On May 8, Genting Malasyia Bhd, one of the world’s leading leisure and hospitality corporations and owner of Malaysia’s casino monopoly at Resorts World Genting, disclosed that it is raising MYR500 million in three tranches, which is approximately 112.6 million US dollars, to renovate and develop its IRs, involving those in Genting Highlands.
Fund raising through medium-terms notes:
“The funds will be raised via medim term notes, with the first tranche of RM250 million to carry a term of five years, at a raite of 5.07% per year,” according to the company’s statement in a filing to Bursa Malaysia on Friday.
The second tranche consists of MYR150 million for seven years with an interest rate of 5.35%, and the third of MYR100 million for 10 years with 5.52% interest.
Furthermore, the notes are officially issued by Genting Malaysia Capital Bhd, an entirely owned unit of Genting Malaysia, and unconditionally guaranteed by the aforementioned unit.
This is the third time “notes have been issued under the group’s MYR5.0-billion in nominal value, medium-term notes programme.”
In addition, chief managers for the issuance are AmInvestment Bank Bhd and Hong Leong Investment Bank Bhd.
Capital raising efforts:
Beside this casino investment at Resorts World Genting, the company also manages casinos in the US through affiliates and in the Bahamas, UK and Egypt.
Additionally, last week Genting Malaysia said that “US$1.0 billion of the proceeds to be generated from the sale of several land plots in Miami, Florida in the United States, would be used to fund future investments, as and when they arise”.
In January, the New York State Gaming Commission officially unveiled the Request for Applications (RFA) process for three gaming licenses in downstate New York and the company was named the most qualified for the license.
Established and officially launched in 1980, Genting Malaysia Berhad is headquartered in Malaysia. It underwent a restructuring resulting in Resorts World Bhd taking over from Genting Group its entire gaming, hotel and resort operations, including goodwill and other important assets.
It now manages everything at Genting Highlands except First World Hotel and First World Plaza which are owned by First World Hotel & Resort Sdn Bhd.
The resort includes 10,500 rooms in a total of seven distinct hotels, a wide range of leisure and entertainment facilities, involving gaming, theme park and amusement attractions, dining and retail outlets and international shows and business convention facilities.
Resorts World Genting Resorts World Genting is located within the Titiwangsa Mountains on the border between the states of Pahang and Selangor of Malaysia in an area known as Genting Highlands.