated net profit of US$23 million for the same period a year before, the company said in a filing.
The increase in net profit is mainly attributable to the gain from the disposal of a stake of 3.7 percent in Norwegian Cruise Line Holdings Ltd in March, in the sum of US$153 million. Hong Kong-listed Genting Hong Kong is still the majority shareholder in the company, with a 27.7-percent stake.
Also helping to push up the results from Genting Hong Kong was a fair value gain in the sum of approximately US$15 million arising from a revaluation of some financial assets, the company told the Hong Kong Stock Exchange on Saturday in a positive profit alert.
The company’s unaudited consolidated results for the first half of 2014 are expected to be announced in August.
Genting Hong Kong is a joint venture partner in the Resorts World Manila casino resort (pictured) in the Philippines. The company, which also operates casino cruise ships under the Star Cruises brand, is a subsidiary of Malaysian conglomerate Genting Bhd.
Jan 25, 2022The International Monetary Fund (IMF) expects Macau’s economy to continue to expand in coming years, after an estimated 17-percent growth in 2021, “helped by the partial recovery of the gaming...
Jan 24, 2022
”Boosted by increasing investment linked to the issuance of new gaming concessions and further integration with the Guangdong‑Hong Kong‑Macao Greater Bay Area, [Macau's] growth is expected to accelerate to 23 percent in 2023"
International Monetary Fund