GGRAsia – Genting Hong Kong confirms final dividend

Genting Hong Kong confirms final dividend

Jun 07, 2017 Newsdesk Latest News, Rest of Asia, Top of the deck

Casino ship operator and gaming investor Genting Hong Kong Ltd announced on Wednesday that its shareholders have approved a final dividend of US$0.01 per share for the year ended December 31, 2016.

The decision was made during the company’s annual general meeting held that day, in which the shareholders also voted to re-elect Alan Howard Smith and Justin Tan Wah Joo as directors.

The company reported a US$502.3-million loss in 2016. The firm cited “the one-time start-up and marketing costs for the launch of new Dream and Crystal Cruises’ brands and products in 2016” and “higher overall operating and selling, general and administrative expenses” as part of the reasons for the 2016 loss.

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.

Genting Dream, the first ship of the Dream Cruises brand, made its maiden voyage to Okinawa, Japan, in April. A second ship of the Dream Cruises fleet – World Dream – is scheduled to start operations in November 2017.