• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 7 August 2022
    • 中文
    • 日本語
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Genting Hong Kong reveals US$1.72 billion loss in 2020 but confident of lender support

Ben Blaschke by Ben Blaschke
Thu 1 Apr 2021 at 18:33
Revenue boost sees narrowed losses for Genting HK in 1H18
59
SHARES
1.5k
VIEWS
Print Friendly, PDF & Email

Asian-based cruise ship operator Genting Hong Kong says it remains confident its lenders will support a restructuring of its outstanding debts, despite suffering a massive US$1.72 billion loss for the year ended 31 December 2020.

The Hong Kong-listed firm, which is also a joint venture partner in Philippines IR Resorts World Manila, announced in August that it was temporarily suspending all payments to the group’s financial creditors in order to preserve liquidity as the COVID-19 pandemic grounded its global cruise ship fleet.

The full depth of its woes were laid bare this week with Genting Hong Kong revealing a FY20 loss of US$1.72 billion, widened from a loss of US$158.6 million in 2019 on a 76.5% year-on-year decline in revenue to US$366.8 million. The 2020 results included an Adjusted EBITDA loss of US$385.8 million compared to positive EBITDA of US$142.5 million in 2019.

Providing an update on its net debt position of US$3.14 billion as at 31 December 2020, Genting Hong Kong said it has been in discussions with its key financial partners since last August and described their response as supportive.

“Given the significant progress on the holistic proposal and the fact that relevant lenders are looking to secure credit committee approval on that proposal, the Group has a reasonable [grounds] to believe that a restructuring can be successfully consummated,” it said.

However, the company also warned that it expected COVID-induced difficulties to impact the group’s business for some time to come, adding, “Given the ongoing uncertainty, it may take a longer time for the Group’s overall performance to return to pre-COVID-19 levels, and the new normal in the global travel business landscape will derail the previously projected performance. The Group will continue to adapt its deployment plans as we navigate our business cautiously through a highly fluid environment in 2021.”

Genting Hong Kong’s 2020 losses included a share of loss of joint ventures and associates of US$55.0 million, mainly attributable to losses incurred by Resorts World Manila operator Travellers International Hotel Group, Inc.

RelatedPosts

Konami reveals strong growth for Gaming and Systems segment despite group-wide declines in 1H20

Revenue up, profit down for Konami’s gaming segment in Q2

Fri 5 Aug 2022 at 06:19
Damage Control – Korea’s COVID calamity

Korea’s Paradise, GKL report rising casino revenues in July

Thu 4 Aug 2022 at 06:44
Is Macau still investible?

MGM China falls to US$52 million EBITDAR loss in 2Q22 as China COVID outbreaks see revenues plummet

Thu 4 Aug 2022 at 04:59
Cashless is King

Revenue, profit dip in 2Q22 but IGT says outlook strong

Wed 3 Aug 2022 at 06:06
Load More
Tags: adjusted ebitdacruise shipsGenting Hong KongHong Kongrevenue
Share24Share4
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial: Silver linings

Editorial: Silver linings

by Ben Blaschke
Thu 28 Jul 2022 at 22:31

Given the extensive coverage of Macau’s COVID-induced woes of late, it would be easy to fall into the trap of...

Macau has fallen

Macau has fallen

by Andrew W Scott
Thu 28 Jul 2022 at 21:02

It’s official: Macau is no longer the center of the casino gaming universe. The Macau dream is over – for...

Back with a bang

Back with a bang

by Ben Blaschke
Thu 28 Jul 2022 at 20:39

Having set new attendance records each and every year since relocating to ICC Sydney in 2017, the Australasian Gaming Expo...

Singapore sling

Singapore sling

by Ben Blaschke
Thu 28 Jul 2022 at 20:28

G2E Asia is back in 2022 and headed to a brand new home, albeit planned to be a temporary one,...

Related Posts

Levo Chan now largest single Macau Legend shareholder as David Chow sells down stake

Macau Fisherman’s Wharf staff say they have been sacked

by Pierce Chan
Sun 7 Aug 2022 at 18:54

Macau Fisherman’s Wharf employees have told IAG they have been sacked as a result of the business “streamlining” its structure. A text message sent by Fisherman’s Wharf to its staff, seen by IAG, reads, “In view of the ongoing streamlining...

IAG website asgam.com rolls out additional IT architecture over weekend, running faster and stronger

IAG website asgam.com rolls out additional IT architecture over weekend, running faster and stronger

by Newsdesk
Sun 7 Aug 2022 at 18:41

Regular users of IAG’s website asgam.com should be forgiven for suspecting Asia’s premier gaming news website is running much faster than usual from today – because it is. Since its launch 17 years ago in 2005, the asgam.com website has...

IGT, Scientific Games help boost AGEM Index in December

AGEM Index grows by 6.4% in July on Crane Co, Aristocrat stock increases

by Newsdesk
Sun 7 Aug 2022 at 18:16

The AGEM Index – a monthly stock performance guide comprising 12 global gaming suppliers – grew by 6.4% or 51.54 points to 862.93 points in July, with 10 of the 12 index companies reporting stock price increases during the month....

Korea’s Kangwon Land enjoys first positive revenue, profit growth in 10 quarters

Kangwon Land ordered to restrict players to 100 visits a year

by Ben Blaschke
Fri 5 Aug 2022 at 15:35

Korea’s Board of Audit and Inspection (BAI) has revealed a request has been made to Kangwon Land to restrict the maximum number of days any one customer can enter the casino each year to 100. Details of the request were...


IAG

© 2005-2022
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Consulting
  • Magazines
  • Advertise
  • Contact
  • About

© 2005-2022
Inside Asian Gaming.
All rights reserved.

This site is registered on wpml.org as a development site.