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ANNUAL REPORT 2019 Genting Hong Kong Limited

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ANNUAL REPORT 2019 Genting Hong Kong Limited ANNUAL REPORT Genting Hong Kong Limited (Continued into Bermuda with limited liability) 2019 Stock Code : 678 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 2019 CONTENTS Corporate Profile 2 Corporate Information 13 Consolidated Statement 70 Independent Auditor’s 162 of Comprehensive Income Report Genting Cruise Lines Fleet 4 Management’s 14 Discussion and Analysis Consolidated Statement 72 Audited Five Years 169 Resorts World Manila 7 of Financial Condition and of Financial Position Financial Summary Results of Operations Zouk 7 Consolidated Statement 74 Properties Summary 170 Directors and Senior 23 of Cash Flows MV Werften 8 Management Profiles Worldwide Offices 172 Consolidated Statement 77 and Representatives Chairman’s Statement 9 Report of the Directors 28 of Changes in Equity Corporate Governance 50 Notes to the Consolidated 79 Report Financial Statements 2 Genting Hong Kong Limited ABOUT US Genting Hong Kong Limited (“Genting Hong Kong” or the dream voyage. Explorer Dream, launched in April 2019, “Company”) is a leading global leisure, entertainment and will further fuel Dream Cruises’ global aspirations while hospitality enterprise, with core competences in both land production has also started in Germany on two new Global and sea-based businesses including Genting Cruise Lines Class ships including Global Dream, slated to launch in comprising of Star Cruises, Dream Cruises, and Crystal 2021, and her sister ship. Cruises, along with German shipyards MV Werften and Lloyd Werft, prominent nightlife brand Zouk, and Resorts Crystal’s award-winning fleet of brand experiences has World Manila (“RWM”), an associate of Genting Hong Kong. been the definitive leader in luxury since it first launched as Crystal Cruises in 1990. In the years since, Crystal Headquartered in Hong Kong, Genting Hong Kong has has expanded to include Crystal Yacht Cruises, Crystal a presence in more than 20 locations worldwide with River Cruises, Crystal AirCruises and Crystal Luxury Air, offices and representation in Australia, China, Germany, with Crystal Expedition Cruises set to launch in 2020. India, Indonesia, Japan, Malaysia, the Netherlands, the While each Crystal Experience offers distinctly unique Philippines, Singapore, Sweden and the United States. destinations, onboard features and shoreside discoveries, what remains consistent across the Crystal fleet is the A pioneer in its own right, Genting Hong Kong was globally acclaimed standard of excellence, unparalleled incorporated in November 1993, operating its fleet under personalized service and attention to detail. Star Cruises, to take on a bold initiative to grow the Asia Pacific region as an international cruise destination. Star To capitalize on the growing demand for new cruise Cruises has built its reputation on offering first-rate Asian ships and to realize the Company’s own expansion plans, hospitality throughout its fleet consisting of SuperStar in 2016, Genting Hong Kong established MV Werften Gemini, SuperStar Aquarius, Star Pisces and The Taipan. comprising of three shipyards in Wismar, Rostock and Stralsund, Germany following the purchase of Lloyd Dream Cruises’ fleet of Genting Dream (launched 2016) Werft the previous year which specializes in building and World Dream (launched 2017) delivers the highest megayachts and other newbuilds. With the consolidated level of guest service and spacious comfort in the region. expertise and facilities of the shipyards, including over Catering to a wide spectrum of consumers in China and 2,800 experienced management and workers, MV Werften Asia, the Dream Cruises experience provides passengers will be capable of building large-scale mega-ships. with more choice, comfort and value to create a perfect 3 Annual Report 2019 CORPORATE PROFILE Zouk is an iconic music-driven entertainment club that Genting Hong Kong’s unique venues and itineraries, provides a world-class clubbing experience by pushing coupled with a promise to deliver best-in-class services, the boundaries of electronic dance music and bringing in will ensure an unforgettable experience for each and a constant flow of internationally renowned DJs. As the every guest. The Company will continue to leverage only club from the Asia Pacific region to regularly retain off the Genting Group’s unrivalled regional expertise in its top 10 position in DJ Mag’s Top 100 Clubs global poll, land-based resorts development as it looks to expand Zouk is currently ranked ninth and is the trendsetter in its individual footprint. Genting Hong Kong constantly propelling Asia’s dance music scene forward. seeks new scalable business opportunities and ways in which the Company can excel and improve its business Travellers International Hotel Group, Inc. (“Travellers”), an proposition. associate of Genting Hong Kong, opened its first land- based attraction, Resorts World Manila, in the Philippines Genting Hong Kong is listed on the Main Board of the in August 2009. RWM is the Philippines’ first one-stop, Stock Exchange of Hong Kong Limited under the stock nonstop vacation spot for topnotch entertainment and code “678”. world-class leisure alternatives, featuring seven hotels including the all-suite Maxims Hotel, an iconic shopping mall, four high-end cinemas and a multi-purpose performing arts theatre. “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.” 4 Genting Hong Kong Limited 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. 1 2 DREAM CRUISES 3 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. 1 - Genting Dream 2 - World Dream 3 - Explorer Dream 5 Annual Report 2019 CRYSTAL CRUISES By sea, river, land or air, Crystal has redefined the way the world views luxury travel. The collection of world- 5 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. 1 6 2 7 3 8 4 10 9 1 - Crystal Serenity 2 - Crystal Esprit 3 - Crystal Symphony 4 - Crystal Debussy 5 - Crystal Bach 6 - Crystal Mozart 7 - Crystal Mahler 8 - Crystal Ravel 9 - Crystal Luxury Air 10 - Crystal Skye 6 Genting Hong Kong Limited 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. 1 2 3 4 1 - SuperStar Gemini 2 - SuperStar Aquarius 3 - Star Pisces 4 - The Taipan 7 Annual Report 2019 RESORTS WORLD MANILA Resorts World Manila (“RWM”) is the first integrated resort selection of local and world cuisine, prepared by top in the Philippines. It is a one-stop, non-stop entertainment Filipino and foreign
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