<SEC-DOCUMENT>0000884887-17-000035.txt : 20170602
<SEC-HEADER>0000884887-17-000035.hdr.sgml : 20170602
<ACCEPTANCE-DATETIME>20170503144416
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000884887-17-000035
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170503

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYAL CARIBBEAN CRUISES LTD
		CENTRAL INDEX KEY:			0000884887
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				980081645
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1050 CARIBBEAN WAY
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33132
		BUSINESS PHONE:		3055396000

	MAIL ADDRESS:	
		STREET 1:		1050 CARIBBEAN WAY
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33132

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RA HOLDINGS INC
		DATE OF NAME CHANGE:	19920424
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Royal Caribbean Cruises Ltd.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">1050 Caribbean Way&#160;</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">tel: 305.539.6000</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Miami, Fl 33132.2096 USA</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">www.royalcaribbean.com</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">May 3, 2017</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Mr. Lyn Shenk</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Branch Chief, Office of Transportation and Leisure</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Division of Corporation Finance</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Securities and Exchange Commission</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">100 F Street, N.E.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Washington, DC&#160;&#160;&#160;20549-3561</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">cc:<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font>Abe Friedman</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font></font>Doug Jones</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">RE:<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160; </font>Royal Caribbean Cruises Ltd.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font>Form 10-K for Fiscal Year Ended December 31, 2016</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font>Filed February 23, 2017</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB2" style="LETTER-SPACING: 9pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font>File No. 001-11884</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Dear Mr. Shenk:</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">This letter indicates the responses of Royal Caribbean Cruises Ltd. (the &#8220;Company&#8221;) to the comments of the staff (the &#8220;Staff&#8221;) of the Division of Corporation Finance of the Securities and Exchange Commission (the &#8220;Commission&#8221;) set forth in your letter dated April 19, 2017 in relation to the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 filed on February 23, 2017 (the &#8220;Form 10-K&#8221;).</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">For your convenience, we have set forth below in bold and italicized type each of the Staff&#8217;s comments to the Form 10-K followed in each case by the Company&#8217;s response.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Form 10-K for Fiscal Year Ended December 31, 2016</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Management&#8217;s Discussion and Analysis</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Financial Presentation</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Selected Operational and Financial Metrics, page 41</font></font></div>

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<div><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">1.&#160;&#160;</font></div>
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<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">In the discussion of &#8220;net cruise costs,&#8221; &#8220;net cruise costs excluding fuel&#8221; and &#8220;net yields&#8221; you state you have not provided a quantitative reconciliation of projected amounts for these non-GAAP measures to the comparable projected GAAP measures</font></div>
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<div style="MARGIN-LEFT: 36pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">due to the significant uncertainty in projecting the costs deducted to arrive at the non-GAAP measures.&#160;&#160;Please identify the information that is uncertain and its probable significance in a location of equal or greater prominence.&#160;&#160;Refer to the next to last bullet of Question 102.10 of the staff&#8217;s Compliance and Disclosure Interpretations on Non-GAAP Financial Measures (&#8220;C&amp;DI&#8221;) for guidance.</font></div>

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<div style="MARGIN-LEFT: 36pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Response</font>:</font></font></font></div>

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<div style="MARGIN-LEFT: 36pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">We acknowledge the Staff's comment and respectfully advise the Staff that in future filings incorporating forward-looking projections of net cruise costs, net cruise costs excluding fuel and net yields, we will more specifically identify the type and probable significance of information that is uncertain without unreasonable efforts to permit us to reconcile these non-GAAP projections to the comparable projected GAAP measures (i.e., &#8220;gross cruise costs&#8221; in the case of each of &#8220;net cruise costs&#8221; and &#8220;net cruise costs excluding fuel&#8221; and &#8220;gross yields&#8221; in the case of &#8220;net yields&#8221;).</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Executive Overview, page 44</font></font></div>

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<div><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">2.&#160;&#160;</font></div>
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<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">You disclose, and discuss in certain respects, changes in &#8220;adjusted EPS,&#8221; &#8220;net yields on a constant-currency basis,&#8221; &#8220;net cruise costs excluding fuel&#8221; and &#8220;net onboard revenue on a constant currency basis.&#8221;&#160;&#160;Please disclose, and discuss as appropriate, changes in the comparable GAAP measures with equal or greater prominence.&#160;&#160;Refer to Item 10(e)(1)(i)(A) of Regulation S-K and Question 102.10 of the C&amp;DI for guidance.</font></div>
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<div style="MARGIN-LEFT: 36pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Response</font>:</font></font></font></div>

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<div style="MARGIN-LEFT: 36pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">We acknowledge the Staff&#8217;s comment and respectfully advise the Staff that in future filings disclosing and discussing changes in non-GAAP measures, we will disclose, and discuss as appropriate, changes in the comparable GAAP measures with equal or greater prominence (i.e., &#8220;EPS&#8221; in the case of &#8220;adjusted EPS&#8221;, &#8220;gross yields&#8221; in the case of &#8220;net yields on a constant currency basis&#8221;, &#8220;gross cruise costs&#8221; in the case of &#8220;net cruise costs excluding fuel&#8221; and &#8220;onboard revenues&#8221; in the case of &#8220;net onboard revenue on a constant currency basis&#8221;).</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Results of Operations, page 46</font></font></div>

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<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">You analyze &#8220;net yields&#8221; and &#8220;net cruise costs&#8221; in the comparisons between 2016/2015 and 2015/2014.&#160;&#160;Please include an analysis of the comparable GAAP measures with equal or greater prominence pursuant to the last bullet of Question 102.10 of the C&amp;DI.</font></div>
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<div style="MARGIN-LEFT: 36pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Response</font>:</font></font></font></div>

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<div style="MARGIN-LEFT: 36pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">We acknowledge the Staff's comment and respectfully advise the Staff that in future filings where we analyze &#8220;net yields&#8221; and &#8220;net cruise costs&#8221; in our period to period</font></div>

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<div style="MARGIN-LEFT: 36pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">comparisons, we will include an analysis of the comparable GAAP measures with equal or greater prominence (i.e., &#8220;gross yields&#8221; in the case of &#8220;net yields&#8221; and &#8220;gross cruise costs&#8221; in the case of each of &#160;&#8220;net cruise costs&#8221; and "net cruise costs excluding fuel").</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Form 8-K Furnished January 26, 2017</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Exhibit 99.1</font></font></div>

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<div><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">4.&#160;&#160;</font></div>
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<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">Please consider the comments above, as appropriate, concerning the non-GAAP information in your earnings releases.&#160;&#160;For example, under the sections titled Key Highlights &#8212; Full Year 2016, Fourth Quarter Results and Full Year 2016 Results, you present and discuss the non-GAAP measures &#8220;Net Yields&#8221; and &#8220;Net Cruise Costs excluding Fuel&#8221; without presenting and discussing the comparable GAAP measures with equal or greater prominence.&#160;&#160;Another example, it appears you are relying on the unreasonable efforts exception in Item 10(e)(1)(B) in regard to the inability to reconcile non-GAAP guidance to comparable GAAP measures without disclosing this fact and identifying the information that is uncertain and its probably significance in a location of equal or greater prominence.</font></div>
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<div style="MARGIN-LEFT: 36pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Response</font>:</font></font></font></div>

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<div style="MARGIN-LEFT: 36pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">We acknowledge the Staff's comment and respectfully advise the Staff that in future earnings releases, we will consider and address the comments above, as appropriate, in our presentation and discussion of non-GAAP information.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">If you have any questions regarding the foregoing responses, please feel free to contact me at (305) 539-6174.</font></div>

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<div style="MARGIN-LEFT: 234pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Very truly yours,</font></div>

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<div style="MARGIN-LEFT: 234pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font></font></font><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font></font></font><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font><font style="TEXT-DECORATION: underline">/s/ Jason T. Liberty</font></font></font></div>

<div style="MARGIN-LEFT: 234pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Jason T. Liberty</font></div>

<div style="MARGIN-LEFT: 234pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;EVP, Chief Financial Officer</font></div>

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