Genting Malaysia Bhd, part of a conglomerate – Genting Bhd – that invests globally in casinos, said on Monday it has received regulatory approval to raise up to MYR5 billion (US$1.58 billion) via medium-term notes.
Funds will go towards operating expenses, capital expenses, investments and property development, it said in an announcement to the country’s stock exchange, the Bursa Malaysia. Notes from the programme will have a tenure of one to 20 years.
Malaysian banks CIMB Group and Maybank Investment Bank Bhd, part of Maybank Group, are joint advisors to Genting Malaysia on the deal.
Genting Malaysia’s Resorts World Genting (pictured), Malaysia’s only casino resort and located at Genting Highlands, is currently undergoing a MYR5-billion revamp, officially dubbed the ‘Genting Integrated Tourism Plan’. The plan includes a 20th Century Fox outdoor theme park (to open in 2016), a new hotel, more shops and the renovation and upgrading of existing rooms and facilities.
Resorts World Genting was the first ever gambling venue operated by the Lim family, the controllers of the Genting business empire.
Genting Malaysia says that – subject to a number of variables, and for illustrative purposes only – the new notes will triple the company’s gearing from a modest 0.10 times to 0.30 times.
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"The President [Rodrigo Duterte] had already decided and announced that no construction of a casino on Boracay will be allowed”
Secretary Eduardo Año
Officer-in-charge at the Philippine Department of Local and Interior Government