• 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 sells Zouk club group to Lim Kok Thay son

Sep 02, 2020 Newsdesk Latest News, Rest of Asia, Singapore, Top of the deck  


Genting HK sells Zouk club group to Lim Kok Thay son

Financially-pressured casino cruise ship operator Genting Hong Kong Ltd says it is selling nightclub and restaurant operator Zouk Group to an offspring of the Genting brand’s Malaysian patriarch, Lim Kok Thay, for SGD14.0 million (US$10.3 million).

Genting Hong Kong said the sale to Lim Keong Hui – who on Friday stepped down as an executive director and deputy chief executive at the cruise firm – would result in a gain of about HKD6.7 million (US$864,542) for the cruise enterprise, given the HKD72.6-million net asset value of the Zouk Group. On Friday, Genting Hong Kong announced a first-half net loss of more than US$742 million.

The Tuesday filing said the total consideration in the Zouk Group disposal could go up or down, depending on whether subsequent information showed Zouk Group’s cash balance to have been above or below SGD5.65 million as of August 31. The deal is due to be completed this coming Friday (September 4).

The announcement showed that Zouk Group’s loss after taxation had ballooned from nearly HKD3.4 million in calendar year 2018, to HKD11.6 million in 2019; and HKD79.6 million for the first seven months of this year.

The disposal involves the entire issued share capital of Zouk Consulting Pte Ltd, a company incorporated in Singapore and a wholly-owned subsidiary of Glitter Lane Ltd, a British Virgin Islands entity wholly-owned by Genting Hong Kong.

The buyer is Tulipa Ltd, an Isle of Man firm directly- and wholly-owned by Mr Lim Keong Hui.

Genting Hong Kong said the “catastrophic Covid-19 pandemic” had brought the cruise and tourism sectors to a “sudden halt since February 2020”.

It said the disposal of the Zouk Group was part of its “efforts to conserve cash and to seek additional sources of finance, including disposal of non-core assets and investments, to sustain our business pending resumption of cruise operations”.

Genting Hong Kong had acquired the Zouk brand and its assets, including the Zouk nightclub (pictured) in Singapore, in 2015.


  • tweet
Related articles
  • Bloomberry Quezon project in 2023, focus on preserving cash
    Bloomberry Quezon project in 2023,...

    Apr 16, 2021  

  • GEN Singapore faulty vote on chairman incentive award
    GEN Singapore faulty vote on chairman...

    Apr 16, 2021  

More news
  • Macau VIP GGR up 20pct sequentially in 1Q: govt
    Macau VIP GGR up 20pct...

    Apr 16, 2021  

  • NUSTAR complex in Cebu slated to open 2022: UHRI
    NUSTAR complex in Cebu slated to open...

    Apr 16, 2021  


Latest News

Macau VIP GGR up 20pct sequentially in 1Q: govt

Macau VIP GGR up 20pct sequentially in 1Q: govt

Apr 16, 2021  

Macau’s VIP gross gaming revenue (GGR) in the first quarter of 2021 reached nearly MOP9.13 billion (US$1.14 billion), up 19.7 percent sequentially, according to data released on Friday by the...
Read More
NUSTAR complex in Cebu slated to open 2022: UHRI

NUSTAR complex in Cebu slated to open 2022: UHRI

Apr 16, 2021  

Labour Day hols hotels to be 40-50pct full: Macau govt

Labour Day hols hotels to be 40-50pct full: Macau govt

Apr 16, 2021  

Macau may tie GBA backing to gaming tender: law experts

Macau may tie GBA backing to gaming tender: law experts

Apr 16, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$1.15 billion

Tax revenue collected by the Macau government from the city’s gaming industry in the first three months of 2021



Most Popular

  • Three Manila casinos say still shut despite eased lockdownThree Manila casinos say still shut despite eased lockdown April 13, 2021
  • Macau 2021 GGR could be half of pre- Covid-19 levels: FitchMacau 2021 GGR could be half of pre- Covid-19 levels: Fitch April 15, 2021
  • Macau seeks mutual vaccine recognition with Guangdong: CEMacau seeks mutual vaccine recognition with Guangdong: CE April 13, 2021
  • Macau 1Q VIP GGR bad at 20pct pre pandemic: JP MorganMacau 1Q VIP GGR bad at 20pct pre pandemic: JP Morgan April 14, 2021
  • Macau subsidised staycation for locals covers casino resortsMacau subsidised staycation for locals covers casino resorts April 14, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us