Asian cruise ship operator and casino investor Genting Hong Kong saw its losses narrow from US$202.2 million last year to US$140.1 million in the six months to 30 June 2018, helped by a strong 40.6% increase in revenue.
Genting HK saw its revenue climb to US$777.6 million, including a 36.2% increase from its primary cruise ship business to US$642.0 million. In a filing to the Hong Kong Stock Exchange, the company said the improved cruise ship revenue was driven by increases in Capacity Days of 25.9% and Net Yield of 12.3%, with the increase in Capacity Days due to the launch of World Dream and four Crystal River Cruises vessels in 1H18.
Improvement in Net Yield was driven by higher occupancies and increases in passenger ticket and onboard revenue.
Genting HK also saw an increase in its revenue share from Travellers International Hotel Group – the 50%-owned joint venture with Alliance Global Inc that operates Resorts World Manila – to US$15.2 million from just US$2.5 million in 1H17.
Adjusted EBITDA from its cruise and cruise-related activities more than tripled to US$63.0 million in 1H18.
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