Genting Singapore has confirmed its plans to issue Japanese yen-denominated bonds. In an announcement on Monday, the company said that it would be issuing the bonds of about JPY350 billion (US$3.2 billion).
The gambling operator and investor said that it is aiming to raise funds for working capital and general corporate purposes in Japan.
Genting Singapore is a part of the Malaysia-based Genting Group. Genting Singapore owns and operates the Resorts World Sentosa, one of the two integrated casino resorts in Singapore.
The company has recently revealed an expansion plan for the property.
According to the expansion plan Genting Singapore will be spending S$4.5 billion (approx. $3.3 billion) on increasing the floor area and also adding more amenities. The floor area will be doubled, and also some non-gaming facilities will be added which include a Minion Park and a Super Nintendo World theme park.
Genting has also been vying for a casino license in Japan. It had already submitted its proposal for the Osaka casino.
Osaka was the first to launch the “Request For Proposal” (RFP) process following which it also got successful submissions and subsequently announced the names of the gambling operators seeking a casino license.
The five companies who applied for an Osaka casino license are Las Vegas Sands, Wynn Resorts, MGM Resorts, Melco Resorts, and Genting Singapore. Osaka confirmed their participation. Names of two gambling operators were not revealed as they had requested anonymity.
Currently, MGM Resorts International, Genting Singapore, and Galaxy Entertainment Group are in the race for a casino license in Osaka.