Singapore casino operator Genting Singapore Plc has expressed its desire to explore the new Japanese gambling market and the company recently announced that it had applied to offer Japanese-yen denominated bonds via its brand-new office located in Tokyo. This is going to facilitate all future business ventures of the company, which is planning to develop in the country and boost the progress of the fairly-new gambling industry.
Genting filed a document with the Singapore Stock Exchange this Monday in which elaborated on the topic adding more details. The information states that all proceeds amassed through the bonds are going to be then utilized by the office in Japan. As it could be recalled, the company opened its first branch in the country on 20th September and thus solidified its position on the regional market. The capital is going to be used when the need arises, in cases when general operational capital is necessary, as well as for overall corporate purposes in the country.
This is only the first part of the issuance because once this document is filed with the Stock Exchange, the bonds in question have to be approved by the Director-General of the Kanto Local Finance Bureau. Genting has already sent the Bureau the Securities Registration Statement (SRS) and a nod is expected. As specified in the filing itself, the casino operator is going to publicly announce the exact terms of the bonds soon. For the time being, a number of bonds on offer is still undisclosed, but the only detail publicly known is that they are going to be unsecured and unsubordinated.
Future Projects in the Region
Following the news about the bonds, it became known that the casino operator which manages the integrated resort Resorts World Sentosa located in Singapore, has received an ‘A’ rating by the Japanese Rating and Investment Information Inc (R&I). It is a well-known fact, that the Japanese casino industry is an appealing bite for many casino operators, and one of them is the Singapore-listed company. This September saw the official opening of the company’s first office, located in Japan, which was a way for it to assert its presence and declare its future plans for casino operation in the region.
The office located in Tokyo is going to help with the management of the hospitality business of Genting, such as the integrated resort it is planning on developing. The branch is also going to assist with the research and market studies, which will be vital for the understanding of the market, as well as support the operations on a regional level. Genting Singapore decided it would be best to stop working on its previous joint project in South Korea, and instead, focus on pursuing an integrated resort license in Japan.
