Chairman's Statement Genting Cruise Lines Fleet Corporate Pro Le Global
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Genting Hong Kong Limited ANNUAL REPORT 2017 ANNUAL Genting Hong Kong Limited Suite 1501, Ocean Centre, 5 Canton Road, 4—5 6—8 10—13 14—19 Tsimshatsui, Kowloon, Hong Kong SAR www.gentinghk.com Corporate Pro le Genting Cruise Lines Fleet Chairman’s Statement Global Highlights “Genting Hong Kong’s unique “Reaching all corners of the globe, “We are focused on growing our “Launch of World Dream...” venues and itineraries...” Genting Cruise Lines’ fleet...” cruise eet with world-class ships...” 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 the Company about the industry and markets in which the Company and its subsidiaries (the “Group”) is 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 expressed 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. Genting Hong Kong Limited 2 CONTENTS Corporate Profile 4 Corporate Information 20 Consolidated Statement 100 Independent Auditor’s 182 of Comprehensive Income Report Genting Cruise Lines Fleet 6 Management’s 21 Discussion and Analysis Consolidated Statement 102 Audited Five Years 189 Resorts World Manila 9 of Financial Condition and of Financial Position Financial Summary Results of Operations Chairman’s Statement 10 Consolidated Statement 104 Properties Summary 190 Directors and Senior 34 of Cash Flows Global Highlights 14 Management Profiles Worldwide Offices 192 Consolidated Statement 106 and Representatives Report of the Directors 39 of Changes in Equity Corporate Governance 62 Notes to the Consolidated 108 Report Financial Statements CORPORATE PROFILE About us Genting Hong Kong Limited (“Genting Hong Kong”) is the highest level of guest service and spacious comfort in a leading global leisure, entertainment and hospitality the region. Catering to a wide spectrum of consumers in enterprise, with core competences in both land and China and Asia, the Dream Cruises experience will provide sea-based businesses including Genting Cruise Lines passengers with more choice, comfort and value to create comprising of Star Cruises, Dream Cruises and Crystal a perfect dream voyage. Production has also started in Cruises, along with German shipyards MV Werften and Germany on a new Global Class ship that is scheduled to Lloyd Werft, prominent nightlife brand Zouk, and Resorts join the fleet in 2020 with a sister ship scheduled for 2021. World Manila (“RWM”), an associate of Genting Hong Kong. Crystal Cruises is the world’s leading luxury cruise provider, Headquartered in Hong Kong, Genting Hong Kong has a having earned more “World’s Best” awards than any other presence in more than 20 locations worldwide with offices cruise line, hotel, or resort in history. Crystal Cruises and representation in Australia, China, Germany, India, offers extensive itineraries traversing the globe, ranging Indonesia, Japan, Malaysia, the Netherlands, the Philippines, from five days to approximately 100-day World Cruises Singapore, Sweden, Taiwan, and the United States. and regionally-focused Grand Cruises. In 2015, Crystal embarked on the most significant brand expansion in the A pioneer in its own right, Genting Hong Kong was history of luxury travel and hospitality, which introduced two incorporated in November 1993, operating its fleet under new classes of cruising – Crystal Yacht Expedition Cruises Star Cruises, to take on a bold initiative to grow the Asia and Crystal River Cruises – and reached new heights with Pacific region as an international cruise destination. Star Crystal Luxury Air and Crystal AirCruises. Cruises has built its reputation on offering first-rate Asian hospitality throughout its fleet of six vessels including To capitalize on the growing demand for new cruise ships SuperStar Virgo, SuperStar Gemini, SuperStar Aquarius, and to realize the company’s own expansion plans, in 2016, SuperStar Libra, Star Pisces and The Taipan. Genting Hong Kong established MV Werften comprising of three shipyards in Wismar, Rostock and Stralsund, Germany Dream Cruises’ two new vessels, Genting Dream and World following the purchase of Lloyd Werft the previous year Dream, launched in 2016 and 2017 respectively, deliver which specializes in building megayachts and other Genting Hong Kong Limited 4 newbuilds. With the consolidated expertise and facilities of will ensure an unforgettable experience for each and the shipyards, including approximately 2,000 experienced every guest. The company will continue to leverage management and workers, MV Werften will be capable of off the Genting Group’s unrivalled regional expertise in building large ships. land-based resorts development as it looks to expand its individual footprint. Genting Hong Kong constantly seeks Zouk is an iconic music-driven entertainment club that new scalable business opportunities and ways in which the provides a world-class clubbing experience by pushing company can excel and improve its business proposition. the boundaries of electronic dance music and bringing in a constant flow of internationally renowned DJs to play. Genting Hong Kong is listed on the Main Board of the Stock As the only club from the Asia Pacific region to regularly Exchange of Hong Kong Limited under the stock code retain its top 10 position in DJ Mag’s Top 100 Clubs global “678”. Travellers is listed on the Philippine Stock Exchange poll, Zouk is currently ranked third and is the trendsetter in under the ticker “RWM”. propelling Asia’s dance music scene forward. Travellers International Hotel Group, Inc. (“Travellers”), an associate of Genting Hong Kong, opened its first land- Genting Hong Kong’s unique based attraction, Resorts World Manila in the Philippines in August 2009. RWM is the Philippines’ first one-stop, venues and itineraries, nonstop vacation spot for top-notch entertainment and “ coupled with a promise to“ world-class leisure alternatives, featuring four hotels including the all-suite Maxims Hotel, an iconic shopping deliver best-in-class services, mall, four high-end cinemas and a multi-purpose performing arts theatre. Travellers has been listed on the Philippine will ensure an unforgettable Stock Exchange since November 2013. experience by all. Genting Hong Kong’s unique venues and itineraries, coupled with a promise to deliver best-in-class services, 5 Annual Report 2017 GENTING CRUISE LINES FLEET Reaching all corners of the globe, Genting Hong Kong’s cruise business is organised under Genting Cruise Lines’ encompassing brands that cater to everyone from contemporary guests to ultra-luxury patrons. Genting Hong Kong’s visionary plans for the company will see the addition of new vessels capable of yacht expeditions, river cruises, polar explorations and even soaring the skies to exotic destinations. Dream Cruises aims to Cruises be a pacesetter in the region’s cruise industry, meeting the needs of the emerging generation of confident, independently-minded and upwardly-mobile Asian travellers. Dream Cruises’ two new vessels offer inspirational journeys, which are Asian at heart and international in spirit. WORLD DREAM GENTING DREAM Genting Hong Kong Limited 6 Star Cruises Star Cruises is a pioneer in the Asia Pacific cruise industry and has a fleet of six ships which includes SuperStar Virgo, SuperStar Gemini, SuperStar Aquarius, SuperStar Libra, Star Pisces and The Taipan, offering various cruise itineraries in Asia. SUPERSTAR VIRGO SUPERSTAR LIBRA THE TAIPAN SUPERSTAR AQUARIUS SUPERSTAR GEMINI STAR PISCES 7 Annual Report 2017 GENTING CRUISE LINES FLEET Crystal Cruises Crystal Cruises is the world’s most awarded luxury cruise line, having earned more “World’s Best” accolades than any other cruise line, hotel, or resort in history. Crystal has embarked on the most significant brand expansion in the history of