Genting Hong Kong reports US$1.72bn loss in 2020

Casino cruise ship operator Genting Hong Kong has reported a loss of US$1.72bn for the year ending December 31 2020 due to the impact of the Covid-19 pandemic.

Hong Kong.- Casino cruise ship operator Genting Hong Kong Limited has reported a net loss of US$1.72bn for 2020. That compares to a loss of US$158.6m in 2019.

The company reported a 76.5 per cent year-on-year decline in revenue to US$366.8m.

It said it believes lenders will support a restructuring of its outstanding debts. 

In August 2020, the group held an online meeting for creditors to define the restructuring of debts and temporarily suspended all payments to the group’s financial creditors to preserve liquidity.

Genting Hong Kong also reported an adjusted EBITDA loss of US$385.8m compared to a positive EBITDA of US$142.5m in 2019.

The Casino cruise ship operator stated: “It may take a longer time for the Group’s overall performance to return to pre-Covid-19 levels, and the new normal in the global travel business landscape will derail the previously projected performance. 

“The Group will continue to adapt its deployment plans as we navigate our business cautiously through a highly fluid environment in 2021.”