Crystal sells its Boeing 787-8 aircraft (*updated*)

Article-Crystal sells its Boeing 787-8 aircraft (*updated*)

Crystal Cruises is selling its Boeing 787-8 for $25m to an investment holding company associated with Tan Sri KT Lim, chairman and CEO of Crystal's parent, Genting Hong Kong.

Oct. 29 update: Resorts World Las Vegas, a Genting company, is adding the 262-seat plane to its private fleet. 'As the only resort-owned airplane of this size in Las Vegas, this purchase opens up new opportunities for the resort’s potential and existing luxury customers, as well as large groups and premium mass segments seeking easy and exclusive travel options, offering an amenity not currently available in the marketplace,' Resorts World said.

For Crystal, the sale is part of Genting HK efforts to dispose of non-core assets and improve liquidity during the COVID-19 pandemic. It also will save the cost associated with maintaining the aircraft.

Net proceeds will be used for general working capital.

$37m loss

According to a filing, taking into consideration the net proceeds of approximately $24.9m (net of $100,000 transaction costs) and the carrying value of the aircraft of approximately $61.9m, the disposal is expected to result in an approximately $37m loss for Genting HK. 

The aircraft was manufactured in 2017 by Boeing.

Even before it entered service, it was decided not to use the customized 787 for the around the world trips planned for Crystal AirCruises. Instead, a larger B777-200LR named Crystal Skye was introduced. Both aircraft were available for charter. 

Follows Bombardier Global Express XRS sale

Crystal in late June sold its 12-seat Bombardier Global Express XRS aircraft to Resorts World Las Vegas for $4m.

The Bombardier was part of Crystal Luxury Air, a private air charter service that transported travelers to their ocean, river or yacht voyages.

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