• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 1 June 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 to help Dream Cruises sail again via new US$248 million shares subscription

Ben Blaschke by Ben Blaschke
Sun 18 Apr 2021 at 09:56
Genting Hong Kong reports narrowed loss in 2019 but short-term outlook bleak on COVID-19 cruise ship impact
59
SHARES
1.5k
VIEWS
Print Friendly, PDF & Email

Genting Hong Kong has boosted its stake in Dream Cruises as part of a US$307 million deal aimed at keeping the global cruise ship operator afloat.

The three-way transaction sees Genting Hong Kong’s wholly-owned subsidiary, Ocean World, acquire 207.2 new Subscription Shares in Dream Cruises for a consideration of US$247.9 million, while an entity named Darting Investment Holdings Ltd has acquired 49.3 Subscription Shares for US$59 million. Darting had previously acquired a 32.58% stake in Dream Cruises from Ocean World via a series of transactions in 2019 and 2020.

The issue of new shares will see Ocean World’s interest in Dream Cruises increase from 67.42% to 69.97% while Darting’s will fall from 32.58% to 30.03%.

In a filing, Genting Hong Kong said the subscriptions would provide additional liquidity to the Dream Group, which has debts of US$300 million, to help meet its upcoming financial obligations and prepare for the targeted resumption of its Genting Dream vessel in July, “thereby bringing 100% of the Dream Cruises fleet/capacity into operation.”

Dream Cruises operates three cruise ships – Genting Dream, World Dream and Explorer Dream – and is currently building two more ships, Global Dream and Global II, at Genting Hong Kong’s MV Werften shipyards in Germany.

Genting Hong Kong’s injection of funds comes at a time when it is facing financial troubles of its own, having recently announced a US$1.72 billion loss in 2020 and last August announcing 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.

However, the company said earlier this month that it has reasonable grounds to believe that a restructuring can be “successfully consummated” given the progress of discussions with its lenders.

RelatedPosts

Virgin Voyages cancels all cruises between Australia and Europe due to safety concerns

Virgin Voyages cancels all cruises between Australia and Europe due to safety concerns

Thu 29 Feb 2024 at 11:39
Official opening of Macau YOHO Treasure Island Resorts World Hotel delayed until 26 January

Official opening of Macau YOHO Treasure Island Resorts World Hotel delayed until 26 January

Thu 4 Jan 2024 at 04:51
Former Genting-owned Macau hotel development to hold official opening on 15 December

Former Genting-owned Macau hotel development to hold official opening on 15 December

Tue 17 Oct 2023 at 15:28
Resorts World Manila changes name to Newport World Resorts

Genting sells off stake in Manila’s Newport World Resorts to former joint venture partner

Tue 30 May 2023 at 23:00
Load More
Tags: cruise shipDream CruisesGenting DreamGenting Hong KongMVWWWorld Dream
Share24Share4
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 – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

10 Years Ago – Reimagining Sri Lanka

Sri Lanka gazettes draft bill to establish Gambling Regulatory Authority

by Newsdesk
Sat 31 May 2025 at 06:03

A draft bill that would establish an official regulator for the Sri Lankan gaming industry, to be known as the Gambling Regulatory Authority, has taken another step forward after being gazetted. According to the Sri Lanka Mirror, the official announcement...

RGB International signs agreement to distribute KL Saberi and Atlas gaming machines

After record-breaking sales in 2024, Malaysia’s RGB sees 1Q25 profit fall to

by Newsdesk
Sat 31 May 2025 at 05:53

Malaysian gaming product distributor RGB International Bhd has reported group-wide revenue of MYR73.6 million (US$17.3 million) for the three months to 31 March 2025, down 65% year-on-year due to a lower number of products sold. The figure was also 79%...

Robert Goldstein to step aside as LVS Chairman and CEO from March 2026, replaced by Patrick Dumont

Robert Goldstein: Macau gaming market challenged by increased competition, online gambling and US-Sino trade war

by Ben Blaschke
Fri 30 May 2025 at 06:42

Las Vegas Sands (LVS) Chairman and CEO Robert Goldstein has bemoaned the lingering impact of the US-China trade war, as well as increased domestic and regional competition and the rise of online gambling across Asia for sustained flatness in the...

Industry hopes Thai Entertainment Complex Roundtable can establish “common ground” with those opposing legal casinos

Industry hopes Thai Entertainment Complex Roundtable can establish “common ground” with those opposing legal casinos

by Ben Blaschke
Fri 30 May 2025 at 05:38

Industry figures taking part in the Thai Entertainment Complex Roundtable (TECR) next Thursday 5 June hope to find common ground with those who oppose Thailand’s Entertainment Complex Bill, citing the opportunity to use an evidence-based approach to achieve outcomes that...



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

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

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

  • English