Casino cruise ship operator Genting Hong Kong Ltd said in a Sunday filing that its directors have given “careful consideration” to whether the firm would have “sufficient financial resources” to continue its business as a going concern.
The commentary was in Genting Hong Kong’s audited financial results for the year 2020, lodged with the Hong Kong Stock Exchange. During the year, the group recorded a net loss of nearly US$1.72 billion, and had net operating cash outflow of US$629.4 million.
As at December 31, Genting Hong Kong’s current liabilities exceeded its current assets by nearly US$3.3 billion. The firm was also in default in respect of borrowings in a principal amount of nearly US$3.4 billion in aggregate.
Record loss at Genting exposes effects of the pandemic on travel and leisure
Bloomberg
More signs of strain are showing at the Genting Group (雲頂集團) after its Hong Kong-listed cruise ship operator reported a record loss and warned about its ability to continue as a going concern, while uncertainty surrounded the conglomerate’s casino operations.
The woes of Malaysian tycoon Lim Kok Thay’s (林國泰) empire encapsulate the effect 16 months of COVID-19 has had on the travel and leisure industries globally, with a slew of airlines, cruise operators and hotels reduced to operating at a fraction of pre-pandemic capacity, if at all. Many have collapsed.
GGRAsia – Resorts World Manila op quarterly loss up at US$23mln in 1Q ggrasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ggrasia.com Daily Mail and Mail on Sunday newspapers.
May 20, 2021
In the Philippines and the operator behind the Resorts World Manila property has reportedly released its first-quarter financial results showing a net deficit of about $23 million owing to the impacts of the coronavirus pandemic.
According to a report from Inside Asian Gaming, the revelation from Travellers International Hotel Group Incorporated comes after the firm’s Alliance Global Group Incorporated and Genting Hong Kong Limited parents de-listed the entity from the Manila bourse in October of 2019. The source also detailed that the company’s financials have been released as all casinos in the Philippines’ largest city remain closed due to a strict quarantine that was brought in from March 29.
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