Hong Kong division of the popular casino group records massive earnings, propelling the parent company to invest in other territories.
In the first half of 2014, Genting Hong Kong posted a staggering $180 million profit. This figure marks a Substantial increase from the same time a year before, when results showed profits of only $23 million according to gambling news.
The main reason for the dramatic rise in numbers is attributed to Genting HK selling a small share in Norwegian Cruise Line Holdings. They sold 3.7 percent of shares for a sum of $153 million, which represent the vast majority of the profits posted. The company still retains 27.7 percent of the Norwegian firm, enabling it to maintain the position of majority shareholder.
Spain on the horizon
The parent company of Genting Hong Kong, Genting BHD, is looking at ways to expand their operations to the Spanish market. In recent times, Spanish gambling laws have maintained favorable policies to foreign firms, which will only serve Genting’s ambition.
The gaming company wants to have a fully operational casino at BCN World, which is an extensive gambling and entertainment area in Barcelona. The complex is currently run by Veremonte Espana SL.
Genting is one of the big brand gambling firms that is vying for six casino licenses in Spain. Caesars Entertainment and Melco Crown are among the other popular names that are in the frame to enter the Spanish gaming market.