Genting empire stumbles as virus restrictions continue to bite

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Genting’s reliance on travel and leisure makes it vulnerable to border closures and restrictions imposed by countries seeking to curb the spread of Covid-19.KUALA LUMPUR: One of Southeast Asia’s biggest conglomerates faces its gravest challenge yet as the pandemic roils Genting group’s collection of casinos, cruises and resorts. Cracks were already starting to show even before cruise operator Genting Hong Kong Ltd said it would suspend payments to creditors. This week, the group holding company and a Malaysian unit could show some of their worst declines to earnings as second-quarter results are due. Genting adds to a growing list of global business empires whose reliance on travel and leisure made them vulnerable to border closures and restrictions imposed by countries seeking to curb the spread of the coronavirus. The conglomerate has resorted to unprecedented moves to adapt, i…