Genting Hong Kong Limited, a gaming operator that runs casino cruise ships as well as a casino gaming developer in the Philippines, recorded a net profit rise by 898 percent year-on-year in the first half of 2015. Revenue numbers reveal a profit of approximately US$2.17 billion compared to the US$216.91 million profit in the same period last year.
According to the company, the biggest reason for the increased profit is the de-recognition of a linked business in May, namely Norwegian Cruise Line Holdings Limited, totaling about US$1.95 billion. In March this year the company signed an agreement to sell 6.25 million shares in Norwegian Cruise Line Holdings which generated a profit of US$212.5 million.
During the reporting period. Genting Hong Kong Limited said that the revenue it generated from Travellers International Hotel Group Inc, a venture with a partner from the Philippines that runs and is expanding the Resorts World Manila Casino Resort, dropped 18.7 percent to US$22.6 million. In the same period last year the profit was US$27.8 million. Genting believes that this is due to the low gaming volume at the Travellers during the first half. The net income of Travellers International in the first six months of 2015 fell 17.9 percent to US$53.2 million from US$64.8 million in the same period in 2014.
Nevertheless, Genting Hong Kong said that Travellers International will expand from 1,226 hotel rooms to about 4,200 rooms in the upcoming four years, with additional extensions and will build new hotels including Sheraton Hotel Manila and Hilton Manila Hotel.
Furthermore, the subsidiary of Genting Hong Kong, Star Cruises Limited, is about to take delivery of two new ships in the fourth quarters of 2016 and 2017. The later firm offers casino cruises in international waters using Xiamen, China as a home port.