Genting Hong Kong reports US$182.3m in revenue for H1

Genting Hong Kong has reported a decline in revenue from US$226.2m to US$182.3m for the first half of the year.

Hong Kong.- Casino cruise ship operator Genting Hong Kong Limited has shared its financial results for the first half of the year. Revenue decreased to US$182.3m mainly due to the suspension of Crystal Cruises and Star Cruises operations due to the Covid-19 pandemic.

The company posted a reduced EBITDA loss of US$171.2m compared to an EBITDA loss of US$204.1m in the first half of 2020, thanks to the resumption of cruise operations in Taiwan and Singapore and control of operating costs. 

The consolidated operating loss for the period was US$258.6m. Net loss decreased from US$742.6m in the first half of 2020 to US$238.3m in the first half of 2021.

The operator said it expects about 50 per cent of the global cruise fleet to be back in service in the following weeks.

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. 

Genting HK said it continues to seek new sources of funding in view of ongoing uncertainties.

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.