Singapore casino operator Genting Singapore Plc aims to raise a total principal amount of JPY20 billion (US$177 million) via publicly-offered Japanese yen-denominated bonds, it said on Tuesday.
The company will issue the bonds in Japan via a local subsidiary, Genting Singapore added in a filing to the Singapore Exchange.
“The proceeds of the bonds will be utilised by the Japan branch as necessary from time to time for working capital and general corporate purposes in Japan,” stated the document.
Genting Singapore announced earlier this month that it had applied to offer yen-denominated bonds in Japan.
On September 20, Genting Singapore – a unit of conglomerate Genting Bhd, founded by Malaysia’s entrepreneurial dynasty the Lim family – announced it had established a branch office in the Japanese capital, Tokyo.
The firm has previously expressed interest in investing in a casino resort in Japan once all related legislation is in place there.
The latest Genting Singapore filing stated the yen-denominated bonds – with a maturity of five years – will pay a coupon of 0.669 percent per annum, and have October 24, 2022 as their maturity date.
Japan-based securities company SMBC Nikko Securities Inc is the lead manager and underwriter of the bond issuance operation.
Last month ratings house Fitch Ratings Inc said a piece of Japanese legislation called the Integrated Resorts (IR) Implementation Bill – likely now to be delayed until at least the spring of next year due to Japan’s snap election due on Sunday – “would determine critical details including the number of casinos permitted and potential visitation restrictions for Japanese nationals”.
In 2014, Genting Singapore set up a string of subsidiaries in Japan. Those included Resorts World Japan Co Ltd, Resorts World Tokyo Co Ltd and Resorts World Osaka Co Ltd; firms to “be principally engaged in investment holding, leisure and related businesses”, the company said at the time.
Jan 24, 2018Management at the Jeju Shinhwa World resort say they want a “50-50” balance of gaming to non-gaming revenue. Currently the recently-launched project doesn’t have a working casino, but hopes to...
Dec 29, 2017It could be 2024 before a casino resort is opened in Japan,...
Dec 27, 2017The year 2017 could prove to have been a turning point in...
Oct 25, 2017The deployment of radio frequency identification (RFID)...
Estimated investment cost for the whole Jeju Shinhwa World project being developed by Hong Kong-listed Landing International Development