Genting HK reports widened loss in 17H1

Casino cruise ship operator Genting Hong Kong reported a widened loss of US$203.2 million in 17H1, attributed to an increase in operating and administrative expenses.

Revenue from its cruise and cruise-related business increased 22.7 percent to $471.2 million in 17H1, compared with $384 million in the prior-year period.

Net revenue went up 18.2 percent to $363.7 million, due mainly to an increase in capacity days, which is measured by doubling occupancy per available cabin multiplied by the number of cruise days for the period.

Total operating expenses, excluding depreciation and amortisation, increased 38.5 percent to $477.5 million in 17H1 mainly due to the full six months’ operation of Genting Dream and Crystal Mozart, startup costs of new Crystal river ships and AirCruises operations, and full six months’ startup and newbuild activities of the shipyards in Germany to gear up for the Global Class and Endeavor Class ships in 2017.

Total depreciation and amortisation increased 49.3 percent to $86.1 million in 17H1 primarily due to the additional full six-month depreciation of Genting Dream and Crystal Mozart and shipyards in Germany acquired in April 2016.

Group EBITDA was negative $91.7 million in the half year.

Looking ahead, Genting said phase 3 of Resort World Manila’s expansion continues to be fast-tracked with the completion of the Sheraton Manila Hotel, Hilton Manila, and Maxims II targeted for early 2018.

The new lodgings will also include additional gaming areas, more retail space, and six basement parking decks.

Resorts World is also planning to open its second resort in the Philippines - Westside City Resorts World, which will open in 2020.

The 31-hectare property will be situated in Philippine Amusement and Gaming Corporation’s Entertainment City and is projected to have at least 1,500 hotel rooms from in-house and international hotel brands.

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