• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 16 July 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 seeking US$600 million subsidy from German government to save its MV Werften shipyards

Ben Blaschke by Ben Blaschke
Thu 25 Feb 2021 at 05:33
Genting Hong Kong’s German shipyard granted US$227 million government subsidy
66
SHARES
1.6k
VIEWS
Print Friendly, PDF & Email

Troubled cruise ship operator Genting Hong Kong is in talks with the German government over a possible US$600 million rescue package to save its MV Werften shipyard group from insolvency.

The package, if agreed, would help continue cruise ship construction projects at three shipyards under MV Werften’s watch and prevent up to 3,000 employees from losing their jobs, according to a report by The Maritime Executive.

Genting Hong Kong acquired MV Werften in 2016 in order to advance construction of cruise ships for its Crystal Cruises and Dream Cruises cruise lines. However, Genting Group’s Hong Kong-based subsidiary has been particularly hard hit by the COVID-19 pandemic, announcing last August that it was temporarily suspending all payments to the group’s financial creditors, including interest and charter payments, in order to preserve liquidity amid growing COVID-19 pressures. The company had debts at the time totaling almost US$3.4 billion.

The challenge of keeping its German shipyards afloat during the pandemic has already seen German authorities provide substantial assistance via a US$227 million bridging loan in October and another US$65 million grant earlier this year to save it from insolvency.

However, following a meeting late last week, the Minister for Economics in Mecklenburg-Vorpommern said the government was focused on providing additional financing to maintain employment at the shipyards via construction of two ships for the Dream Cruises brand.

Such funding is unlikely to save a fourth operation, the Lloyd Werft shipyard, from being shut down. Also acquired by Genting HK in 2016, Lloyd Werft is primarily focused on cruise ship repairs and the construction of luxury yachts but has reported a lack of work given the absence of cruising globally since early 2020.

Genting Hong Kong most recently reported a consolidated net loss of US$742.6 million for the six months to 30 June 2020.

RelatedPosts

European Parliament approves EC recommendation to remove Philippines from list of high-risk jurisdictions

European Parliament approves EC recommendation to remove Philippines from list of high-risk jurisdictions

Tue 15 Jul 2025 at 05:24
SBC announces debut of Affiliate Leaders Summit in Lisbon

Joel Corry and Imanbek to headline star-studded SBC Summit Opening Party

Tue 15 Jul 2025 at 05:20
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: Dream CruisesEuropeGenting Hong KongHong KongMVWWShipyards
Share26Share5
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 – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Corona shines

Vietnam eyes permanent exemption allowing casino gambling for locals in Phu Quoc

by Ben Blaschke
Tue 15 Jul 2025 at 17:00

In a move that would mark a substantial shift in national policy, Vietnam is said to be considering a permanent lifting of restrictions on locals gambling at Phu Quoc’s Corona Resort & Casino. According to a report by VietnamNet, Deputy...

New Zealand’s Online Casino Bill passes first parliamentary reading

New Zealand’s Online Casino Bill passes first parliamentary reading

by Ben Blaschke
Tue 15 Jul 2025 at 13:59

New Zealand’s Online Casino Bill, which seeks to legalize and regulate online casino gaming, has passed its first reading in Parliament. The government reiterated via a statement issued Tuesday that the bill is aimed at protecting the many players who...

Starr Xian: Human Factor

China’s GDP grows 5.3% in first half of 2025, in line with expectations

by Pierce Chan
Tue 15 Jul 2025 at 12:30

China’s National Bureau of Statistics has released figures showing that Gross Domestic Product (GDP) grew 5.3% year-on-year in the first half of 2025, in line with market expectations. Sheng Laiyun, Deputy Director of the National Bureau of Statistics, said at...

Casinos Austria hit with fine for unlawful use of junket agent at Cairns casino

Hospitality firm Iris Capital formalizes US$116 million offer to acquire Australia’s The Reef Hotel Casino

by Newsdesk
Tue 15 Jul 2025 at 06:08

Reef Casino Trust, the operator of Australia’s The Reef Hotel Casino in Cairns, said Monday that it has entered into a Takeover Bid Implementation Agreement that will, if completed, see the property acquired in full by hospitality group Iris Capital...



IAG

© 2005-2024
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

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English