Casino cruise ship operator and Asian casino investor Genting Hong Kong Inc GENTING experienced a sharp drop in annual losses in 2017. Those losses were about $242.3 million, compared with $522.3 million in 2016.
The improvements that were flagged in the February filing were partly due to "a one-off profit of $250 million" the company previously said regarding the sale of Norwegian Cruise Line Holdings shares and the sale of Australian casino operator Star Entertainment Group shares. Another factor was the "no impairment of Norwegian Cruise Line Holdings shares of $305 million" that occurred in 2016, the company said in its latest filing.
However, the group saw its profit share of its joint ventures and affiliates fall sharply to $1.3 million in the 12 months to Dec. 31, compared with $32.4 million in the same period a year earlier.
The decline was "mainly attributable" to the low contribution of Travelers International Hotel Group Inc., which operates the resort's World Manila casino complex in the Philippines.
Genting Hong Kong said the location was "affected by the closure of parts of the gaming zone and non-gaming sector for most of June 2017 following the June 2 incident," referring to solo shootings, fires and subsequent deaths at the property on that date. Genting Hong Kong is an investor in Travelers International, along with Philippine conglomerate Alliance Global Group Inc.
Genting Hong Kong said it had incurred start-up losses for its new World Dream cruise ship (pictured) that arrived in Hong Kong in fiscal 2017 and its dream cruise brand related to the relocation of the Genting Dream ship to Singapore in November 2017, as well as costs related to the group's crystal cruise brand entering the river cruise market and the launch of its air cruise division.
The group did not provide a detailed analysis of gaming revenue in its full-year earnings. However, it said cruise and cruise-related activities (food and beverage sales, coastal travel, entertainment and other onboard services revenue) were slightly below $1.02 billion in 2017, up 11.9% from $980.1 million in 2016. Net income in 2017 was $786 million, up 14.0% from $689.7 million in 2016. This was due to a 33.7% increase in "capacity days," it said, as well as the launch of the World Dream, Crystal Bach and Crystal Mahler ships in 2017, as well as the "full year of service" of the Genting Dream and Crystal Mozart cruise ships.
Revenue from shipyard operations and non-cruise activities by external customers rose 60.6% from $108.6 million in 2016 to $174.4 million in 2017. "It primarily contributed to shipyard activities and revenue from sales of residential real estate units in mainland China."
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