The Genting Group, operators of land-based global casinos including Resorts World Sentosa in Singapore, is taking a chance on China’s leisure market with the Genting Dream. The first of Genting Group subsidiary Genting Hong Kong Ltd.’s cruise ship brand, the vessel will make its maiden voyage November 13 from its home port of Guangzhou in Guangdong Province, China.
Genting Group Chairman Lim Kok Thay said the Genting Dream represents the company’s push “for a more lifestyle product.” He said, “It’s practically a virgin market. Our competitors are seeing a 5 million passenger market just out of China,” although he conceded, “My bankers are all very nervous at the moment” since the China luxury cruise market is as yet unproven.
Genting Dream will accommodate 3,400 guests and employ 2,000 crew members. Dream Cruises second ship, World Dream, is scheduled to start operations in November 2017.
Genting Hong Kong has speeded up expansion plans for its cruise business. It will offer a three-brand cruise portfolio, including Crystal Cruises for the ultra-luxury segment, Dream Cruises for the premium segment and Star Cruises for what it calls the contemporary segment.
Genting Hong Kong acquired U.S.-based Crystal Cruises and its subsidiaries in March 2015 for $550 million. The company acquired three shipyards in Germany in April and announced in July it would invest $110 million to upgrade them. Last year Genting Hong Kong purchased the Lloyd Werft Bremerhaven shipyard in Germany. The company also plans to build new cruise ships at its own shipyards. It also said its existing Star Cruises brand will add at least two ships in China in 2019.
In addition to cruising, analysts said China’s growing middle class will help make the country’s theme park industry the world’s largest by 2020. Attorney Tim Mackey of the Paul Hastings law firm said, “The Chinese theme park market is growing rapidly. China represents a massive and growing market of consumers who have more money to spend on entertainment and media products than ever before. Naturally, this makes China very attractive to the major U.S. industry players. Disney and many of its peers have already made substantial investments in China.”
