• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 3 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
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
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
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
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Genting Hong Kong’s German shipbuilding subsidiary said to be on brink of bankruptcy

Ben Blaschke by Ben Blaschke
Mon 10 Jan 2022 at 06:15
Genting Hong Kong’s German shipyard granted US$227 million government subsidy
134
SHARES
3.3k
VIEWS
Print Friendly, PDF & Email

Genting Hong Kong’s wholly-owned ship-building subsidiary MV Werften Holdings Ltd (MVWH) is reportedly on the brink of bankruptcy after authorities in Germany stalled on a promise to provide financial assistance.

According to a report by The Maritime Executive, MVWH management informed workers at the company’s three German shipyards on Friday that their monthly pay had been delayed due to complications around loan covenants – understood to be part of a recapitalization Genting Hong Kong has undertaken since defaulting on loan payments in 2020.

A company spokesman stated that although it currently has around US$34 million in liquidity available to make the payments, “there are legal frameworks under which we were not able to pay the wages today,” the report said.

However, The Maritime Executive also claims that MV Werften is set to be declared insolvent and its shipyards shut down permanently with a number of prospective buyers of the sites already making their interest known.

While there has not yet been any news from Genting Hong Kong on the matter, the company halted trading in its shares on the Hong Kong Stock Exchange on Friday “pending the release of an announcement in relation to an inside information of the Company.”

Genting Hong Kong, which revealed in August 2020 that it was suspending all payments to financial creditors in order to preserve liquidity due to the impact of the COVID-19 pandemic on its businesses, announced in June 2021 that it had finalized a series of agreements with those creditors for the granting new loans and extensions to maturities related to US$2.6 billion of debt.

Among the agreements was a €300 million (US$340 million) grant from Germany’s Economic Stabilization Fund to help fund completion of a new cruise ship, Global Dream, at the MV Werften shipyards.

However, when the company attempted to draw down US$88 million of the grant in mid-December it was informed by authorities that it had not met conditions required to access the loan. A court hearing on the matter is scheduled to take place this Tuesday 11 January.

Genting Hong Kong reported a US$283.3 million loss for the six months to 30 June 2021, coming off a US$1.72 billion loss in FY2020.

RelatedPosts

Hong Kong Jockey Club says racing turnover grew 3% to US$17.7 billion in 2024/25 season

Hong Kong Jockey Club says racing turnover grew 3% to US$17.7 billion in 2024/25 season

Sun 20 Jul 2025 at 07:31
MGM China says gambling debts linked to Hong Kong actor Jacky Heung settled, legal matter terminated

MGM China says gambling debts linked to Hong Kong actor Jacky Heung settled, legal matter terminated

Wed 16 Jul 2025 at 05:30
SunTrust becomes listed tourism business as Suncity releases first renderings of Manila hotel and casino project

LET Group turns full focus to Manila casino development but admits uncertainty over ability to fund project completion

Fri 11 Jul 2025 at 06:17
PhilWeb falls to US$10.5 million loss in FY24 on asset impairments

Century Entertainment signs joint venture agreement to develop gaming system platforms for Asia-Pacific markets

Thu 10 Jul 2025 at 06:22
Load More
Tags: bankruptcyGenting Hong KongGermanyHong KongMV Werften
Share54Share9
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 – Better late than never

Editorial – Better late than never

by Ben Blaschke
Thu 31 Jul 2025 at 07:13

Inside Asian Gaming has in recent weeks been hearing increasing chatter around a possible move by Vietnamese authorities to introduce...

Angel’s Yasushi Shigeta

Angel’s Yasushi Shigeta

by Ben Blaschke
Thu 31 Jul 2025 at 07:08

Yasushi Shigeta, Chairman and owner of one of the world’s largest gaming industry suppliers, Angel Group, sits down with Inside...

The Magic Number

The Magic Number

by David Bonnet
Thu 31 Jul 2025 at 06:41

In this in-depth deep dive into the evolution of the Asian gaming landscape, David Bonnet argues that many regional jurisdictions...

Rashid Suliman – A road well traveled

Rashid Suliman – A road well traveled

by Ben Blaschke
Thu 31 Jul 2025 at 02:45

Rashid Suliman, Vice President of Global Gaming Asia-Pacific for casino solutions provider TransAct Technologies, provides some insight into his unique...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

Jeju Dream Tower sets new records for casino drop, sales and visitation in July

Jeju Dream Tower sets new records for casino drop, sales and visitation in July

by Newsdesk
Sun 3 Aug 2025 at 12:47

Korea’s Jeju Dream Tower registered yet another all-time record in casino drop and visitation in July, continuing an impressive six month stretch of growth. According to information from the property’s parent company Lotte Tour, July visitation reached 56,691 – up...

Melco awarded 20-year license to operate City of Dreams Sri Lanka

As City of Dreams Sri Lanka celebrates official opening, Melco’s Lawrence Ho says Sri Lanka “can be to India what Macau is to China”

by Ben Blaschke
Sun 3 Aug 2025 at 10:46

City of Dreams Sri Lanka, the joint venture between Macau’s Melco Resorts & Entertainment and local developer John Keells Holdings, held its Grand Opening on Saturday – celebrating what the companies have described as a “landmark national transformation”. Located within...

We’re Back!

Executive reshuffle sees RWS CEO Lee Shi Ruh named President and COO of parent company Genting Singapore

by Ben Blaschke
Sat 2 Aug 2025 at 15:26

Genting Singapore has announced the promotion of Ms Lee Shi Ruh, the recently appointed CEO of Resorts World Sentosa Pte Ltd, as its new President and Chief Operating Officer. Lee has until now served as Genting Singapore’s CFO. In a...

Star to open AU$3.6 billion Queen’s Wharf Brisbane development on 29 August

Star’s Hong Kong partners officially terminate Queen’s Wharf Brisbane acquisition deal

by Ben Blaschke
Fri 1 Aug 2025 at 13:02

Star Entertainment Group’s Hong Kong partners have officially closed the door on a deal that would have seen them acquire Star’s 50% stake in their AU$3.6 billion Queen’s Wharf Brisbane development. In a Friday release, Star confirmed that Chow Tai...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

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

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English