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His Resorts World company is starting a cruise line in Singapore using one of his ships from the company he bankrupted.
The Straits Times reports that billionaire casino mogul and former cruise line owner Lim Kok Thay is getting back into the cruise industry with a new line Resorts World Cruises.
According to the report, Thay's new company has chartered the Genting Dream from a consortium of banks. That ship was part of his Dream Cruises which ceased operating in early 2022.
When Genting Hong Kong ceased operating, both Chairman Lim Kok Thay and President Colin Au resigned their positions, and now they have reunited to start Resorts World Cruises. Au told people at a briefing about the new company, “The company will aspire to have many more ships in other parts of Asia. It is a reaffirmation that cruising is good for the region and will be a growth industry.”
Au also said that the company won't spend the cruise fare collected until the cruise sails. He said with a straight face, “The practice of all cruise companies is to use the cash for working capital purposes. But we have changed the practice to make sure whatever funds are paid will be kept in cash, and if the cruise itinerary is not performed, then the money will be refunded to customers.”
Bookings are now open with Genting Dream undertaking cruises to nowhere from June 15, with plans to launch destination trips to Malaysia, Thailand, and Indonesia from September 30.
In conjunction with the launch, Resorts World Cruises will offer complimentary cruise credits of the equivalent value for all paid passengers affected by World Dream's cruise cancellations in Singapore between March 2 and August 31 this year.
