Genting Singapore fully redeems Japanese yen-denominated bonds
The company has decided to cancel and fully redeem its Japanese yen-denominated bonds in the principal amount of JPY20.0bn (US$134.4m).
Japan.- Genting Singapore Ltd has announced that it has redeemed the outstanding JPY20.0bn (US$134.4m) Japanese yen-denominated bonds issued in 2017 on an unsecured and unsubordinated basis.
The company stated: “Following the redemption, the bonds have been cancelled in their entirety and there are no longer any outstanding bonds.”
When the bonds were issued in 2017, the company said they would be used by a Japanese company for working capital and general corporate purposes in the country. Three years later, Genting Singapore confirmed its interest in a casino licence in Yokohama, Japan. However, when Takeharu Yamanaka won the city’s mayoral elections, Yokohama withdrew its integrated resort plans.
In December 2021, the group said that it would close eight subsidiaries registered in Japan and focus on its operations in the Singapore market.
Earlier this year, the company announced it will invest SGD4.5bn in the expansion of Resorts World Sentosa in Singapore as part of the extension of its casino licence to 2030. The expansion plan will cover 1,200 units across its three hotels: Hard Rock Hotel Singapore, Hotel Michael and the Festive Hotel.
For the first half of the year, Genting Singapore reported a rise in gaming revenue of 7.3 per cent year-on-year to nearly SGD475.2m. The company reported that net profit fell by 4.3 per cent year-on-year to SGD84.4m (US$61.3m) while revenue was up 19.5 per cent to SGD663.1m.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) came in at SGD268.7m, down 2.7 per cent year-on-year. Non-gaming revenue rose 64.9 per cent to just under SGD183.0m.
