Good Morning. Covid has not been kind to the cruise industry and Genting H.K. has been no exception. Its HK outbound cruises to nowhere out have been cancelled for at least two weeks due to Omicron and now it’s contending with the insolvency of a German unit that may trigger a massive debt default.
What you need to know
- Genting HK said it is at risk of default on $2.77 billion in debt following the insolvency of its German shipbuilding unit and it’s in talks with creditors and partners about the options open to the group.
- Macau’s gaming operators may face a downgrade in their credit ratings if visitation expectations for 2023 begin to deteriorate, Fitch Ratings said.
- LVS and AAEC have agreed to request written testimony from U.S. executive William Weidner over the authenticity of his signature on an MOU in the latest twist in a lawsuit against the U.S. operator.
On the radar
- International Entertainment says Chan Chun Lam replaces Lee Chi Wai as CFO.
What the papers say
- Striking Nagacorp workers call for union leaders to be released before joining talks.
AGB Intelligence
DEEP DIVE
Genting HK warns of potential default of $2.77b of debt
Genting Hong Kong said it is at risk of default on $2.77 billion in debt following the insolvency of its German shipbuilding unit and the company is in talks with creditors and partners about the options open to the group. Genting said it has been seeking to access alternative sources of funds to meet its immediate liquidity needs and to complete the construction of cruise ship, Global 1. However, the German export credit insurance agency involved in the financing package has refused the required insurance coverage for the financing arrangements.
Industry Updates
- MGM presents 22nd anniversary film to celebrate Macau’s history and culture.
- Evoplay reports record-breaking year in 2021 with 317 percent increase in GGR.
- Melco Resorts said team members win Stelliers Greater China hotelier awards.
- Scientific Games expands online offering in U.S. with Wazdan partnership.
- EveryMatrix reports solid profit growth for 3Q21.
MEMBERSHIP | MAGAZINE | ASEAN | CAREERS
