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Genting Hong Kong assessing ability to continue as going concern


(May 23): Genting Hong Kong Ltd said it is assessing whether it will have “sufficient financial resources to continue as a going concern” after the pandemic nearly wiped out its cruise business.
The cruise ship operator reported a net loss of US$1.7 billion (about RM7.04 billion) and net operating cash outflow of US$629 million for the year ended December, according to a statement to the Hong Kong stock exchange on Sunday. Current liabilities exceeded assets by US$3.3 billion and borrowings with principal of US$3.4 billion were in default as of the end of 2020, it said.
The coronavirus epidemic has forced the company to temporarily suspend almost all of its cruise operations and stopped or deferred the construction of ships in its pipeline, according to the statement ....

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GGRAsia – Genting HK assessing liquidity, ability to continue biz


Casino cruise ship operator Genting Hong Kong Ltd said in a Sunday filing that its directors have given “careful consideration” to whether the firm would have “sufficient financial resources” to continue its business as a going concern.
The commentary was in Genting Hong Kong’s audited financial results for the year 2020, lodged with the Hong Kong Stock Exchange. During the year, the group recorded a net loss of nearly US$1.72 billion, and had net operating cash outflow of US$629.4 million.
As at December 31, Genting Hong Kong’s current liabilities exceeded its current assets by nearly US$3.3 billion. The firm was also in default in respect of borrowings in a principal amount of nearly US$3.4 billion in aggregate. ....

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Record loss at Genting exposes effects of the pandemic on travel and leisure


Record loss at Genting exposes effects of the pandemic on travel and leisure
Bloomberg
More signs of strain are showing at the Genting Group (雲頂集團) after its Hong Kong-listed cruise ship operator reported a record loss and warned about its ability to continue as a going concern, while uncertainty surrounded the conglomerate’s casino operations.
The woes of Malaysian tycoon Lim Kok Thay’s (林國泰) empire encapsulate the effect 16 months of COVID-19 has had on the travel and leisure industries globally, with a slew of airlines, cruise operators and hotels reduced to operating at a fraction of pre-pandemic capacity, if at all. Many have collapsed. ....

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