Singapore casino operator Genting Singapore Plc announced on Tuesday that it had completed that day the issuance of publicly-offered Japanese yen-denominated bonds.
The firm was seeking to raise a total principal amount of JPY20 billion (US$177 million) via the new bonds, “for working capital and general corporate purposes in Japan”.
Genting Singapore – a unit of conglomerate Genting Bhd, founded by Malaysia’s entrepreneurial dynasty the Lim family – has previously expressed interest in investing in a casino resort in Japan once all related legislation is in place there. On September 20, the company announced it had established a branch office in the Japanese capital, Tokyo.
Genting Singapore issued the bonds in Japan via its local subsidiary. “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,” the company said in previous filings to the Singapore Exchange.
In 2014, Genting Singapore set up a string of subsidiaries in Japan. They 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.
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”Our own consensus is that any newcomers to this [junket] sector should be corporatised, and should be financially sound and able to commit a higher guarantee deposit”
Kwok Chi Chung
President of junket trade body, the Macau Association of Gaming and Entertainment Promoters