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Genting Malaysia Intends to Raise 112 Million Dollars to Develop Integrated Resorts

Posted on May 10, 2023 | 5:41 am

Genting Malaysia, the renowned global leisure and hospitality company, has announced that it intends to raise 112 million dollars (500 million Malaysian Ringgit) to finance the redevelopment of the integrated resorts that it operates.

The company issued medium term notes through one of its subsidiaries last week and announced the event through a filing with the Malaysian stock exchange. This is part of a larger program which has notes worth 5 billion Malaysian Ringgit in total.

The notes will be issued in three tranches, the first of them will reach maturity in five years, the second in seven years and the third in ten years. This is the third issuance made by GenM Capital, the respective subsidiary of Genting Malaysia, under the medium-term notes program.

The proceeds from these notes will be used by the casino operator to fund operating expenses but also for financing “the development and/or redevelopment of the properties of Genting Malaysia”, the company explained in the filing. One of the targets of these investments will most likely be the company’s integrated resorts located in Genting Highlands, Pahang.

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More Money After Miami Land Sale

Genting Malaysia had already secured a vast amount of money at the end of April after having reached an agreement with Smart Miami City LLC for the sale of four land parcels in Miami, Florida, for 1.23 Billion dollars. The Malaysian company hoped to develop a big integrated resort on the land in question but wasn’t able to execute the plans because it was not granted a casino license in the state of Florida.

At the time of the sale Genting Malaysia revealed that it intended to use the funds received from the land sale to expand its casino located in New York, Resorts World New York City, which only offers slot games at the moment.

The Malaysian company is competing for one of the three full casino licenses which will be granted in New York this year, and a full license would allow the operator to add gaming tables along with slot machines at its venue.

Source“Genting Malaysia raising $112 million to finance development/redevelopment of IRs“Asia Gaming Brief. May 8, 2023.

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