2020 Annual Report
Total Page:16
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OUR MISSION “We are a leading global leisure, entertainment and hospitality corporation committed to enhancing shareholder value and maintaining long term sustainable growth in our core businesses.” WE WILL Be responsive to the changing demands of our customers and excel in providing quality products and services. Be committed to innovation and the adoption of new technology to achieve competitive advantage. Generate a fair return to our shareholders. Pursue personnel policies which recognise and reward performance and contributions of employees and provide proper training, development and opportunities for career advancement. Be a responsible corporate citizen, committed to enhancing corporate governance and transparency. FORWARD-LOOKING STATEMENTS This annual report contains forward-looking statements that involve risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on the current beliefs, assumptions, expectations, estimates and projections of Genting Hong Kong Limited (the “Company”) about the industry and markets in which the Company and its subsidiaries (the “Group”) are operating or will operate in the future. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the control of the Group, are difficult to predict and could cause actual results to differ materially from those expected or forecasted in the forward-looking statements. Factors that could cause actual results to differ materially from those reflected in the forward-looking statements include general economic, political and business conditions, changes in cruise industry competition, weather, force majeure events and/or other factors. Reliance should not be placed on these forward-looking statements, which merely reflect the view of the Company as of the date of this report only. The Company is under no obligation to revise or update publicly these forward-looking statements or any part thereof to reflect events or circumstances resulting from any new information, future events or otherwise on which any such statement was based. 1 Annual Report 2020 CONTENTS Corporate Profile 2 Corporate Information 9 Consolidated Statement 65 Independent Auditor’s 166 of Comprehensive Income Report Genting Cruise Lines Fleet 3 Management’s 10 Discussion and Analysis Consolidated Statement 67 Audited Five Years 173 Resorts World Manila 4 of Financial Condition and of Financial Position Financial Summary Results of Operations MV Werften 4 Consolidated Statement 69 Properties Summary 174 Directors and Senior 18 of Cash Flows Chairman’s Statement 5 Management Profiles Worldwide Offices 176 Consolidated Statement 72 and Representatives Report of the Directors 22 of Changes in Equity Corporate Governance 45 Notes to the Consolidated 74 Report Financial Statements 2 Genting Hong Kong Limited CORPORATE PROFILE ABOUT US Genting Hong Kong Limited (“Genting Hong Kong”) is Crystal Experience offers distinctly unique destinations, a leading global leisure, entertainment and hospitality onboard features and shoreside discoveries, what remains enterprise, with core competences in both land and consistent across the Crystal fleet is the globally acclaimed sea-based businesses including Genting Cruise Lines standard of excellence, unparalleled personalized service comprising of Star Cruises, Dream Cruises, and Crystal and attention to detail. Cruises, along with German shipyards MV Werften and Lloyd Werft, and Resorts World Manila (“RWM”), an To capitalize on the growing demand for new cruise ships associate of Genting Hong Kong. and to realize the company’s own expansion plans, in 2016, Genting Hong Kong established MV Werften comprising Headquartered in Hong Kong, Genting Hong Kong has a of three shipyards in Wismar, Rostock and Stralsund, presence in more than 20 locations worldwide with offices Germany following the purchase of Lloyd Werft the and representation in Australia, China, Germany, India, previous year which specializes in building megayachts Indonesia, Japan, Malaysia, the Philippines, Singapore, and other newbuilds. With the consolidated expertise and Sweden and the United States. facilities of the shipyards, including approximately 1,800 experienced management and workers, MV Werften will A pioneer in its own right, Genting Hong Kong was be capable of building large-scale mega-ships. incorporated in November 1993, operating its fleet under Star Cruises, to take on a bold initiative to grow the Asia Travellers International Hotel Group, Inc. (“Travellers”), an Pacific region as an international cruise destination. Star associate of Genting Hong Kong, opened its first land- Cruises has built its reputation on offering first-rate Asian based attraction, Resorts World Manila, in the Philippines hospitality throughout its fleet consisting of SuperStar in August 2009. RWM is the Philippines’ first one-stop, Gemini, SuperStar Aquarius, Star Pisces and The Taipan. nonstop vacation spot for topnotch entertainment and world-class leisure alternatives, featuring seven hotels Dream Cruises’ fleet of Genting Dream (launched 2016) including an iconic shopping mall, four high-end cinemas and World Dream (launched 2017) deliver the highest and a multi-purpose performing arts theatre. level of guest service and spacious comfort in the region. Catering to a wide spectrum of consumers in China and Genting Hong Kong’s unique venues and itineraries, Asia, the Dream Cruises experience provides passengers coupled with a promise to deliver best-in-class services, with more choice, comfort and value to create a perfect will ensure an unforgettable experience for each and dream voyage. Explorer Dream, launched in March 2019, every guest. The company will continue to leverage off will further fuel Dream Cruises’ global aspirations while the Genting Group’s unrivalled regional expertise in production has also started in Germany on two new Global land-based resorts development as it looks to expand its Class ships including Global Dream and her sister ship. individual footprint. Genting Hong Kong constantly seeks new scalable business opportunities and ways in which the Crystal’s award-winning fleet of brand experiences company can excel and improve its business proposition. has been the definitive leader in the luxury since it first launched as Crystal Cruises in 1990. In the years since, the Genting Hong Kong is listed on the Main Board of the company has expanded to include Crystal Yacht Cruises, Stock Exchange of Hong Kong Limited under the stock Crystal River Cruises, Crystal AirCruises and Crystal code “678” Luxury Air, and Crystal Expedition Cruises. While each “Genting Hong Kong’s unique venues and itineraries, coupled with a promise to deliver best-in-class services, will ensure an unforgettable experience for each and every guest.” 3 Annual Report 2020 GENTING CRUISE LINES FLEET Genting Cruise Lines is a division of Genting Hong Kong comprising of three distinct cruise brands – Dream Cruises, Crystal Cruises and Star Cruises – providing a range of products from contemporary cruises to ultra-luxurious vacation experiences spanning the sea to air. DREAM CRUISES Dream Cruises aims to be a pacesetter in the cruise industry in the region, meeting the needs of the ‘emerging generation’ of confident, independently-minded and upwardly-mobile Asian travellers. Dream Cruises offers inspirational journeys, which are Asian at heart and international in spirit. CRYSTAL CRUISES By sea, river, land or air, Crystal has refined the way the world views luxury travel. The collection of world-renowned Crystal Experiences – featuring global journeys aboard Crystal Cruises, Crystal River Cruises, Crystal Yacht Cruises, Crystal Expedition Cruises, Crystal AirCruises and Crystal Luxury Air – continues to delight the world’s most discerning travelers with an unwavering standard of luxury and genuine, personalized service. STAR CRUISES A pioneer in the Asia Pacific cruise industry, Star Cruises has been operating its fleet since 1993, taking on the bold initiative to grow the region as an international cruise destination with its fleet. 4 Genting Hong Kong Limited RESORTS WORLD MANILA A Larger Than Life Experience Theater (NPAT). It has over 50 restaurants offering a diverse selection of local and world cuisine, prepared by Resorts World Manila (RWM) is the first integrated resort top Filipino and foreign chefs. in the Philippines. It is a one-stop, non-stop entertainment and leisure destination that features gaming thrills, world- A direct reflection of RWM’s unwavering commitment class entertainment, unique events, and exciting lifestyle towards corporate citizenship, its Corporate Social options. Responsibility (CSR) efforts are designed to make communities win. Guided by its core values—inspiring Conveniently located across from Ninoy Aquino excellence, unyielding integrity, and true compassion — International Airport Terminal 3, RWM is the gateway to Resorts World Manila holds a continuing commitment to: world-class Philippine hospitality. RWM, composed of the Philippine Tourism and the Arts, Social Development, and Grand Wing and the Garden Wing, is home to seven hotel Environmental Sustainability. brands: Marriott Hotel Manila, Holiday Inn Express Manila Newport City, Belmont Hotel Manila, Savoy Hotel Manila, Hilton Manila, Sheraton Manila Hotel and the soon-to- open Hotel Okura Manila. It features a wide range of Meetings, Incentives, Conferences, and Exhibitions