Good Morning. Billionaire Lim Kok Thay had a vision to create a luxury cruise line for the booming Asian markets. Through Genting Hong Kong he amassed a stable of cruise lines, including Dream Cruises, Crystal Cruises and Star Cruises. The company is now in the hands of liquidators and investors are eyeing its assets. We take a look at what shipwrecked the dream.
What you need to know
- Crown Resorts’ casino at its new Barangaroo property in Sydney is likely to be open on a conditional basis within weeks, the state regulator said.
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- Tabcorp said its wagering arm was heavily impacted by Covid-19 related retail closures and increased digital marketing and promotional spend during the six months ended December 31, 2022.
On the radar
- AGTech 2021 loss to shrink by 40% as China lotteries recover from Covid.
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What the papers say
- Delta Corp’s Deltin Royale to host Goa gaming carnival.
- Top court acquits Korean lawmaker accused in Kangwon employment scandal.
AGB Intelligence
DEEP DIVE
Genting H.K. dream shattered by German shipyard gamble
Genting Hong Kong CEO Lim Kok Thay bet big on Asia’s nascent cruise industry and his gamble appeared to be paying off as wealthy Asians took to the seas on the group’s luxury ships, complete with onboard casinos. However, the group is now fighting for its survival, with both Genting Hong Kong and its Dream Cruises unit under provisional liquidation. Covid and its outsized impact on the industry in Asia due to restrictive government policies have been blamed, but insiders say there were likely other factors at play.
Industry Updates
- Two weeks left until landmark gambling regulatory conference in Sydney.
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