The Genting Cruise Lines Genting Dream cruise ship during a media tour while berthed in Hong Kong, July 28 2021. Picture: BLOOMBERG/LAM YIK
“I felt so upset when I heard the news,” said Chloe Then Sheau Nyuk, who used to board the company’s cruises in Penang in Malaysia and travel to Phuket and Krabi in Thailand. She said one of the things she most enjoyed was waking up with her husband at 6am to catch the sunrise from the upper deck. It was a time when the giants of the cruise world, such as Carnival Corp, were prospering as the sector continued to set new records for people travelling.But as the pandemic forced cruise companies to halt operations, Kok Thay’s long-term bet on the industry — and the prospect of growing demand from China and the rest of Asia — started to unravel. While the company offered “seacations” as part of a broader trend of cruises to nowhere, it still reported a record $1.7bn loss in May.
Bookings are still available on Genting Hong Kong’s website for cruises to nowhere from Hong Kong and Singapore. Dream Cruises sailings that have already been scheduled will proceed, according to a company representative. One question is whether Kok Thay may try to bail out Genting Hong Kong with help from other group companies. Sister firm Genting Malaysia, which operates the country’s casino resort, has invested in Genting Hong Kong before, more than two decades ago. It sold its 17% stake for $415m in 2016.
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