Norwegian Cruise Line Holdings operates three cruise brands aimed at different wallets: Norwegian for the contemporary market, Oceania for upscale culinary-focused voyages, and Regent Seven Seas at the all-inclusive luxury end. The namesake line popularized freestyle cruising, dropping fixed dinner seatings and dress codes. Revenue divides between ticket sales and high-margin onboard spending on drinks, excursions and casinos. Ships are financed with substantial debt, which amplifies both the upside of strong booking cycles and the pain of weak ones.