Genting Singapore unveils maximum USD 10 B budget for IR in Japan

Ahead of an extraordinary general meeting scheduled for February 4, Genting Singapore issued a circular to shareholders on Monday.

The meeting’s goal is to seek approval of the shareholders of the company to submit one or more bids for the ‘development, operation, management and/or ownership of an integrated resort project in Japan’.

The Board says in the circular that it believes the Japan IR project presents a unique opportunity for the company to enhance its growth profile: “With the Company’s established track record, expertise and experience gained from its IR projects (including in particular, from the development and operation of Resorts World Sentosa) and its strong financial position, the Board believes that the Company is well-positioned to develop a truly transformational IR project in Japan.”

The bids will be focused on major cities and prefectures with Osaka, Yokohama and Tokyo named as its primary locations of interest.

Funding required for the Japan IR project is expected to be mainly through internal cash resources, bank borrowings (including project financing at the Japan IR level), and the issuance of debt and hybrid securities.