Casino Cruise Ship Hong Kong
- Hong Kong Cruise Ship Owner Suspends Payments to Creditors. Malaysia’s casino-to-hospitality conglomerate Genting Bhd. And its units previously imposed a first group-wide salary cut since its.
- So they jumped at the chance of jobs in Hong Kong aboard the New Imperial Star, a casino cruise ship, making US$2,000 a month – 10 times the average salary at home.
- Casino Cruise Ship Hong Kong Hong Kong
- Hong Kong Casino Cruise Ship
- Casino Cruise Ship Hong Kong Kowloon
(Bloomberg) -- A cruise ship operator controlled by Malaysian tycoon Lim Kok Thay suspended all payments to creditors, triggering a 36% drop in the company’s shares and denting investor confidence in Lim’s wider business empire.
Genting Hong Kong Ltd. said it will use its available funds to maintain critical services for the company’s operations and asked creditors to form a steering committee to evaluate a planned restructuring proposal, according to a statement to the Hong Kong stock exchange on Wednesday night. The company owed a total of $3.4 billion as of July 31, it said.
Floating Casino Cruise Liner Entering Hong Kong, There travel out to the open seas as there are no control of cambling on open waters. While the bustle of Hong Kong continues outside, a crew of 46 men and women have been stuck for six months on a casino ship anchored in the eastern harbor, near Kai Tak Cruise Terminal.
The firm blamed the cash crunch on the coronavirus pandemic and said the payment halt will likely result in default. Lim owned 69% of the Hong Kong unit’s shares as of April 3, according to data compiled by Bloomberg. Malaysia’s casino-to-hospitality conglomerate Genting Bhd. and its units previously imposed a first group-wide salary cut since its founding in 1965.
“For Genting, the financial stress may push the owner to sell the asset, or liquidate the entire firm,” said Banny Lam, the head of research at CEB International Investment Corp. “Liquidation is not very likely, but there is such a possibility if Lim doesn’t have money and can’t find a buyer for its assets. In that case, equity holders rank behind bond holders to get compensated.”
Genting Hong Kong shares were down 33% at 2:31 p.m. local time, after falling a record 36%. Genting Bhd. shares were untraded due to a holiday in Malaysia. Genting Singapore Ltd. fell 2.8%.
© Bloomberg Genting Hong Kong shares tumble after company halts payments to creditors
Citigroup Inc said in a note there is “some reputational damage” to Genting group as chairman Lim is the common sponsor of Genting Hong Kong and other group companies. However, it doesn’t see cross-defaults for the group’s other firms.
Casino Cruise Ship Hong Kong Hong Kong
Malayan Banking Bhd. and RHB Bank Bhd. were the biggest contributors to Genting Hong Kong’s syndicated loans, according to data compiled by Bloomberg based on disclosed allocations at signing.
Gallery: The richest people in Singapore, ranked (Business Insider)
Genting Hong Kong was formerly known as Star Cruises, and operates the Star Cruises, Dream Cruises and Crystal Cruises lines. Back in February, guests on the World Dream vessel in Hong Kong harbor were quarantined aboard after passengers on a previous voyage tested positive for coronavirus after leaving the cruise.
The industry has been battered by lockdown measures and travel curbs across the globe. Hong Kong has barred non-residents from entering the city since March, while residents returning from abroad have to quarantine for two weeks.
Bonds Drop
Lim’s Genting Bhd. operates casinos and resorts in Las Vegas and Singapore. It’s had to scale back operations as countries impose lockdowns, while consumers shun cruises after a few ships became sites of coronavirus outbreaks. The conglomerate is also involved in property, plantation and energy sectors as well as life sciences.
“Still early days and much will hinge on the outcome of 678 HK’s fund raising exercise and the restructuring of existing indebtedness,” said Jin Rui Oh, a director at United First Partners said. “If this is resolved, then likelier than not to have a positive bearing on the other entities but otherwise, there will be a need to dispose assets to raise cash.”
The Resorts World Las Vegas $1 billion 2029 bonds dropped 6.2 cents to 93.5 cents on the dollar, poised for the largest decline since April, according to Bloomberg-compiled prices. Resorts World Las Vegas is a wholly-owned indirect subsidiary of Genting Bhd. and the latter is the keepwell provider for the securities.
Genting Bhd. is also the keepwell provider for Genting Overseas Holdings Ltd.’s $1.5 billion 2027 bonds, which fell 2.3 cents to 99.6 cents on the dollar, the prices showed.
(Corrects story published Aug. 20 to note that guests on the World Dream vessel in Hong Kong harbor were quarantined aboard in February after passengers on a previous voyage tested positive for coronavirus.)
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| History | |
|---|---|
| Name: |
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| Owner: |
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| Port of registry: |
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| Builder: | Rauma Finnyards (now STX Finland Cruise Oy), Finlandr |
| Launched: | 20 June 1991[3] |
| Maiden voyage: | 5 July 1992[3] |
| Identification: |
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| Status: | In service[1] |
| General characteristics | |
| Type: | |
| Tonnage: | 20,295 GT[1] |
| Length: | 131.2 metres (430 ft) |
| Beam: | 31.96 metres (104.9 ft) |
| Draught: | 7.6 metres (25 ft) |
| Decks: | 12[4] |
| Installed power: | Wärtsilä engines |
| Speed: | 14.15 knots (26.21 km/h; 16.28 mph)[3] or 12.5 knots (23.2 km/h; 14.4 mph)[5] |
| Capacity: | 354 passengers in 177 cabins[6] or 172 cabins[7] |
| Crew: | 150[5] / 200[8] |
MV China Star (中华之星) is the world's largest ship with a SWATH design,[8] and the only twin-hull cruise ship ever built.[7] It was sold and has operated in Hong Kong as the gambling ship Asia Star for Asia Cruises beginning in 2005, and the ship was later renamed China Star and was operated by several operators. The ship is currently laid up in Shenzhen, China.[6] This 350-passenger all balcony luxury cruise ship was the largest SWATH ship in the world when it was built, displacing more than 20,000 tons.[9] Originally known as the Radisson Diamond, the ship was built for Diamond Cruise, a conglomerate of several Finnish banks and the UKL-based Carlson Companies (the parent company of Radisson Cruises and Hotels). The ship was built at the Finnish Rauma shipyard by STX Finland.[10]
In June 2011,[6] the ship was purchased for $45M by China Cruises Company Limited, the deal being led by Chinese millionaire entrepreneur Huang Weijian,[7] CEO of CCCL.[11] Another $20M was spent refurbishing her.[11] Operation started on March 9, 2012, as the first ship of the new CCCL luxury cruise line.[4]
References[edit]
Hong Kong Casino Cruise Ship
- ^ abc'China Star (9008407)'. Equasis. French Ministry for Transport. Retrieved 6 August 2012.
- ^Radisson Diamond
- ^ abcAsklander, Micke. 'M / S RADISSON DIAMOND'. Fakta om Fartyg (in Swedish).
- ^ ab'Wenzhou investors launch China Star cruise ship in Hong Kong'. 2012-03-09. Archived from the original on 2013-02-05. Retrieved 2012-08-06.
- ^ ab'China Star'. shipparade.com. 2012-02-04. Retrieved 2012-08-06.
- ^ abc'CHINA STAR Joins Growing Chinese Cruise Market'. Maritime Matters. March 5, 2012. Retrieved 2012-08-06.
- ^ abc'New Chinese Cruise Line to Start-Up with ex-Radisson Diamond - Cruise Industry News Cruise News'. Cruise Industry News. 2012-03-02. Retrieved 2012-03-08.
- ^ ab'Radisson Diamond (sold)'. cruisereviews.com.
- ^Slater and Basch. 'New Ship Emulates a Luxury Hotel : The extra-wide Radisson Diamond is spacious enough for a conference center'. Los Angeles Times. Retrieved 3 December 2018.
- ^'Radisson Diamond'. Castles of the Seas. Retrieved 3 December 2018.
- ^ abRaemin Zhang (7 March 2012). 'First China-owned luxury cruise ship sets sail'. Archived from the original on 20 October 2012. Retrieved 6 August 2012.
External links[edit]
| Wikimedia Commons has media related to IMO 9008407. |
- Independent professional photographs from shipspotting.com