Is Genting planning to launch Resorts World cruise operations?

Genting's cruise company Genting Hong Kong filed for liquidation in January.

04/20/22

Resorts World Cruises has been registered as a company name in Singapore.

Singapore.- A new company named Resorts World Cruises Pte Ltd has been registered in Singapore, leading to speculation that Genting may be planning to launch a new cruise operation. Resorts World is the brand used by Genting for its land-based casino resorts.

The Straits Times has reported that the registration with the Singapore Accounting and Business Regulatory Authority has sparked speculation that the Lim family, founders of Malaysia’s Genting Casino and Plantation Group, may be planning to launch a new casino cruise company.

Genting Group’s existing casino cruise company Genting Hong Kong Ltd filed for liquidation in January after a German court rejected a request to release US$88m in funds for its German shipyard unit MV Werften. Soon afterwards, Tan Sri Lim Kok Thay stepped down as CEO of the company and Crystal Cruises, part of Genting Hong Kong, suspended the operations of its Ocean and Expedition ships.

Genting HK to be delisted if it fails to remedy trading suspension issues

Genting Hong Kong will be delisted from the Hong Kong Stock Exchange if the cruise operator does not address issues that led to a suspension in trade of the company’s shares. It must fully comply with the bourse’s listing rules and resume trading by July 17, 2023.

Genting Hong Kong has been suspended from trading since January 18. It said it will make further announcements on progress as and when appropriate.

It said in a statement: “If the company fails to remedy the issues causing the trading suspension, fully comply with the listing rules to the stock exchange’s satisfaction and resume trading in the shares of the company by July 17, 2023, the listing division of the stock exchange will recommend the listing committee of the stock exchange to proceed with the cancellation of the company’s listing.

“Under Rules 6.01 and 6.10 of the listing rules, the stock exchange also has the right to impose a shorter specific remedial period, where appropriate.”