Genting Hong Kong Ltd Consolidates Its 2017 Net losses
Genting Hong Kong Ltd reported that they consolidated their net losses for 2017 after getting rid of its stake with Norwegian Cruise Line Holdings Ltd and The Star Entertainment Group. Notice was given in a disclosure to the Hong Kong Stock Exchange. The gaming group claims their consolidation was for a net loss between $240 and $270 million. This amount is way under the amount they posted for 2016.
The final figures did not include amounts or data from its partner, Travellers International and Hotel Group Inc, the current operators of the Resorts World Manila Casino Resort. These final numbers are scheduled to be announced sometime next month when Genting releases its final report.
Genting sold all its stake with the Star Entertainment Group last year. Total stakes were worth $212 million. All profits from the sale were used for capital expenditure and working capital. In total, there are three-branded cruise lines owned by Genting. All in which have different target areas. The Dream Cruise line targets its premium sector while the Crystal Cruises caters to the ultra-luxury sector and Star Cruises is more for the contemporary section. Genting says that the new arrivals of large ships in the Hong Kong and Singapore markets have hurt their occupancy load.
Rating: 0.0/5 (0 votes cast)