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Hong Kong floating restaurant Jumbo sinks in South China Sea

Jumbo floating restaurant, a once famed but financially struggling Hong Kong tourist attraction, sank in the South China Sea after being towed away from the city, its parent company said Monday (June 20).
Aberdeen Restaurant Enterprises announced in a statement that it capsized on Sunday near the Paracel Islands after it "encountered adverse conditions" and began to take on water.
It added: "The water depth at the scene is over 1,000 meters, making it extremely difficult to carry out salvage works."
The company said it was "very saddened by the incident" but that no crew members were injured.
It said marine engineers had been hired to inspect the floating restaurant and install hoardings on the vessel before the trip, and that "all relevant approvals" had been obtained.
It was the world's largest floating restaurant, the centerpiece of our marina view from the newsroom, and a #HongKong icon. #Jumbo, farewell. https://t.co/U6LzWiSJdd
— Kristie Lu Stout✌🏽 (@klustout) June 14, 2022
The restaurant closed in March 2020, citing the Covid-19 pandemic as the final straw after almost a decade of financial woes, the Anews reported, citing the AFP.
Operator Melco International Development said last month the business had not been profitable since 2013 and cumulative losses had exceeded HK$100 million ($12.7 million).
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Melco added that it was still costing millions in maintenance fees every year and around a dozen businesses and organizations had declined an invitation to take it over at no charge.
It announced last month that ahead of its license expiration in June, Jumbo would leave Hong Kong and await a new operator at an undisclosed location.
The restaurant set off shortly before noon last Tuesday from the southern Hong Kong Island typhoon shelter where it had sat for nearly half a century.
Opened in 1976 by the late casino tycoon Stanley Ho, in its glory days, it embodied the height of luxury, reportedly costing more than HK$30 million to build.
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Designed like a Chinese imperial palace and once considered a must-see landmark, the restaurant drew visitors from Queen Elizabeth II to Tom Cruise.
It also featured in several films -- including Steven Soderbergh's "Contagion", about a deadly global pandemic.
Jumbo's departure from Hong Kong was met with regret and nostalgia from many Hong Kong residents.
Some online commentators described pictures of the floating palace sailing across a charcoal grey ocean towards the horizon as a metaphor for Hong Kong's future.
The city has seen harsh pandemic restrictions put its status as an international hub at risk, while a national security law imposed by Beijing has stifled dissent, remoulding Hong Kong in China's authoritarian image
Source: anews
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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