• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Tuesday 2 September 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
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
No Result
View All Result
IAG
No Result
View All Result

Genting Hong Kong says six month loss to exceed US$600 million

Newsdesk by Newsdesk
Sun 9 Aug 2020 at 11:38
76
SHARES
1.8k
VIEWS
Print Friendly, PDF & Email

Global cruise ship and gaming investor Genting Hong Kong has revealed that it expects to record a consolidated net loss of over US$600 million for the first six months of 2020 due to the devastating impact of COVID-19 on the company’s primary business arms.

The updated forecast follows a recent profit warning in which Genting HK said only that it expects its net loss in 1H20 to be “significantly higher” than the corresponding 2019 loss of US$56.5 million, with the suspension of cruise services and restricted operations in its entertainment and leisure businesses severely limiting revenue.

On Friday, the company issued a filing with the Hong Kong Stock Exchange in which it stated the “operating loss and unaudited consolidated net loss of the Group for the six months ended 30 June 2020 are expected to be not less than US$300 million and US$600 million respectively, as compared to an operating loss of US$38.3 million and an unaudited consolidated net loss of US$56.5 million for the corresponding period in 2019.”

The update is based on a preliminary review of its unaudited accounts, it added.

Genting HK operates three cruise lines – Dream Cruises, Crystal Cruises and Star Cruises – as well as a shipbuilding operation at MV Werften shipyards in Germany. It is also a joint venture partner in Philippines IR Resorts World Manila and owns Zouk nightclub in Singapore.

The company recently listed a series of cost cutting measures aimed at reducing the impact of COVID-19, namely a reduction in staff, salary reductions and the implementation of no pay leave for employees; suspending all capital expenditures; delaying delivery of new cruise ships Crystal Endeavor and Global Dream for 12 months; and laying up most of its current fleet.

RelatedPosts

Summit Ascent shareholders pave way for Suncity to take majority stake

LET Group and Summit Ascent report improved 1H25 performance on Tigre de Cristal upgrades, addition of export business in Russia

Mon 1 Sep 2025 at 05:16
Melco prices US$750 million Senior Notes offering

Melco Resorts parent Melco International back in the black with US$45 million 1H25 profit

Sun 31 Aug 2025 at 08:45
Analysts puzzled as combined market cap of Macau concessionaires falls back to 2022 COVID levels

Hong Kong Stock Exchange confirms delisting of LET Group and Summit Ascent scheduled for 1 September

Thu 28 Aug 2025 at 05:32
Hong Kong Chief Executive claims to have discussed “travel bubble” with Macau

Hong Kong Stock Exchange to cancel the listings of casino investors LET Group and Summit Ascent

Tue 19 Aug 2025 at 04:54
Load More
Tags: Dream CruisesGenting Cruise LinesGenting Hong KongHong Kongprofit warningResorts World Manila
Share33Share5
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

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

Related Posts

Jeju Dream Tower casino sales down 7.4% in March

Korea’s Jeju Dream Tower stretches run of consecutive volume and visitation growth to seven months as September hits record highs

by Newsdesk
Tue 2 Sep 2025 at 05:20

Korea’s Jeju Dream Tower registered another all-time record in casino drop and visitation in August, stretching its run of consecutive growth to seven months. According to information from the property’s parent company Lotte Tour, August visitation reached 57,042 – up...

Editorial – Beware the Lion King

Macau’s Galaxy Entertainment Group opens new office in Singapore

by Pierce Chan
Tue 2 Sep 2025 at 05:05

Macau’s Galaxy Entertainment Group (GEG) has announced the opening of a new office in Singapore, which it says aims to support tourism and MICE-related enquiries from customers. Located in the heart of Singapore’s central business district, GEG said the office...

Zitro: Spanish flair

Zitro teases big reveal at G2E Las Vegas 2025

by Newsdesk
Mon 1 Sep 2025 at 14:40

Spanish gaming supplier Zitro says it is gearing up for a milestone appearance at this year’s Global Gaming Expo (G2E) in Las Vegas, promising an experience filled with new content, innovation and a highly anticipated product debut. Located in a...

Survey finds Thai locals mostly worried that legal casinos will increase problem gambling, crime and conflict

Chinese visitation, air capacity to Thailand are continuing to fall in 3Q25

by Newsdesk
Mon 1 Sep 2025 at 13:52

The number of Chinese tourist arrivals to Thailand continues to fall, with airlines increasingly slashing flights and visitation through August falling below already subdued forecasts, according to research from Maybank Securities. Just days after Thailand’s Constitutional Court ousted Prime Minister...

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

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
  • 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.

  • English