Genting Singapore to offer yen bonds for Japan casino bid

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Singapore-listed casino operator Genting Singapore PLC has announced that it applied yesterday to issue Japanese yen-denominated bonds through its recently created Tokyo branch to pursue business aims in Japan.
According to the information provided in a document the company filed with the Singapore Stock Exchange yesterday, the proceeds of the bonds will be used by its Japan branch, established on September 20, ‘as necessary from time to time for working capital and general corporate purposes in Japan.’
The issuance of the bonds is now subject to the approval of the Director-general of the Kanto Local Finance Bureau, to which the Singaporean company has submitted the required Securities Registration Statement (SRS).
‘An announcement of the definitive terms of the bonds will be made by the company following pricing of the issuance and subject to the Kanto Local Finance Bureau’s approval and/or acceptance of the SRS,’ the filing reads.
The Kanto Region is located in the eastern part of Honshu, the main island of Japan. It comprises the Tokyo metropolis and six prefectures, namely, Ibaraki, Tochigi, Gunma, Saitama, Chiba, and Kanagawa.
It is home to a third of Japan’s population, according to official information.
The operator of Resorts World Sentosa in Singapore also noted that it expects the bonds ‘to be assigned an issue rating of ‘A’ by Rating and Investment Information.
The company had previously shown interest in bidding for a gaming license in Japan, claiming it had continuously tracked the progress of the IR execution bill and that it had sufficient financial resources to place it in a good position to bid for the opportunity, according to our reports.