One of the biggest cruise operators, the Dream Cruises brand, owned and operated by Genting Hong Kong Limited is facing some big changes. As it was reported by GGRAsia recently, Asian-operator of cruise ships Genting Hong Kong Limited has announced the signing of a business deal which will see the company selling about 35% of stakes in its flagship brand Dream Cruises.
The same report also details that the company is selling its stake to an entity which is controlled by TPG Growth company. The Hong Kong-listed company used its official press release filing in order to reveal that this business agreement will involve the company offloading a minimum of 24.5% Dream Cruises shareholding to a venture TPG Darting the following month. The company also plans on disposing of an additional of 10.5% of its Dream Cruises brand to the same buyer before the year ends.
Luxurious Cruise Lines Since 1993
Genting Hong Kong Limited is a leading Asia-based holding company which operates multiple resorts and cruise businesses. The company is also a member of the prominent Malaysian Genting Group. It owns several different brands including Star Cruises, Dream Cruises, Crystal Cruises, Resorts World Manilla as well as the popular Lloyd Werft dockyard.
The company’s luxurious cruise lines were established back in 1993 when Star Cruises emerged on the scene. This cruise line operated the massive Asia-Pacific market with headquarters in Hong Kong. Star Cruise is the eighteenth biggest cruise line in the world after Royal Caribbean Cruises, Carnival Corporation, and fifteen others.
The company positions its Star Cruises line only for the contemporary market. Seven years after its establishment, the company’s Star Cruises division bought Norwegian Cruise Line which was sold in 2007. Then in 2015, Genting Hong Kong Limited bought Crystal Cruises that specialized in the luxury international market. In November of 2016, Genting Hong Kong Limited revealed its new brand, Dream Cruises which is another luxury cruise line.
Three Ships Operated Under Dream Cruises Brand
Genting Hong Kong Limited which is a subsidiary of a prominent Asia-based casino operator named Genting Malaysia Berhad already divulged the very first shares tranche for which it received around $342 million. The company will also receive $147 million once the business deal is all done.
Furthermore, the multi-billion worth operator which is responsible for Star Cruise and Crystal Cruise in addition to Dream Cruise also declared that its newest business partner has already agreed to award the company with extra incentive payments purely based on the expected achievement of profitability level of the Dream Cruises brand and expected profit delivery of each of the Dream Cruises ships.
The company currently operates three Dream Cruise ships including the World dream, Genting Dream and Explorer dream. As reported by GGRAsia, each of these three Genting Dream Cruise ships feature massive casino floors with a great selection of gaming tables and slots. Their customers usually come from ports in Singapore and China while this may change with TPG Darting in the picture.
Commenting on the news, the Genting Hong Kong Limited officials stated that its newest business partner is a highly reputable institution and that its presence in Dream Cruises will definitely help the company grow and expand further. The company’s officials also said that this partnership deal will definitely increase the overall company’s liquidity as well as help it fund its further expansion including funding a new ship program.