revenue fell from US$1.56bn to US$366.8m<\/strong>\u00a0mainly due to the Covid-19 pandemic and the resulting suspension of cruise operations.<\/p>\n\n\n\nThe company reported a\u00a0net loss of US$1.72bn for 2020<\/strong>, which compares to\u00a0a loss of US$158.6m in 2019<\/strong>.<\/p>\n\n\n\nAs for the second half of 2020,\u00a0Genting Hong Kong reported that total revenue\u00a0<\/strong>was down from US$831.8m to US$140.6m. It reported a net loss of US$973m <\/strong>compared to US$102.1m in H2 2019.<\/p>\n\n\n\nThe group restarted sailings in 2021 with reduced capacities in Taiwan and Singapore<\/strong>\u00a0in a fully controlled environment in compliance with relevant local health requirements.\u00a0<\/p>\n\n\n\nHowever, it suspended operations in Taiwan until at least June 8 after the country registered a rise in the number of Covid-19 cases<\/strong>. In Singapore<\/strong>, it reduced\u00a0the capacity of its cruise from 50 per cent to 25 per cent<\/strong>\u00a0following the announcement of new restrictions from May 16 to June 13.<\/p>\n\n\n\nAlthough the company remains optimistic that major economic and trade activities, including cruising, will resume as soon as practicable, it believes\u00a0the Covid-19 pandemic will continue to have a material impact on the Group\u2019s business<\/strong>.<\/p>\n\n\n\nGenting Hong Kong stated: “The company is currently in talks with the relevant authorities in the Asia Pacific region<\/strong>, intending to resume domestic cruise operations in various key markets soon.”<\/p>\n\n\n\nThe group is seeking to reengineer its cost structure and efficiency\u00a0<\/strong>to improve its performance and profitability, and it could implement a holistic consensual solvent restructuring proposal by the first half of 2021.<\/p>\n\n\n\nLast year it had\u00a0announced it had\u00a0decided to temporarily suspend all payments<\/strong>\u00a0to financial creditors.<\/p>\n\n\n\nIn May,\u00a0it\u00a0reached a\u00a0recapitalisation proposal with its stakeholders<\/strong> that it said would grant the company an extension of a US$2.6bn debt<\/strong>. <\/p>\n\n\n\nThe group said the new recapitalisation proposal would include a\u00a0reduction in interest margins and the suspension of amortisation payment\u00a0<\/strong>requirements of US$1.5bn for at least two years.<\/p>\n\n\n\nThe package also guarantees a new US$261.5m loan, which includes a small stake in the company<\/strong>, to finish construction of its Crystal Endeavor and Global Dream vessels. <\/p>\n","protected":false},"excerpt":{"rendered":"Genting Hong Kong has shared its audited financial results for the year 2020 and has said it expects Covid-19 will continue to have a material impact on the group\u2019s business.<\/p>\n","protected":false},"author":176,"featured_media":18213,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Genting Hong Kong reported a substantial net loss of US$1.72bn in 2020, with revenue significantly impacted by the Covid-19 pandemic's effect on cruise operations. The group is pursuing a holistic consensual solvent restructuring proposal, including a recapitalisation deal to extend US$2.6bn in debt and secure new financing for vessel completion, while navigating phased operational resumptions in the Asia Pacific region.","focusai_entities":"Genting Hong Kong Limited, Crystal Endeavor, Global Dream","focusai_location":"Hong Kong, Taiwan, Singapore, Asia Pacific","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.7), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Restructuring Impact","query":"What are the specific implications of Genting Hong Kong's consensual solvent restructuring proposal on its capital structure and long-term operational viability?"},{"label":"Market Re-entry Strategy","query":"How will Genting Hong Kong's phased re-entry strategy in key Asia Pacific markets, coupled with reduced capacities, impact its near-term GGR and NGR projections?"}],"footnotes":""},"categories":[157,16338],"tags":[23716],"class_list":["post-18192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-genting-hong-kong"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/18192","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=18192"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/18192\/revisions"}],"predecessor-version":[{"id":18223,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/18192\/revisions\/18223"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18213"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=18192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=18192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=18192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}