Genting warns first half losses will be significant

Genting Hong Kong just wants you to know: don’t expect any miracles from their first-half financial reports. The operator of casinos and cruise ships made an August 3 filing that set the tone for their upcoming announcement of their losses up to June 30 “will be significantly higher than the corresponding period in 2019.”

While they don’t have the financials to announce just yet, they wrote:

“The anticipated increase in the unaudited consolidated net loss of the Group for the six months ended 30 June 2020 is due to the suspension of operations across the Group’s cruise businesses (being Dream Cruises, Crystal Cruises and Star Cruises), suspension of shipbuilding operations at MV Werften’s shipyards in Germany, and severely restricted operations and revenue generation at its entertainment and leisure businesses (being Resorts World Manila and Zouk, Singapore).”

The first half of 2019 wasn’t great for Genting, with a $55.2 million loss. Whatever’s coming may indeed be staggering in comparison.