• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Friday 12 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 liquidators eye sale of Manila IR stake, likely to current partner

Ben Blaschke by Ben Blaschke
Fri 19 Aug 2022 at 06:39
Resorts World Manila changes name to Newport World Resorts
67
SHARES
1.7k
VIEWS
Print Friendly, PDF & Email

Liquidators appointed to oversee collapsed cruise ship operator Genting Hong Kong have confirmed a sale of the company’s stake in Manila’s Newport World Resorts – formerly known as Resorts World Manila – is now on the cards.

Inside Asian Gaming understands the likely buyer is Alliance Global Group, Genting HK’s long-time joint venture partner in Newport World Resorts operating entity Travellers International Hotel Group, with discussions between the two companies already well advanced.

The recent re-branding of the former Resorts World Manila pre-empted the end of Genting’s involvement.

In a filing this week, Genting HK noted that its core remaining assets outside of cruise ship operations are its equity interest in Resorts World Manila and its interests in residential and hotel properties in China.

“These assets are unencumbered and the joint provisional liquidators are in the process of considering offers from potential purchasers,” it said.

Genting HK, which has already seen some of its cruise ships arrested and sold by third parties, also noted this week that its banking syndicates have now taken enforcement actions in relation to those ships.

However, “where the Banking Syndicates have exercised such rights and/or the vessels have been subject to arrest by other parties, the joint provisional liquidators have had no control over the conduct of the sale processes that have followed,” it said.

“In respect [vessels already mortgaged by the banking syndicates, the joint provisional liquidators note that the Group has not received (and is not expected to receive) any recoveries from any actual or anticipated disposal proceeds.

“This is because (i) the disposal proceeds from the vessel sales which have been implemented and (ii) the valuations of the remaining vessels, are substantially below the amount of secured indebtedness owed to the relevant Bank Syndicates.

“Moreover, the JPLs expect the Bank Syndicates to claim any shortfall amounts from the estate of the Company as the Company has also provided certain guarantees in respect of such secured indebtedness.”

Genting HK, with debts totalling around US$2.8 billion, first announced the appointment of liquidators in January after defaulting on loans when it was unable to drawdown a US$88 million backstop facility from the State of Mecklenburg Vorpommern for the continued operation of its Germany shipbuilding subsidiary, MV Werften Holdings Ltd (MVWH).

RelatedPosts

IAG EXPO 2025: Interview with Paul Heretakis

IAG EXPO 2025: Interview with Paul Heretakis

Thu 11 Sep 2025 at 21:35
Winds of change

Bloomberry Cultural Foundation Inc’s Medical Scholarship Program produces initial 20 nursing graduates

Thu 11 Sep 2025 at 16:18
As sector grows, industry warns that tightening of Philippines eGames regulations threatens to remove all incentives for operators to remain licensed

As sector grows, industry warns that tightening of Philippines eGames regulations threatens to remove all incentives for operators to remain licensed

Thu 11 Sep 2025 at 11:46
More reasons to visit Clark

Korean dining at the Culinary Capital of Clark

Thu 11 Sep 2025 at 10:49
Load More
Tags: Alliance Global GroupGenting Hong Kongintegrated resortliquidatorsManilaNewport World ResortsPhilippinesResorts World ManilaTravellers International Hotel Group
Share27Share5
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 – 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
Evolution Asia
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
NWR

Related Posts

Aristocrat in leadership shakeup with former Light & Wonder exec Dylan Slaney to lead online unit, Barry French taking over corporate affairs

Aristocrat in leadership shakeup with former Light & Wonder exec Dylan Slaney to lead online unit, Barry French taking over corporate affairs

by Newsdesk
Fri 12 Sep 2025 at 07:20

Aristocrat Leisure Limited has announced the impending departures of two key executives, with Aristocrat Interactive CEO Moti Malul to step down in March 2026 and Chief Corporate Affairs Officer Natalie Toohey exiting immediately. In an ASX filing, Aristocrat said that...

POST-COVID5: Re-opening mood is growing. What will drive the ramp-up?

Macau gaming tax climbs to new post-pandemic high of MOP$8.31 billion in August

by Newsdesk
Fri 12 Sep 2025 at 06:20

According to data released by Macau’s Financial Services Bureau, the Macau government’s revenue from gaming taxes in August was approximately MOP$8.31 billion (US$1.04 billion), around 2.5% higher than the MOP$8.31 billion (US$1.01 billion) collected in July. The August tax figure...

Artyzen Grand Lapa: Enjoy Macau in the heart of it

MGM China to pay up to US$26 million to Shun Tak in 2025 for use of Macau hotel rooms

by Newsdesk
Thu 11 Sep 2025 at 21:39

MGM China Ltd has revised upwards the maximum fee the group may be required to pay to Hong Kong-listed Shun Tak Holdings Ltd in 2025 for the use of its Macau hotel rooms and associated services by HK$20 million (US$2.6...

IAG EXPO 2025: Interview with Paul Heretakis

IAG EXPO 2025: Interview with Paul Heretakis

by Newsdesk
Thu 11 Sep 2025 at 21:35

Inside Asian Gaming’s Vice Chairman and CEO Andrew W Scott chats with Paul Heretakis, Managing Director of Westar Architects, about his latest projects, including an ongoing renovation of The Venetian Las Vegas and his thoughts on leading integrated developments globally....

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