Hong Kong: Genting to invest in offshore gambling cruise

Genting Hong Kong announced on a Friday report, the completion of the sale of an initial tranche of shares in global cruise ship company Dream Cruises.

Hong Kong.- Back in August, Genting Hong Kong, reached an agreement to sell a 35% stake in Dream Cruises to an investment holding company owned by TPG Darting Ltd (Canada), for around €440 million.

Now, and during today’s filing, Genting Hong Kong confirmed that the agreement had become a reality and announced the completion of the initial tranche of the payment for €408 million, which represents 32.2% of the issued share capital of Dream Cruises.

Genting Hong Kong’s goal of owning a large fleet of ships is underway. Currently, Dream Cruises operates three ships – Genting Dream, World Dream and Explorer Dream – but it aims to continue amplifying its fleet of ships.

The company is expected to add two other ships within the next several years. The “Global Class” ships are currently being built in Germany; the first ship will be delivered in early 2021 and the second in early 2022.

The partial selling of the company is the first step towards achieving its dream; “the disposal will reduce the Group’s financial burden in meeting future funding requirements in relation to Dream Cruises’ business.” This will definitely “strengthen the Group’s balance sheet and its ability to continue to expand its fleet in the cruise industry.”

Genting HK added, “as the largest cruise operator in the Asia Pacific region with a leading market share, the company is well positioned to further capitalize on its industry leader position. The Board considers that the fastest growing Asian middle-class market provides attractive and compelling business opportunities on which the company will focus its attention and resources.”