Genting Hong Kong was originally a subsidiary of Genting Group with a 17.8% stake owned by Genting Berhad. In 10 November 1993, Genting established
Star Cruises. In 2000, Genting's Star Cruises purchased
Norwegian Cruise Line, but later sold half of the company to
Apollo Management in 2007. A 2013
IPO of Norwegian Cruise Line further reduced Star Cruises' ownership share to 28%. In 2015, Genting purchased luxury cruise line
Crystal Cruises, Singaporean nightclub
Zouk, and a majority stake in German shipyard
Lloyd Werft. In November of that year, Genting also introduced Dream Cruises as a new luxury cruise brand in Asia. In May 2016, Genting purchased the remaining 30% of Lloyd Werft, as well as
Nordic Yards' Wismar, Warnemunde, and
Stralsund shipyards, and combined them to form the Lloyd Werft Group. In June 2016, the three ex-Nordic Yards facilities were spun out again to form
MV Werften. In October 2016, Genting Hong Kong was entirely sold to the Lim Kok Thay's family-owned unit trust Golden Hope Limited as part of a family business restructuring exercise, separating it from Genting Group but retaining it under ownership of Lim Kok Thay's family. In August 2020, Genting Hong Kong submitted a filing to the
Hong Kong Stock Exchange suspending all payments to creditors. It cited the business impact of the
COVID-19 pandemic, and the need to preserve liquidity and funds to maintain critical services for the company's operations. It also requested creditors not to enforce payment and sought a plan for
debt restructuring. Following the announcement, Genting Hong Kong's share price plunged by more than 40%. In response, Lim has pledged almost all of his stake in Genting Hong Kong as collateral. As of 31 July 2020, it owed US$3.37 billion of debt, including US$3.7 million in bank fees that were in default. On 28 August 2020, Lim Keong Hui, Lim Kok Thay's son, stepped down as deputy CEO of Genting Hong Kong to "devote more time to other business commitments". On 1 September 2020, Genting Hong Kong sold the Singaporean nightclub group
Zouk for US$10.3 million to Tulipa, a firm owned by Lim Keong Hui. On 10 January 2022, following a breakdown in talks between the German government and Genting Hong Kong in obtaining further financial support,
MV Werften filed for insolvency, triggering the possibility of cross-defaults on up to $2.8 billion of financial arrangements for the Genting Hong Kong group and precipitating a fall in its share price by more than 50%. Hours later,
Lloyd Werft also filed for insolvency. On 19 January 2022, Genting Hong Kong filed for liquidation. It was named Provisional liquidators Edward Middleton and Tiffany Wong Wing Sze of Hong Kong's Alvarez & Marsal Asia Limited and Edward Whittaker of R&H Services Limited in Bermuda to help develop and propose a restructuring proposal in relation to Genting Hong Kong's debt, including nearly US$2.8 billion that was part of financing deals it struck with creditors last June. In a Tuesday filing, Genting Hong Kong said the same liquidators have now been appointed for Dream Cruises to "among other things, develop and propose restructuring proposals relating to Dream Cruises' debt and liabilities." The company also filed a liquidation order for Dream Cruises, it hoped the restructuring would allow the company to continue as a business. In October 2022, a court in Bermuda ordered the liquidation of Genting Hong Kong and Dream Cruises. == Resorts ==