Ups and Downs for Genting HK

Sun, Feb 7, 2016

In a filing to the Hong Kong Stock Exchange, Genting Hong Kong Ltd. predicts a net profit of not less than US$2 billion for fiscal 2015, but says operating results will suffer due to a turbulent Asian gaming industry.

Genting Hong Kong Ltd. has seen a bump in its casino cruise business, but not enough to offset the effects of the struggling casino industry in Asia. According to GGRAsia, Genting credits an increase in net profit to its disposal of stakes in Norwegian Cruise Line Holdings Ltd.; a one-time gain from a secondary offering of NCLH’s ordinary shares; and another one-time gain from NCLH, which issued new shares for its acquisition of Prestige Cruises International, Inc.

The company posted profit of about US$331.7 million for 2014; the 2015 numbers are due in March.

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