Billionaire Lim Kok Thay launches cruise liner in Singapore after Hong Kong operations end

Malaysian billionaire Lim Kok Thay is launching a brand new cruise line from Singapore just four months after Genting Hong Kong (formerly Star Cruises) closed as the cruise ship operator ran out of cash during the coronavirus pandemic Covid-19 which has disrupted the tourism industry.

Lim relaunched his cruise line business less than two months after stepping down as chairman and chief executive of Genting Hong Kong in late January, as the company filed for bankruptcy. In early March, it incorporated Resorts World Cruises in Singapore to manage cruise operations from the Southeast Asian financial hub. The sole shareholder of Resorts World Cruises is Genting Malaysia Bhd. of which Lim is the chairman, according to regulatory filings.

Resorts World Cruises will initially operate a ship, Genting Dream, which will provide cruise services to nowhere from Singapore next month, Bloomberg said, citing Michael Goh, the company’s president and head of international sales, during a briefing. hurry. Goh was the former chairman of Dream Cruises, among the companies that went into liquidation after parent company Genting Hong Kong failed to secure financing when its German shipyard unit MV Werften went bankrupt.

Genting is rebuilding its cruise business as travel demand rebounds after governments in the region lifted Covid-19 restrictions and reopened their international borders to tourists. The group’s casinos in Malaysia and Singapore have upgraded their facilities in preparation for a post-pandemic tourism recovery.

Besides cruise business and properties in Singapore and Malaysia, Lim has stakes in casinos in the Philippines and the United States. The Genting Group also owns oil palm plantations in Malaysia. His real-time net worth has fallen to around $2 billion, from $2.6 billion in June 2021 when Forbes has last published the ranking of the 50 richest in Malaysia.