Genting Hong Kong closes deals to provide firm capital and stability to the group
Genting Hong Kong said it had concluded a series of deals aiming to provide further capital and stability to the group.
The casino cruise ship operator said the deals involved access to new loan facilities amounting to about US$700 million; amendment and extension of its existing financial indebtedness; and provision of “backstop funding” arrangements to address future liquidity needs.
According to Genting Hong Kong, the set of deals would “create a stable runway” for the firm “to execute a fully-funded business plan aligned with anticipated market recovery as Covid-19 restrictions ease”.
Genting Hong Kong controls the Dream Cruises, Crystal Cruises and Star Cruises brands. The firm is also an investor – via a joint-venture entity called Travellers International Hotel Group Inc, in the Resorts World Manila casino resort in the Philippines.
In its Monday filing, Genting Hong Kong also provided a business update on its cruise operations. It confirmed it had “voluntarily suspended” cruising activities in Taiwan since May 12, following a new Covid-19 outbreak there, and in accordance with government guidance.
“In Singapore, passenger capacity of World Dream has been reduced from 50% to 25% in May 2021 and has been returned to 50% since 14 June 2021,” Genting Kong said, referring to one of its vessels operating out of Singapore.
The company added that the Hong Kong Government had permitted its Genting Dream cruise ship to resume service at the end of July. But noted that any outbreaks in Hong Kong between now and then may affect the starting date.
Editing by Rachel Hu