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Genting Hong Kong

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Genting Hong Kong
Company typePublic company
SEHK: 678
IndustryTourism, Resorts, Cruise
Founded1993
HeadquartersHong Kong
Brands
ParentGenting Group
Websitehttp://www.gentinghk.com
Genting Hong Kong Limited
Traditional Chinese雲頂香港有限公司
Simplified Chinese云顶香港有限公司
Transcriptions
Standard Mandarin
Hanyu PinyinYúndǐng Xiānggǎng Yǒuxiàngōngsī
Yue: Cantonese
Jyutpingwan4 deng2 hoeng1 gong2 jau5 haan6 gung1 si1

Genting Hong Kong Limited (Chinese: 雲頂香港有限公司) is a holding company that operates cruise and resort businesses . It is headquartered in Hong Kong[1] and listed on the Hong Kong Stock Exchange (SEHK: 678). It is part of the Genting Group, whose chairman Lim Kok Thay is also the chairman and majority shareholder of Genting Hong Kong with 69% ownership of April 2020.[2]

It owns Crystal Cruises, Dream Cruises, Star Cruises, Resorts World Manila, and the MV Werften and Lloyd Werft shipyards.

History

Genting Hong Kong was originally a subsidiary of Genting Group with a 17.8% stake owned by Genting Berhad.[3]

In 1993, Genting established Star Cruises.[4]

In 2000, Genting's Star Cruises purchased Norwegian Cruise Line, but later sold half of the company to Apollo Management in 2007.[5] A 2013 IPO of Norwegian Cruise Line further reduced Star Cruises' ownership share to 28%.[6]

In 2015, Genting purchased luxury cruise line Crystal Cruises,[7] Singaporean nightclub Zouk,[8] and a majority stake in German shipyard Lloyd Werft.[9] In November of that year, Genting also introduced Dream Cruises as a new luxury cruise brand in Asia.[9][10]

In May 2016, Genting purchased the remaining 30% of Lloyd Werft,[11] as well as Nordic Yards' Wismar, Warnemunde, and Stralsund shipyards, and combined them to form the Lloyd Werft Group.[12] In June 2016, the three ex-Nordic Yards facilities were spun out again to form MV Werften.[13]

In October 2016, Genting Hong Kong was entirely sold to the Lim Kok Thay's family-owned unit trust Golden Hope Limited as part of a family business restructuring exercise, separating it from Genting Group but retaining it under ownership of Lim Kok Thay's family.[14]

In August 2020, Genting Hong Kong submitted a filing to the Hong Kong Stock Exchange suspending all payments to creditors.[15] It cited the business impact of the COVID-19 pandemic, and the need to preserve liquidity and funds to maintain critical services for the company's operations.[16] It also requested creditors not to enforce payment and sought a plan for debt restructuring.[17][18] Following the announcement, Genting Hong Kong's share price plunged by more than 40%.[19] In response, Lim has pledged almost all of his stake in Genting Hong Kong as collateral.[20] As of 31 July 2020, it owned US$3.37 billion of debt, including US$3.7 million in bank fees that were in default.[17] In addition, Genting Hong Kong announced a 2020 first-half loss of US$742.6 million, more than ten times its 2019 first-half loss of US$56.5 million.[21]

On 28 August 2020, Lim Keong Hui, Lim Kok Thay's son, stepped down as deputy CEO of Genting Hong Kong to "devote more time to other business commitments".[22] On 1 September 2020, Genting Hong Kong sold the Singaporean nightclub group Zouk for US$10.3 million to Tulipa, a firm owned by Lim Keong Hui.[23]

Dream Cruises

Dream Cruises
Company typePublic company
IndustryPassenger transportation & Cruises
FoundedNovember 2015
HeadquartersHong Kong, Asia
Area served
Asia Pacific
Key people
Tan Sri Lim Kok Thay, CEO & Chairman
ServicesCruises
OwnerGenting Hong Kong
ParentGenting Hong Kong
Websitedreamcruiseline.com

Dream Cruises is a cruise line owned by Genting Hong Kong. Genting announced the introduction of Dream Cruises in November 2015 in Guangzhou as an Asian luxury cruise line. It debuted in November 2016.[24]

Fleet

Current Fleet

Ship Year built Class Entered service with Dream Cruises Last Refurbishment Gross Tonnage Notes Image
Genting Dream 2016 2016 - 150,695 -
World Dream 2017 2017 - 150,695 -
Explorer Dream 1999 Leo 2019 [25] - 75,338 Formerly sailed as SuperStar Virgo for Star Cruises.

Future Fleet

Ship Will Enter Service Class Gross Tonnage Notes Image
Global Dream 2021 Global 208,000 Construction started on 8 March 2018[26]

Keel laid on 11 September 2018[27]
Will homeport in Shanghai.[28]

TBA 2022 Global 208,000 Construction started on 10 September 2019[29]
keel laid on 9 December 2019[30]

Resorts

Genting Hong Kong partnered with Philippines-based Alliance Global Group to establish Resorts World Manila. It is located across Terminal 3 of Ninoy Aquino International Airport. It houses three hotels: Maxims Tower, Marriott Hotel Manila, and Remington Hotel. The Newport Mall is part of this resort and includes the Newport Cinemas and the 1,500-seat Newport Performing Arts Theater.

References

  1. ^ "Contact Us." Genting Hong Kong. Retrieved on 11 September 2017. "Genting Hong Kong Limited Address: Suite 1501, Ocean Centre, 5 Canton Road, Tsimshatsui, Kowloon, Hong Kong " - Address in Traditional Chinese: "香港九龍尖沙咀廣東道5號海洋中心1501室" - Address in Simplified Chinese: "香港九龙尖沙咀广东道5号海洋中心1501室"
  2. ^ "Malaysian tycoon behind tumbling cruise firm Genting Hong Kong puts fortune on the line". Straits Times. 21 August 2020. Retrieved 21 August 2020. temporarily suspend all payments to the Group's financial creditors.
  3. ^ "Genting Group is Malaysia's leading multinational corporation". genting.com. Archived from the original on 6 December 2012. Retrieved 11 May 2016.
  4. ^ "Asia Pacific Cruises | Cruise Company | Star Cruises". www.starcruises.com. Retrieved 11 July 2017.
  5. ^ "Apollo invests $1billion in NCL Corp to take 50% stake". Cruise Business Review. 17 August 2007. Archived from the original on 29 September 2007. Retrieved 17 August 2007.
  6. ^ "Norwegian Cruise Line Holdings Ltd. - Quarterly Report". ncl.com. Retrieved 11 May 2016.
  7. ^ Sloan, Gene (3 March 2015). "Shake-up in luxury cruising as Crystal gets new owner". USA Today. Retrieved 12 April 2015.
  8. ^ Lim, Joyce (21 October 2015). "Zouk being sold to Genting HK". The Straits Times. Retrieved 2 September 2020.{{cite web}}: CS1 maint: url-status (link)
  9. ^ a b "Genting Hong Kong Announces Order of Two "Global Class" Ships for Star Cruises, the Largest to be Built in Germany, for Delivery Between 2019 and 2020" (PDF). Star Cruises. Genting Hong Kong Limited. 10 May 2016. Archived from the original (PDF) on 14 May 2016. Retrieved 11 May 2016.
  10. ^ "GENTING HONG KONG LAUNCHES "DREAM CRUISES"– ASIA'S FIRST PREMIUM CRUISE LINE BRAND AND EXPERIENCE". Online Promos (Press release). Star Cruises. 11 November 2015. Retrieved 11 May 2016.
  11. ^ "Genting Hong Kong Takes Remaining Stake in Lloyd Werft". World Maritime News. Retrieved 11 May 2016.
  12. ^ "Aktuelles - Pressemitteilungen - Lloyd Werft Bremerhaven". lloydwerft.com. Archived from the original on 1 June 2016. Retrieved 11 May 2016.
  13. ^ "Genting HK to invest 100m euros in its German shipyard MV Werften". The Star. 11 June 2016. Retrieved 12 March 2018.
  14. ^ "Genting Malaysia, parent to sell stake in Hong Kong unit for $420.8 million". Nikkei Asian Review. Retrieved 27 August 2020.
  15. ^ "Recent developments" (PDF). HK Stock Exchange. Retrieved 21 August 2020.
  16. ^ "Genting Hong Kong halts paying creditors as pandemic slams cruise business". South China Morning Post. 20 August 2020. Retrieved 21 August 2020.
  17. ^ a b "Genting HK calls on creditors not to enforce payment". Travel Weekly. 20 August 2020. Retrieved 21 August 2020. The financial creditors of the group will be asked to refrain from taking any enforcement action so that the stakeholders of the group can have a stable platform to negotiate and implement the restructuring.
  18. ^ "Genting Hong Kong Seeks Debt Restructuring". Cruise Industry News. 19 August 2020. Retrieved 21 August 2020.
  19. ^ "Crystal Cruises parent halts payments on debt of $3.4B". Travel Weekly. 20 August 2020. Retrieved 21 August 2020. temporarily suspend all payments to the Group's financial creditors.
  20. ^ "Genting Hong Kong boss pledges nearly full stake in cruise firm". The Straits Times. 22 August 2020. Retrieved 30 August 2020.{{cite web}}: CS1 maint: url-status (link)
  21. ^ Kalosh, Anne (28 August 2020). "Genting HK first half loss widens to $742.6m". Seatrade Cruise News. Retrieved 31 August 2020.{{cite web}}: CS1 maint: url-status (link)
  22. ^ "Son of Genting patriarch Lim Kok Thay steps down from Genting Hong Kong Deputy CEO role". IAG. 29 August 2020. Retrieved 2 September 2020.
  23. ^ "Lim Keong Hui buys Zouk nightclub brand from Genting Hong Kong just days of stepping down as Deputy CEO". IAG. 1 September 2020. Retrieved 2 September 2020.
  24. ^ "DREAM CRUISES MAKES HISTORY WITH CHRISTENING OF MAIDEN LUXURY CRUISE SHIP IN GUANGZHOU HOMEPORT│Dream Cruises". Dreamcruiseline.com. Retrieved 7 April 2018.
  25. ^ Bond, Mary. "Explorer Dream joins Dream Cruises as brand expands outside of Asia". www.seatrade-cruise.com. Retrieved 20 December 2018.
  26. ^ https://www.mv-werften.com/de/news-und-presse/news/mv-werften-startet-bau-des-ersten-204000-brz-grossen-global-class-kreuzfahrtschiffes-58.html
  27. ^ https://www.mv-werften.com/de/news-und-presse/news/erstes-schiff-der-global-klasse-fuer-dream-cruises-auf-kiel-gelegt.html
  28. ^ Mathisen, Monty (25 October 2018). "First Global-Class Ship to Homeport in Shanghai". www.cruiseindustrynews.com. Retrieved 7 April 2019.
  29. ^ https://hansa-online.de/2019/09/schiffstechnik/135369/mv-werften-starten-zweiten-neubau-der-global-class/
  30. ^ https://www.schiffe-und-kreuzfahrten.de/news/mv-werften-legt-zweites-global-class-schiff-auf-kiel/193568/
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