Genting Hong Kong has warned that it expects to post a net loss of about US$1.5 billion for 2020 and said the Covid-19 crisis continues to affect its cruise business.
Genting profit warning
As the world struggles to get back to its feet, the Covid-19 pandemic has left the cruise community wondering if things will ever get back to the way they were before.
Genting Hong Kong has announced it has received formal written agreement from its financial creditors, partners, and stakeholders to undergo a “holistic recapitalization of the group” and extension of the group’s material financial indebtedness.
Genting Hong Kong has reached a financing accord with creditors under which it will receive EUR300 million ($362.2 million) in new funding and the renegotiation of interest and maturities on existing debt.
Talks are getting underway between MV Werften and its owners Genting Hong Kong with the German federal and state government for the release of additional rescue funds to maintain work at the financially troubled shipyard group.
Genting Hong Kong said it has completed the sale of a 50 percent interest in an integrated resort project in Macau, which it now expects to be completed in 2022 after Covid-19 delays to construction.
Major cruise lines have been pushing back their planned dates to resume sailing as the Covid-19 pandemic drags, helping to dampen a fourth-quarter rally in stocks.
Malaysian billionaire Lim Kok Thay's long-held ambition to own a casino in Macau may be fading again after Genting Hong Kong revealed its cash woes have forced the sale of part of a luxury hotel project there.
Genting Hong Kong said it agreed to sell 50 percent of a hotel project under construction in Macau for $750 million ($96.7 million) to a local investor.
Genting Cruise Lines' World Dream mega ship set sail on a cruise to nowhere from Singapore on Friday night with stringent anti-Covid protocols put into place.
Genting Cruise Lines said on Thursday that it is recruiting Singaporeans to work on its ship World Dream, weeks before the commencement of a pilot scheme allowing two cruise lines to resume services with enhanced Covid-19 safety protocols.