Genting Hong Kong expects US$1.5bn net loss for 2020

Casino cruise ship operator Genting Hong Kong expects to report a net loss of at least US$1.5bn due to the impact of Covid-19.

Hong Kong.- Casino cruise ship operator Genting Hong Kong Limited has said it expects to post a consolidated operating loss of US$600m and a consolidated net loss of no less than US$1.5bn for the year ending December 31 2020.

In 2019, the group’s consolidated operating loss was of US$96m and the consolidated net loss US$159m.

The company said the suspension of fleet-wide operations for Dream Cruises, Crystal Cruises and Star Cruises was the main reason for the increased losses.

Last year, Genting Hong Kong suspended all payments to the group’s financial creditors in an effort to preserve liquidity. The company also received a subsidy from the German Covid-19 stabilisation fund to continue operating.

The Casino cruise ship operator is currently negotiating to start sailings with its Crystal Serenity ship from Nassau and Bimini in the Bahamas as of July 2021.

The company stated in a press release: “With the resumption of Crystal Serenity, Genting Cruise Lines will have 41 per cent of its entire fleet in operation (based on total lower berths), the highest proportion of all cruise companies in the world, following the restart of Dream Cruises’ Explorer Dream in July 2020 in Taiwan and World Dream in Singapore in November 2020.”