Genting Hong Kong Considers Closing Business

Genting Hong Kong who operates the cruise ship division of the larger Genting Group has announced on Sunday that the company is giving “careful consideration” on whether the business has “sufficient financial resources” to continue working as a going concern.

The company said that it had lost $1.72 billion in the last year and now has more liabilities than assets by $3.3 billion; it also said that its outflow cash exceeded $630 million.

Genting Hong Kong operate cruise brands such as Dream Cruises, Crystal Cruises and Star Cruises, operations had been massively affected by the COVID-19 pandemic and since March 2020 only reopened its Explorer Dream ship in July 2020 but customers have been concerned to board cruise ships since the pandemic.

With debts growing the directors of the company said in a statement: “In view of such circumstances, the directors of the company have given careful consideration to the future liquidity and performance of the group and its available sources of financing in assessing whether the group will have sufficient financial resources to continue as a going concern.”