Inside Asian Gaming

IAG NOV 2020年11月亞博匯 61 2020 亞博匯50強 potential cash crunch. Fitch Ratings downgraded the group last year, noting projected capital demands of US$5.5 billion this year, including US$4.2 billion Resorts World Las Vegas and a US$3.3 billion expansion in Singapore. Genting sold a piece of Dream Cruises last year for US$479 million and reduced its capital commitment to an Entertainment City IR in Manila. Genting Berhad exited Genting Hong Kong in 2015, but Lim reportedly has pledged a significant portion of his 45% shareholding in the Malaysia listed group parent company to keep Genting HK afloat. His personal fortune has declined by an estimated US$1.5 billion due to the share price drops from mid-2019. It’s unknown what assets Lim and family have salted away for a potential rescue. Shareholders may fear a replay of the Empire Resorts bailout, when the Lims’ Kiem Huat Realty corporatized its losses from Resorts World Catskills by selling it to Genting Malaysia. Despite thecurrent financial stormy seas, underestimate Genting at your peril. Resorts World Sentosa in Singapore would likely be themost admired IR in Asia if it wasn’t across town from Marina Bay Sands. Similarly, in a country where most citizens are legally barred from gambling, Resorts World Genting has a wealth of non-gaming attractions, exactly what Japan wants in an IR. That model could even resonate in Macau as license retendering approaches. Genting has the most casinos in the UK, and US ambitions in Vegas, Florida and New York, where it hopes its two existing gaming facilities put it on course for a New York City casino license. As gaming edges back toward normal, expect Genting’s ships to start coming in again. 雖然雲頂集團規模龐大 ，透過旗下四家上市公司在全球八個司法管 轄區坐擁博彩項目，去年其休閒娛樂業務收入更達47.3億美元、利 潤16.7億美元，但跟其競爭對手相比，雲頂形象可謂平穩、可預測 的，甚至有點無聊。其主席主席林國泰大概不想大出風頭，但集團 旗下雲頂香港波光粼粼的郵輪業務打破了這平靜局面，威脅到林 氏的財富，甚至可能淹沒衝擊集團的財務狀況。 這是年屆69歲的林國泰自2007年從其父親兼集團創辦人林 梧桐接手業務以來最大的挑戰，當中結果可能影響其兒子、被培育 為接班人的林炯輝的未來繼承。 數十年前，雲頂已進軍賭場郵輪業務，從新加坡和香港航行 到公海，然後透過其「麗星郵輪」品牌提供全面的郵輪航程產品，麗 星郵輪是其香港上市公司的原本名稱。雲頂亦一度收購了「挪威郵 輪」的戰略股權，但其後出售相關股權並於2015年購入奢華郵輪 品牌「水晶郵輪」。同年，集團啟動了針對中國市場的「星夢郵輪」業 務，並在德國購入一家造船廠以生產船舶。 2020年8月，雲頂香港暫停償還債務，並與債權人會面進行重 組談判。截止同年7月31日，其債務達33.7億美元，雲頂香港股價水 平於今年7月後已直插0.3港元（0.04美元）的以下，一年前其股價 水平靠近1港元。 在新冠肺炎疫情衝擊雲頂的財務狀況前（雲頂有限公司及雲 頂香港今年上半年共虧損11.9億美元），已有跡象表明集團可能出 財政緊張的情況。惠譽國際去年下調了集團的評級，當時預計集團 今年的資本需求為55億美元，拉斯維加斯名勝世界需42億美元， 而其新加坡業務擴張需耗資33億美元。 雲頂去年以4.79億美元 的作價出售部分「星夢郵輪」業務，並減少了對馬尼拉娛樂城IR項 目的資本投入。 雲頂有限公司於2015年將雲頂香港分柝出來，但據報道，林 國泰在其上市母公司雲頂馬來西亞有限公司所持有的45％股權 中，抵押了相當一部分令雲頂香港業務持續營運。鑑於雲頂香港 股價自2019年中旬下跌，林國泰的個人財富已減少了約15億美 元。目前還不清楚林國泰和其家人消耗哪些資產以潛在挽救相關 業務。集團股東或擔心美國帝國度假中心（Empire Resorts）的挽 救事件或會重演，當時林氏的投資工具建發實業將娛樂場度假村 Resorts World Catskill出售予雲頂馬來西亞，以轉介虧損予集團。 雖然雲頂正經歷一場財政風浪，但若因此低估雲頂便是你的 損失。若不是濱海灣金沙酒店的存在，其新加坡項目聖淘沙名勝 世界或是全亞洲最受讚賞的IR項目。同樣地，在一個法律上禁止 大多數公民賭博的國家，雲頂名勝世界擁有大量非博彩元素，這 正是日本冀望其IR項目能做到的一點。 澳門賭牌亦將重新競投，這模式甚至能在澳門引起共鳴。雲 頂在英國擁有最多賭場，在美國拉斯維加斯、佛羅里達州和紐約 亦雄心壯志，希望透過在美國兩個現有的博彩項目，能夠在紐約 市成功獲得賭牌。 隨著博彩業逐漸復甦，請期待雲頂再次揚帆出 海。 AS BIG AS GENTING GROUP IS , with gaming assets in eight jurisdictions held in four listed companies, a reported US$4.73 billion in gaming revenue and US$1.67 billion in profits from its leisure and hospitality segment last year, Genting is quiet, predictable, even boring compared with its splashier rivals. Chairman Lim Kok Thay prefers not to make waves. But the splashy, wavy part of Genting’s business, its cruise segment berthed in Genting Hong Kong, shattered the calm, threatening to sink Lim’s fortune and perhaps swamp the group’s balance sheet. It’s the biggest challenge Lim has faced since taking the helm in 2007 from his father, Genting founder Lim Goh Tong. Its outcome may well determine what the 69-year- old chairman hands over to his son, Lim Keong Hui, being groomed as his successor. Genting took to the seas decades ago with casino cruises to nowhere from Singapore and Hong Kong, then offered full- fledged voyages under its Star Cruises brand, the original company name for its Hong Kong listed arm. Genting bought a strategic stake in Norwegian Cruise Line then offloaded it to buy high-end Crystal Cruises in 2015. That same year, it launched Dream Cruises, targeting the China market, and bought a shipyard in Germany to produce vessels. In August 2020, Genting HK halted payments on its US$3.37 billion in debt as of 31 July and met with creditors to begin talks on restructuring. Genting HK shares dipped below HK$0.30 (US$0.04) after ending July at HK$0.49 and trading near HK$1.00 a year earlier. Even before COVID-19 sapped Genting’s financial strength – Genting Berhad and Genting HK lost a combined US$1.19 billion in the first half of this year – there were hints of a