Genting Singapore has revealed plans to raise up to JPY350 billion (US$3.2 billion) to support its expansion into Japan via the issuance of Yen-dominated bonds.
The casino and tourism operator, which owns Singapore’s Resorts World Sentosa, said on Monday that it had filed a Shelf Registration Statement with the Director-general of the Kanto Local Finance Bureau for the issuance of the bonds in Japan by its Japan branch. By doing so, a flexible framework for the efficient issuance of new bonds as and when required will be established, it added.
The bonds are scheduled to be issued at any time over a two-year period running from 16 October 2019 to 15 October 2021, with a maximum amount of JPY350 billion.
Explaining its reasoning, Genting Singapore said, “The proceeds of the bonds will be utilized by the Japan branch as necessary from time to time for working capital and general corporate purposes in Japan.”
Genting Singapore was recently named as one of three likely bidders for an IR license in Osaka alongside MGM Resorts and Galaxy Entertainment Group, and is expected to show similar interest in Yokohama.
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