Genting HK expects losses of at least US$300m for 1H

Genting HK expects losses of at least US$300m for 1H

Hong Kong-based Genting, which operates casino venues and cruises, expects to report at least US$300 million in losses due to the pandemic.

Hong Kong.- Genting Hong Kong has revealed it expects to report a consolidated net loss of at least US$300 million for the first half of the year.

The firm had already warned that the first half would see a “significantly higher” loss than numbers reported last year.

The group posted an unaudited consolidated net loss of US$56.5 million for the first half of for 2019.

Genting operates casino cruise ships and shipyards and is also an investor in Resorts World Manila in the Philippines.

The firm stated it planned to release interim results before the end of the month.

The first half of 2020 has been severely impacted by the suspension of operations across the group’s cruise businesses, namely Dream Cruises, Crystal Cruises and Star Cruises, the suspension of shipbuilding operations at MV Werften’s shipyards in Germany, and severely restricted operations and revenue generation at Genting Hong Kong’s entertainment and leisure businesses, the Resorts World Manila casino resort and Zouk nightclub in Singapore.

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