Ex Japan suitor GEN Singapore cancels, redeems yen bonds

Oct 25, 2022 Newsdesk Japan, Latest News, Singapore, Top of the deck  

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Former Japan casino licence suitor Genting Singapore Ltd says it has cancelled and fully redeemed “in their entirety” Japanese yen-denominated bonds in the principal amount of JPY20.0 billion (US$134.4 million at current exchange rates) that it had publicly offered in 2017 on an unsecured and unsubordinated basis.

At the time of issuing the bonds, the group – promoter of the Resorts World Sentosa casino complex in Singapore – said they would be used by a Japan entity “for working capital and general corporate purposes” in that country.

In September 2019, the company had said it might raise as much as JPY350 billion in yen-denominated bonds, for working capital and general purposes there.

In early 2020, Genting Singapore confirmed interest in pursuing a casino permit in Yokohama, Japan.

In May 2021 it was identified as a qualified bidder in Yokohama’s process to host an integrated resort (IR). But Genting Singapore shelved its effort in September that year, after the city’s freshly-elected mayor said the metropolis would not pursue the casino initiative.

In December 2021 the group announced it would shut down eight subsidiaries incorporated in Japan.

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