Genting Hong Kong expects net loss of US$330m for H1

Genting Hong Kong expects a net loss of nearly US$330m for the first half and a consolidated operating loss of US$280m.

Hong Kong.- Casino cruise ship operator Genting Hong Kong Limited has reported that it expects to post a consolidated operating loss of nearly US$280m and a net loss of US$330m for the first half of the year, compared to US$323m and US$743m for the first half of the previous year.

Genting Hong Kong attributed the decrease to the resumption of operations in Taiwan between July 2020 and May 2021 and in Singapore since November 2020. The company also reduced finance costs through debt restructuring and continued control of headcount.

Genting Hong Kong said it had also received a share of the profit from Voyagers Universal Lodging Gather Inc, a partner that runs the Resorts World Manila casino resort in the Philippines capital, amounting to approximately US$25m.

The cruise ship operator resumed sailings in Hong Kong on July 30 after having all of its staff vaccinated against Covid-19 as required by the Hong Kong government. Passengers must be fully vaccinated before sailing. As previously reported, Genting Hong Kong operates at 50 per cent of its capacity. Trips don’t involve ports outside Hong Kong.

In May, the company reported that it had reached a recapitalisation proposal with stakeholders to access a new US$261.5m loan, which includes a small stake in the company, to finish construction of its Crystal Endeavor and Global Dream vessels.