Published
Financial

Genting Hong Kong warns of higher losses in H1

Genting Hong Kong has issued a warning over “significantly higher” net loss for the first half of the year, compared to 2019, when the group lost $55.2 million.

gentinghongkongcruise

The group stressed the impact COVID-19 pandemic has had on the industry and the suspension of operations. In a filing to Hong Kong stock exchange, Genting stated it had taken “cost reduction, cash conservation, and capital-raising measures to deal with the resultant loss of revenues from its operations.”

The cost-cutting measures include reduction of staff and salary (for those retained), as well as the implementation of no-pay leave. 

Chairman and CEO Tan Sri Lim Kok Thay said the business was suspended for the group’s cruises (Dream Cruises, Crystal Cruises and Star Cruises) and shipbuilding operations in MV Werften’s shipyards in Germany, while the group’s “entertainment and leisure businesses” of Resorts World Manila and Zouk have “severely restricted operations and revenue generation.”

The CEO added: “It is expected that the COVID-19 pandemic will continue to affect the group’s businesses, as the spread and development of the virus has created significant uncertainty over when authorities in the relevant cruising markets will allow resumption of the cruise travel.” 

The group is looking for additional sources of finance to increase liquidity, namely seeking Germany’s Economic Stabilisation Fund to finance the resumption of work in the German shipyard. Other sources will be sought out to support the cruise businesses. 

Premium+ Connections
Premium

Lynon

 
Premium

GammaStack

 
Premium

RISK

 
Premium

1xBet Partners

 
Premium

Imagine Live

 
Premium

Revsharks

 
Premium

Galaxsys

 
Premium

Sport Generate

 
Premium

PIN-UP Partners

 
Premium

Digitain

 
 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
Zeal Network SE

Stefan Tweraser

VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

Social & App

Spribe CEO exclusive: Simplicity is the foundation

Spribe CEO David Natroshvili speaks to Gambling Insider abou...

Redefining iGaming: A history of crash games

Crash games is a growing vertical that has taken gambling by...

A certain something: What makes crash games special?

Crash games. They’re simple, they’re easy to learn and,...

Smarter innovation to shape the future

Spribe CCO Giorgi Tsutskiridze discusses the past, present a...

Facing Facts: The corner of quarterly contemplation

With Q1 reports out across the industry, Gambling Insider co...

Taking Stock: A guide to key stock prices across the industry

Gambling Insider tracks prices from some of the industry’s...

15 years of Gambling Insider: From the Founders

Over the last 15 years, Gambling Insider magazine has interv...

15 years of Gambling Insider: The Awards over time

Global Gaming Awards Event Manager Mariya Savova gives us he...