• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Tuesday 1 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
  • 日本語
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
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Genting Hong Kong reveals US$1.72 billion loss in 2020 but confident of lender support

Ben Blaschke by Ben Blaschke
Thu 1 Apr 2021 at 18:33
Revenue boost sees narrowed losses for Genting HK in 1H18
64
SHARES
1.6k
VIEWS
Print Friendly, PDF & Email

Asian-based cruise ship operator Genting Hong Kong says it remains confident its lenders will support a restructuring of its outstanding debts, despite suffering a massive US$1.72 billion loss for the year ended 31 December 2020.

The Hong Kong-listed firm, which is also a joint venture partner in Philippines IR Resorts World Manila, announced in August that it was temporarily suspending all payments to the group’s financial creditors in order to preserve liquidity as the COVID-19 pandemic grounded its global cruise ship fleet.

The full depth of its woes were laid bare this week with Genting Hong Kong revealing a FY20 loss of US$1.72 billion, widened from a loss of US$158.6 million in 2019 on a 76.5% year-on-year decline in revenue to US$366.8 million. The 2020 results included an Adjusted EBITDA loss of US$385.8 million compared to positive EBITDA of US$142.5 million in 2019.

Providing an update on its net debt position of US$3.14 billion as at 31 December 2020, Genting Hong Kong said it has been in discussions with its key financial partners since last August and described their response as supportive.

“Given the significant progress on the holistic proposal and the fact that relevant lenders are looking to secure credit committee approval on that proposal, the Group has a reasonable [grounds] to believe that a restructuring can be successfully consummated,” it said.

However, the company also warned that it expected COVID-induced difficulties to impact the group’s business for some time to come, adding, “Given the ongoing uncertainty, it may take a longer time for the Group’s overall performance to return to pre-COVID-19 levels, and the new normal in the global travel business landscape will derail the previously projected performance. The Group will continue to adapt its deployment plans as we navigate our business cautiously through a highly fluid environment in 2021.”

Genting Hong Kong’s 2020 losses included a share of loss of joint ventures and associates of US$55.0 million, mainly attributable to losses incurred by Resorts World Manila operator Travellers International Hotel Group, Inc.

RelatedPosts

Far East given green light to spin-off and list Czech casino business on Hong Kong Stock Exchange

Hong Kong listed Palasino reports slight increase in revenue, profit in FY25 thanks to growing slot machine count

Fri 27 Jun 2025 at 06:13
Malaysia’s Resorts World Genting shuts two of its three casinos

Genting tops gaming companies on 2025 Fortune Southeast Asia 500 list, Bloomberry and DigiPlus on the move

Wed 18 Jun 2025 at 06:21
Patience pays

Melco parent raises US$98 million through rights issue, shareholding of Lawrence Ho slightly lower

Wed 18 Jun 2025 at 05:54
Melco parent appoints CFO Geoffrey Davis as Executive Director, Henry Ko Chun Fung joins board

Melco parent appoints CFO Geoffrey Davis as Executive Director, Henry Ko Chun Fung joins board

Mon 9 Jun 2025 at 05:25
Load More
Tags: adjusted ebitdacruise shipsGenting Hong KongHong Kongrevenue
Share26Share4
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
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

PAGCOR donates US$888 million to Bureau of Immigration to help fund deportation of former POGO workers

PAGCOR donates US$888 million to Bureau of Immigration to help fund deportation of former POGO workers

by Newsdesk
Tue 1 Jul 2025 at 08:54

Philippine gaming regulator PAGCOR has approved a Php50 million (US$888 million) grant to the Bureau of Immigration (BI) to fund the ongoing deportation of foreign workers previously employed by illegal offshore gaming operators, or POGOs, it revealed Tuesday. In a...

Global operators asked to register interest as New Zealand moves forward with online gambling regulation

New Zealand introduces Online Casino Gambling Bill to parliament

by Newsdesk
Tue 1 Jul 2025 at 06:14

New Zealand’s Minister of Internal Affairs Brooke van Velden has officially introduced the country’s Online Casino Gambling Bill to the House of Representatives. The bill, which aims to regulate New Zealand’s online gambling market by offering up to 15 licenses...

Genting Malaysia’s New York subsidiaries price an additional US$100 million senior notes as equity raising continues

Genting Malaysia says full casino operations could be launched within six months if New York bid successful

by Ben Blaschke
Tue 1 Jul 2025 at 06:11

Genting Malaysia said Monday that it could launch table game and complete slot machine operations at its New York casino, Resorts World New York City (RWNYC), should it win one of three full casino licenses on offer in New York....

Konami Gaming promotes Tom Jingoli to President and COO, now also Managing Director of Konami Gaming Australia

Konami Gaming promotes Tom Jingoli to President and COO, now also Managing Director of Konami Gaming Australia

by Newsdesk
Tue 1 Jul 2025 at 06:08

Japanese gaming supplier Konami Gaming, Inc has announced the promotion of long-time executive Tom Jingoli to President and COO of the company, as well as Managing Director of subsidiary Konami Gaming Australia Pty Ltd. Steve Sutherland, CEO of Konami Gaming...



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
  • 日本語

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
  • 日本語
  • 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
  • 日本語