 | This articleusesbare URLs, which are uninformative and vulnerable tolink rot. Please consider converting them tofull citations to ensure the article remainsverifiable and maintains a consistent citation style.Several templates and tools are available to assist in formatting, such asreFill (documentation) andCitation bot (documentation).(August 2022) (Learn how and when to remove this message) |
 | |
| Company type | Public limited companySubsidiary |
|---|---|
| SEHK: 678 | |
| Industry | Tourism |
| Founded | November 10, 1993 (1993-11-10) |
| Defunct | October 7, 2022 (2022-10-07); 2 years ago |
| Fate | Liquidation |
| Headquarters | Hong Kong |
| Brands |
|
| Services |
|
| Parent | Genting Group |
| Chinese name | |
| Traditional Chinese | 雲頂香港有限公司 |
| Simplified Chinese | 云顶香港有限公司 |
| Hanyu Pinyin | Yúndǐng Xiānggǎng Yǒuxiàngōngsī |
| Jyutping | wan4 deng2 hoeng1 gong2 jau5 haan6 gung1 si1 |
| Website | www |
Genting Hong Kong Limited (Chinese:雲頂香港有限公司) was a holding company that operated cruise and resort businesses. It was headquartered inOcean Centre [zh;zh-yue] (海洋中心),Tsim Sha Tsui,Hong Kong[1] and listed on theHong Kong Stock Exchange (SEHK: 678). It was part of theGenting Group, whose chairmanLim Kok Thay was also the chairman and majority shareholder of Genting Hong Kong with 69% ownership of April 2020.[2] It also owned the cruise linesCrystal Cruises,Dream Cruises andStar Cruises (collectively Genting Cruise Lines[3]),Resorts World Manila, and theMV Werften andLloyd 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.[4] The motion for liquidation was approved by Bermuda's Supreme Court on 7 October 2022.[5]
Genting Hong Kong was originally a subsidiary of Genting Group with a 17.8% stake owned by Genting Berhad.[6]
In 10 November 1993, Genting establishedStar Cruises.[7]
In 2000, Genting's Star Cruises purchasedNorwegian Cruise Line, but later sold half of the company toApollo Management in 2007.[8] A 2013IPO of Norwegian Cruise Line further reduced Star Cruises' ownership share to 28%.[9]
In 2015, Genting purchased luxury cruise lineCrystal Cruises,[10] Singaporean nightclubZouk,[11] and a majority stake in German shipyardLloyd Werft.[12] In November of that year, Genting also introduced Dream Cruises as a new luxury cruise brand in Asia.[12][13]
In May 2016, Genting purchased the remaining 30% of Lloyd Werft,[14] as well asNordic Yards' Wismar, Warnemunde, andStralsund shipyards, and combined them to form the Lloyd Werft Group.[15] In June 2016, the three ex-Nordic Yards facilities were spun out again to formMV Werften.[16]
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.[17]
In August 2020, Genting Hong Kong submitted a filing to theHong Kong Stock Exchange suspending all payments to creditors.[18] It cited the business impact of theCOVID-19 pandemic, and the need to preserve liquidity and funds to maintain critical services for the company's operations.[19] It also requested creditors not to enforce payment and sought a plan fordebt restructuring.[20][21] Following the announcement, Genting Hong Kong's share price plunged by more than 40%.[22] In response, Lim has pledged almost all of his stake in Genting Hong Kong as collateral.[23] 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.[20] 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.[24]
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".[25] On 1 September 2020, Genting Hong Kong sold the Singaporean nightclub groupZouk for US$10.3 million to Tulipa, a firm owned by Lim Keong Hui.[26]
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%.[27] Hours later,Lloyd Werft also filed for insolvency.[28] On 19 January 2022, Genting Hong Kong filed for liquidation.[29]
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.[30]
In October 2022, a court in Bermuda ordered the liquidation of Genting Hong Kong and Dream Cruises.[31][32][33]
 | |
| Company type | Public company |
|---|---|
| Industry | Passenger transportation & Cruises |
| Founded | 1 November 2015 |
| Defunct | May 2022; 2 years ago |
| Headquarters | Hong Kong, Asia |
Area served | Asia Pacific |
Key people | Tan SriLim Kok Thay, CEO & Chairman |
| Services | Cruises |
| Owner | Genting Hong Kong |
| Parent | Genting Hong Kong |
| Website | dreamcruiseline.com |
Dream Cruises is acruise line previously owned by Genting Hong Kong. Genting announced the introduction of Dream Cruises in November 2015 inGuangzhou as an Asian luxury cruise line. It debuted in November 2016.[34]
On 25 February 2025,Resorts World Cruises announced that the brand would split its operations, reforming Dream Cruises andStar Cruises asStarCruises. With Genting Dream becoming the first ship of the reformed Dream Cruises.[35]
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.
| Ship | Year built | Class | Entered service with Dream Cruises | Gross tonnage | Notes | Image |
|---|---|---|---|---|---|---|
| Future fleet | ||||||
| Genting Dream | 2016 | Genting | 2016-2022; 2025 | 150,695 | Originally ordered forStar Cruises asGenting World. Transferred to Resorts World Cruises in 2022. Will rejoin the fleet as Resorts World Cruises under goes a rebrand |  |
| Former Fleet | ||||||
| World Dream | 2017 | Genting | 2017-2023 | 150,695 | Originally ordered for Star Cruises. Purchased byPublic Investment Fund of Saudi Arabia for US$ 330 million and renamed herManara for Aroya Cruises[36] |  |
| Explorer Dream | 1999 | Leo | 2019-2023[37] | 75,338 | Formerly sailed asSuperStar Virgo for Star Cruises. Transferred to Resorts World Cruises in 2023. |  |
| Cancelled Fleet | ||||||
| Global Dream | - | Global | - | 208,000 | Originally ordered for Star Cruises. Construction started on 8 March 2018,[38] before the keel was laid on 11 September 2018.[39] Was to homeport inShanghai.[40] Incomplete ship was sold toDisney Cruise Line in November 2022.[41][42] Disney has arranged to work with the shipbuilding companies LTH-Baas andMeyer Werft to complete the unfinished ship now renamedDisney Adventure by 2025.[42][43][44][45][46] |  |
| Global Dream II (interim name). | - | Global | - | 208,000 | Commonly referred to by many as Global Dream II[citation needed] Construction started on 10 September 2019[47] keel laid on 9 December 2019.[48] Unfinished lower hull of ship sold for scrap after the cruise line's insolvency.[49] Scrapped as of late 2022.[50] | |
Genting Hong Kong partnered withPhilippines-basedAlliance Global Group to establish Resorts World Manila. It is located across Terminal 3 ofNinoy 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-seatNewport Performing Arts Theater.
temporarily suspend all payments to the Group's financial creditors.
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.
temporarily suspend all payments to the Group's financial creditors.
