The operators throughout the world are battling against the COVID19 pandemic. Gentling Hong Kong is no different. The operator of casinos and cruise ships has set the expectation right and told not to expect any miracle to recover soon. In fact, in a filing on August 3, it has hinted about significant loss. However, they don’t yet have the official financial figures.

The group said that the unaudited consolidated net loss of the operator for the first six months of the year 2020 ending on June 30 is due to the suspension of the operations across the cruise business. The Dream Cruises, Crystal Cruises, and Star Cruises are suspended from operations. The shipbuilding operations at MV Werften shipyard in Germany are also suspended.

The leisure operations at the entertainment venues like Resorts World Manila and Zouk, Singapore are severely restricted due to the COVID19 pandemic. These all have contributed to a huge anticipated loss for the operator.

What may be frustrating for the operator is that the comparison of the figure with 2019. The first of 2019 was very poor for Gentling and it recorded $55mn loss and this comparison could be staggering, to say the least.

The Gentling has also used the filling to talk about the different actions taken by them in the wake of the situation. Cost reductions initiatives like reducing employee costs, laying up ships, capital expenditure suspension, delaying delivery of cruise ships (the Crystal Endeavour and Golden Dream), improvement of debt profile, seeking more financial sources from Economic Stabilization Fund of Germany and other places have been taken.

Pay cuts and layoffs have been quite frequent for the Gentling to stay afloat in the business. Almost, 1642 Gentling staff will either be furloughed or received pay cuts. The company reduced the sizable number of staff in April at Singapore Resort.

The hopes are dim as well for Gentling. World Resort Manila does not look like opening soon enough. President Rodrigo Duterte of the Philippines has returned to very strict lockdown measures to arrest the spike in COVID19 infections. This has caused the shutting off all non-essential businesses in Manila. Will all possibilities, the World Resort Manila is to be remained shut for at least two more weeks if not more until the Philippines flatten its curve of COVID19 cases.

Source: https://calvinayre.com/2020/08/03/casino/genting-warns-first-half-losses-will-be-significant/

Leave a Reply

Your email address will not be published. Required fields are marked *

The following GDPR rules must be read and accepted:
This form collects your name, email and content so that we can keep track of the comments placed on the website. For more info check our privacy policy where you will get more info on where, how and why we store your data.