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.
Jan 25, 2022The International Monetary Fund (IMF) expects Macau’s economy to continue to expand in coming years, after an estimated 17-percent growth in 2021, “helped by the partial recovery of the gaming...
Jan 24, 2022
”Boosted by increasing investment linked to the issuance of new gaming concessions and further integration with the Guangdong‑Hong Kong‑Macao Greater Bay Area, [Macau's] growth is expected to accelerate to 23 percent in 2023"
International Monetary Fund