Genting Hong Kong#Dream Cruises
{{Short description|Holding company that operates cruise and resort businesses}}
{{Cleanup bare URLs|date=August 2022}}
{{Use dmy dates|date=January 2022}}
{{Infobox company
| name = Genting Hong Kong
| logo = Genting Hong Kong logo.svg
| type = Public limited company
| traded_as = {{SEHK|678}}
| industry = Tourism
| founded = {{Start date|1993|11|10}}
| defunct = {{End date|2022|10|07}}; 2 years ago
| fate = Bankruptcy, Liquidation
| location = Hong Kong
| brands = {{plainlist|
- Star Cruises
- Crystal Cruises
- Dream Cruises
- Newport World Resorts
- (Resorts World Manila)
- MV Werften
}}
| services = {{hlist|Resort|cruise}}
| parent = Genting Group
| website = {{url|http://www.gentinghk.com}}
| module = {{Infobox Chinese|child=yes|hide=no
| t = 雲頂香港有限公司
| s = 云顶香港有限公司
| j = wan4 deng2 hoeng1 gong2 jau5 haan6 gung1 si1
| p = Yúndǐng Xiānggǎng Yǒuxiàngōngsī
}}
}}
Genting Hong Kong Limited ({{lang-zh|雲頂香港有限公司}}) was a holding company that operated cruise and resort businesses. It was headquartered in {{ill|Ocean Centre|zh|海洋中心|zh-yue|海洋中心}} (海洋中心), Tsim Sha Tsui, Hong Kong"[http://www.gentinghk.com/en/home/contact-us.aspx Contact Us] {{Webarchive|url=https://web.archive.org/web/20230716105622/http://www.gentinghk.com/en/home/contact-us.aspx |date=16 July 2023 }}." Genting Hong Kong. Retrieved on 11 September 2017. "Genting Hong Kong Limited Address: Suite 1501, Ocean Centre, 5 Canton Road, Tsimshatsui, Kowloon, Hong Kong " - [http://www.gentinghk.com/cn/home/contact-us.aspx Address in Traditional Chinese] {{Webarchive|url=https://web.archive.org/web/20230529155441/http://www.gentinghk.com/cn/home/contact-us.aspx |date=29 May 2023 }}: "香港九龍尖沙咀廣東道5號海洋中心1501室" - [http://www.gentinghk.com/cns/home/contact-us.aspx Address in Simplified Chinese] {{Webarchive|url=https://web.archive.org/web/20200704211034/http://www.gentinghk.com/en/home/contact-us.aspx |date=4 July 2020 }} : "香港九龙尖沙咀广东道5号海洋中心1501室" and listed on the Hong Kong Stock Exchange ({{SEHK|678}}). It was part of the Genting Group, whose chairman Lim Kok Thay was also the chairman and majority shareholder of Genting Hong Kong with 69% ownership of April 2020.{{cite web|date=21 August 2020|title=Malaysian tycoon behind tumbling cruise firm Genting Hong Kong puts fortune on the line|url=https://www.straitstimes.com/business/companies-markets/malaysian-tycoon-behind-tumbling-cruise-firm-genting-hong-kong-puts|access-date=21 August 2020|publisher=Straits Times|quote="temporarily suspend all payments to the Group's financial creditors."}} It also owned the cruise lines Crystal Cruises, Dream Cruises and Star Cruises (collectively Genting Cruise Lines{{Cite web|title=Genting Cruise Lines|url=https://gentingcruiselines.com/|access-date=2022-02-02|website=gentingcruiselines.com}}), Resorts World Manila, and the MV Werften and Lloyd Werft shipyards.
On 19 January 2022, the company filed for bankruptcy in the Bermuda Islands. After reviewing its financial conditions, the company filed for liquidation on 18 January 2022.{{Cite web |last=Burgos |first=Jonathan |title=Billionaire Lim Kok Thay's Genting HK Files To Wind Up Cash-Strapped Cruise Ship Operator |url=https://www.forbes.com/sites/jonathanburgos/2022/01/18/billionaire-lim-kok-thays-genting-hk-may-file-for-liquidation-after-court-rejects-funding-request/ |access-date=2022-12-18 |website=Forbes |language=en}} The motion for liquidation was approved by Bermuda's Supreme Court on 7 October 2022.{{Cite web |title=Court orders Genting Hong Kong to wind up business |url=https://www.thestar.com.my/business/business-news/2022/10/12/court-orders-genting-hong-kong-to-wind-up-business |access-date=2022-12-18 |website=The Star |date=12 October 2022 |language=en}}
History
Genting Hong Kong was originally a subsidiary of Genting Group with a 17.8% stake owned by Genting Berhad.{{cite web|title=Genting Group is Malaysia's leading multinational corporation|url=http://www.genting.com/groupprofile/index.htm|url-status=dead|archiveurl=https://archive.today/20121206002714/http://www.genting.com/groupprofile/index.htm|archivedate=6 December 2012|accessdate=11 May 2016|work=genting.com}}
In 10 November 1993, Genting established Star Cruises.{{Cite web |title=Genting Hong Kong |url=http://www.gentinghk.com/en/home/investor-relations/investor-faq.aspx |access-date=2022-12-18 |website=www.gentinghk.com |archive-date=23 June 2012 |archive-url=https://web.archive.org/web/20120623174027/http://www.gentinghk.com/en/home/investor-relations/investor-faq.aspx |url-status=dead }}
In 2000, Genting's Star Cruises purchased Norwegian Cruise Line, but later sold half of the company to Apollo Management in 2007.{{cite web|url=http://www.cruisebusiness.com/news.php?u=20070817175042 |publisher=Cruise Business Review |date=17 August 2007 |accessdate=17 August 2007 |title=Apollo invests $1billion in NCL Corp to take 50% stake |url-status=dead |archiveurl=https://web.archive.org/web/20070929005655/http://www.cruisebusiness.com/news.php?u=20070817175042 |archivedate=29 September 2007 }} A 2013 IPO of Norwegian Cruise Line further reduced Star Cruises' ownership share to 28%.{{cite web|url=http://www.investor.ncl.com/secfiling.cfm?filingID=1571049-14-3533&CIK=1513761|title=Norwegian Cruise Line Holdings Ltd. - Quarterly Report|work=ncl.com|accessdate=11 May 2016|archive-date=3 September 2014|archive-url=https://web.archive.org/web/20140903214313/http://www.investor.ncl.com/secfiling.cfm?filingID=1571049-14-3533&CIK=1513761|url-status=dead}}
In 2015, Genting purchased luxury cruise line Crystal Cruises,{{cite news|last1=Sloan|first1=Gene|title=Shake-up in luxury cruising as Crystal gets new owner|url=https://www.usatoday.com/story/cruiselog/2015/03/03/crystal-cruises-sold-ship/24332693/|accessdate=12 April 2015|work=USA Today|date=3 March 2015}} Singaporean nightclub Zouk,{{Cite web|last=Lim|first=Joyce|date=21 October 2015|title=Zouk being sold to Genting HK|url=https://www.straitstimes.com/business/companies-markets/zouk-being-sold-to-genting-hk|access-date=2 September 2020|website=The Straits Times|language=en}} and a majority stake in German shipyard Lloyd Werft.{{cite web|date=10 May 2016|title=Genting Hong Kong Announces Order of Two "Global Class" Ships for Star Cruises, the Largest to be Built in Germany, for Delivery Between 2019 and 2020|url=http://www.starcruises.com/media/1704833/20160510-new-ships-for-star-cruises-en.pdf|url-status=dead|archiveurl=https://web.archive.org/web/20160514202458/http://www.starcruises.com/media/1704833/20160510-new-ships-for-star-cruises-en.pdf|archivedate=14 May 2016|accessdate=11 May 2016|website=Star Cruises|publisher=Genting Hong Kong Limited}} In November of that year, Genting also introduced Dream Cruises as a new luxury cruise brand in Asia.{{cite press release|title=GENTING HONG KONG LAUNCHES "DREAM CRUISES"– ASIA'S FIRST PREMIUM CRUISE LINE BRAND AND EXPERIENCE|url=http://promos.starcruises.com/index.php/genting-hong-kong-launches-dream-cruises-asias-first-premium-cruise-line-brand-and-experience/|website=Online Promos|publisher=Star Cruises|accessdate=11 May 2016|date=11 November 2015|archive-date=26 August 2018|archive-url=https://web.archive.org/web/20180826053503/http://promos.starcruises.com/index.php/genting-hong-kong-launches-dream-cruises-asias-first-premium-cruise-line-brand-and-experience/|url-status=dead}}
In May 2016, Genting purchased the remaining 30% of Lloyd Werft,{{cite web|title=Genting Hong Kong Takes Remaining Stake in Lloyd Werft|url=http://worldmaritimenews.com/archives/180011/genting-hong-kong-takes-remaining-stake-in-lloyd-werft/|accessdate=11 May 2016|work=World Maritime News|date=4 January 2016}} as well as Nordic Yards' Wismar, Warnemunde, and Stralsund shipyards, and combined them to form the Lloyd Werft Group.{{cite web|title=Aktuelles - Pressemitteilungen - Lloyd Werft Bremerhaven|url=http://www.lloydwerft.com/de/aktuelles/pressemitteilungen/presse-detailansicht/meldung/genting-hong-kong-announces-completion-of-the-purchase-of-three-shipyards-in-germany-to-form-the-llo.html|archiveurl=https://web.archive.org/web/20160601112136/http://www.lloydwerft.com/de/aktuelles/pressemitteilungen/presse-detailansicht/meldung/genting-hong-kong-announces-completion-of-the-purchase-of-three-shipyards-in-germany-to-form-the-llo.html|archivedate=1 June 2016|accessdate=11 May 2016|work=lloydwerft.com}} In June 2016, the three ex-Nordic Yards facilities were spun out again to form MV Werften.{{cite web|date=11 June 2016|title=Genting HK to invest 100m euros in its German shipyard MV Werften|url=https://www.thestar.com.my/business/business-news/2016/07/11/genting-hk-to-invest-100m-euros-in-its-german-shipyard-mv-werften/|accessdate=12 March 2018|work=The Star}}
In October 2016, Genting Hong Kong was entirely sold to the Lim Kok Thay's family-owned unit trust Golden Hope Limited as part of a family business restructuring exercise, separating it from Genting Group but retaining it under ownership of Lim Kok Thay's family.{{Cite web|title=Genting Malaysia, parent to sell stake in Hong Kong unit for $420.8 million|url=https://asia.nikkei.com/Business/Genting-Malaysia-parent-to-sell-stake-in-Hong-Kong-unit-for-420.8-million|access-date=27 August 2020|website=Nikkei Asian Review|language=en-GB}}
In August 2020, Genting Hong Kong submitted a filing to the Hong Kong Stock Exchange suspending all payments to creditors.{{cite web|title=Recent developments|url=https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0819/2020081900929.pdf|accessdate=21 August 2020|publisher=HK Stock Exchange}} It cited the business impact of the COVID-19 pandemic, and the need to preserve liquidity and funds to maintain critical services for the company's operations.{{cite news|date=20 August 2020|title=Genting Hong Kong halts paying creditors as pandemic slams cruise business|language=en|work=South China Morning Post|url=https://www.scmp.com/business/companies/article/3098119/malaysian-tycoons-genting-hong-kong-halts-paying-creditors|accessdate=21 August 2020}} It also requested creditors not to enforce payment and sought a plan for debt restructuring.{{cite web|date=20 August 2020|title=Genting HK calls on creditors not to enforce payment|url=https://www.agbrief.com/headline/genting-hk-calls-on-creditors-not-to-enforce-payment/|access-date=21 August 2020|publisher=Travel Weekly|quote="The financial creditors of the group will be asked to refrain from taking any enforcement action so that the stakeholders of the group can have a stable platform to negotiate and implement the restructuring."|archive-date=4 December 2020|archive-url=https://web.archive.org/web/20201204135506/https://agbrief.com/headline/genting-hk-calls-on-creditors-not-to-enforce-payment/|url-status=dead}}{{cite web|date=19 August 2020|title=Genting Hong Kong Seeks Debt Restructuring|url=https://www.cruiseindustrynews.com/cruise-news/23397-genting-hong-kong-seeks-debt-restructuring.html|access-date=21 August 2020|publisher=Cruise Industry News|quote=}} Following the announcement, Genting Hong Kong's share price plunged by more than 40%.{{cite web|date=20 August 2020|title=Crystal Cruises parent halts payments on debt of $3.4B|url=https://www.travelweekly.com/Cruise-Travel/Genting-Hong-Kong-suspends-payments-to-creditors|access-date=21 August 2020|publisher=Travel Weekly|quote="temporarily suspend all payments to the Group's financial creditors."}} In response, Lim has pledged almost all of his stake in Genting Hong Kong as collateral.{{Cite web|last=|first=|date=22 August 2020|title=Genting Hong Kong boss pledges nearly full stake in cruise firm|url=https://www.straitstimes.com/business/genting-hk-boss-pledges-nearly-full-stake-in-cruise-firm|access-date=30 August 2020|website=The Straits Times|language=en}} As of 31 July 2020, it owed US$3.37 billion of debt, including US$3.7 million in bank fees that were in default. In addition, Genting Hong Kong announced a 2020 first-half loss of US$742.6 million, more than ten times its 2019 first-half loss of US$56.5 million.{{Cite web|last=Kalosh|first=Anne|date=28 August 2020|title=Genting HK first half loss widens to $742.6m|url=https://www.seatrade-cruise.com/finance/genting-hk-first-half-loss-widens-7426m|access-date=31 August 2020|website=Seatrade Cruise News|language=en}}
On 28 August 2020, Lim Keong Hui, Lim Kok Thay's son, stepped down as deputy CEO of Genting Hong Kong to "devote more time to other business commitments".{{Cite web|date=29 August 2020|title=Son of Genting patriarch Lim Kok Thay steps down from Genting Hong Kong Deputy CEO role|url=https://www.asgam.com/index.php/2020/08/29/son-of-genting-patriarch-lim-kok-thay-steps-down-from-genting-hong-kong-deputy-ceo-role/|access-date=2 September 2020|website=IAG|language=en}} On 1 September 2020, Genting Hong Kong sold the Singaporean nightclub group Zouk for US$10.3 million to Tulipa, a firm owned by Lim Keong Hui.{{Cite web|date=1 September 2020|title=Lim Keong Hui buys Zouk nightclub brand from Genting Hong Kong just days of stepping down as Deputy CEO|url=https://www.asgam.com/index.php/2020/09/02/lim-keong-hui-buys-zouk-nightclub-brand-from-genting-hong-kong-just-days-of-stepping-down-as-deputy-ceo/|access-date=2 September 2020|website=IAG|language=en}}
On 10 January 2022, following a breakdown in talks between the German government and Genting Hong Kong in obtaining further financial support, MV Werften filed for insolvency, triggering the possibility of cross-defaults on up to $2.8 billion of financial arrangements for the Genting Hong Kong group and precipitating a fall in its share price by more than 50%.{{Cite web|last=Tan|first=Weizhen|date=2022-01-13|title=Shares of cruise operator Genting Hong Kong plunge more than 50% as it warns of defaults|url=https://www.cnbc.com/2022/01/13/cruise-operator-genting-hong-kong-shares-plunge-after-default-warning.html|access-date=2022-01-15|website=CNBC|language=en}} Hours later, Lloyd Werft also filed for insolvency.{{Cite web|date=2022-01-10|title=Genting-owned Lloyd Werft also files for insolvency|url=https://www.seatrade-cruise.com/finance/genting-owned-lloyd-werft-also-files-insolvency|access-date=2022-01-15|website=seatrade-cruise.com|language=en}} On 19 January 2022, Genting Hong Kong filed for liquidation.{{Cite web |date=2022-01-19 |title=Cruise operator Genting Hong Kong files to wind up company |url=https://www.straitstimes.com/business/companies-markets/cruise-operator-genting-hong-kong-files-to-wind-up-company |access-date=2022-01-22 |website=The Straits Times |language=en}}
It was named Provisional liquidators Edward Middleton and Tiffany Wong Wing Sze of Hong Kong's Alvarez & Marsal Asia Limited and Edward Whittaker of R&H Services Limited in Bermuda to help develop and propose a restructuring proposal in relation to Genting Hong Kong's debt, including nearly US$2.8 billion that was part of financing deals it struck with creditors last June. In a Tuesday filing, Genting Hong Kong said the same liquidators have now been appointed for Dream Cruises to "among other things, develop and propose restructuring proposals relating to Dream Cruises' debt and liabilities." The company also filed a liquidation order for Dream Cruises, it hoped the restructuring would allow the company to continue as a business.{{Cite web|date=10 February 2022|title=BERMUDA: Provisional Liquidators Appointed to Genting Hong Kong's Dream Cruises|url=https://www.seereisenportal.de/news/kreuzfahrt-news-schifffahrtsnachrichten/bermuda-vorlaeufige-insolvenzverwalter-von-genting-hong-kongs-dream-cruises-ernannt/|language=en}}
In October 2022, a court in Bermuda ordered the liquidation of Genting Hong Kong and Dream Cruises.{{cite web | url=https://www.scmp.com/business/banking-finance/article/3195489/genting-hong-kong-stricken-operator-dream-cruises-and | title=Court orders bankrupt cruise operator Genting Hong Kong to be liquidated | date=10 October 2022 }}{{cite web | url=https://www.seereisenportal.de/news/kreuzfahrt-news-schifffahrtsnachrichten/bermuda-gericht-ordnet-die-liquidation-von-genting-hong-kong-dream-cruises-an/ | title=Bermuda Gericht ordnet die Liquidation von Genting Hong Kong, Dream Cruises an | date=12 October 2022 }}http://www.gentinghk.com/media/1856350/e_-_a49271464_v0.0_ghk_-_announcement__winding_up_order__v2.pdf
Dream Cruises
{{Infobox company
| name = Dream Cruises
| logo = File:Dream Cruises Logo.png
| caption =
| type = Public company
| genre =
| fate =
| predecessor =
| successor =
| foundation = 1 November 2015
| founder =
| defunct = May 2022; 2 years ago
| location_city =
| location_country =
| location = Hong Kong, Asia
| locations =
| area_served = Asia Pacific
| key_people = Tan Sri Lim Kok Thay, CEO & Chairman
| industry = Passenger transportation & Cruises
| products =
| services = Cruises
| revenue =
| operating_income =
| net_income =
| aum =
| assets =
| equity =
| owner = Genting Hong Kong
| num_employees =
| parent = Genting Hong Kong
| divisions =
| subsid =
| homepage = [https://www.dreamcruiseline.com dreamcruiseline.com]
| footnotes =
| intl =
}}
Dream Cruises is a cruise line previously owned by Genting Hong Kong. Genting announced the introduction of Dream Cruises in November 2015 in Guangzhou as an Asian luxury cruise line. It debuted in November 2016.{{cite web|url=https://www.dreamcruiseline.com/zh-sg/media/press-release/2016/press-releases-20161113-dream-cruises-makes-history-with-christening-of-maiden-luxury-cruise-ship/|title=DREAM CRUISES MAKES HISTORY WITH CHRISTENING OF MAIDEN LUXURY CRUISE SHIP IN GUANGZHOU HOMEPORT│Dream Cruises|website=Dreamcruiseline.com|accessdate=7 April 2018|archive-date=18 October 2019|archive-url=https://web.archive.org/web/20191018035849/https://www.dreamcruiseline.com/zh-sg/media/press-release/2016/press-releases-20161113-dream-cruises-makes-history-with-christening-of-maiden-luxury-cruise-ship/|url-status=dead}}
On 25 February 2025, Resorts World Cruises announced that the brand would split its operations, reforming Dream Cruises and Star Cruises as StarCruises. Genting Dream will become the first ship of the reformed Dream Cruises.{{cite web |title=A New Era Begins with the Grand Return of StarCruises and Dream Cruises |url=https://media.rwcruises.com/FIN_20250226_PR_RWC_Transition_to_SC_&_DC_-_Eng.pdf?_gl=1*pwyeyg*_gcl_au*ODM4MjQyNDEwLjE3NDA1NDMxMDE.*_ga*MTgwMTAxMjYwMC4xNzQwNTQzMTAx*_ga_P81Z1NLTRT*MTc0MDU0MzEwMC4xLjEuMTc0MDU0MzEyNS4zNS4wLjEyODM2NzAwNTA.}}
=Fleet=
Dream Cruises operated three ships, the Genting Dream, World Dream, and Explorer Dream. Two cruise ships were still in construction before the cruise line's liquidation.
Resorts
Genting Hong Kong partnered with Philippines-based Alliance Global Group to establish Resorts World Manila. It is located across Terminal 3 of Ninoy Aquino International Airport. It houses three hotels: Maxims Tower, Marriott Hotel Manila, and Remington Hotel. The Newport Mall is part of this resort and includes the Newport Cinemas and the 1,500-seat Newport Performing Arts Theater.
References
{{Reflist}}
{{Commons category}}
{{Authority control}}
Category:Companies listed on the Hong Kong Stock Exchange
Category:Holding companies of Hong Kong
Category:Shipping companies of Hong Kong