Genting secures USD 4.2b loans for Singapore casino

Singapore-listed Genting International, a unit of Malaysian casino operator Genting Bhd, said it has secured USD 4.2 billion to build and run a casino in Singapore.

Genting said on Monday the funding, comprising USD 4 billion in loans and USD 192.5 million in bankers‘ guarantee facility, is not expected to affect its earnings in the current financial year.

Genting is building a casino on Singapore’s resort island of Sentosa for nearly USD 6 billion, about USD 800 million above its initial budget, due to mainly higher building expenses amid a booming construction sector in the city-state. DBS Bank, Oversea-Chinese Banking Corp, HSBC, Royal Bank of Scotland, and Sumitomo Mitsui Banking are the lead arrangers, underwriters and bookrunners for the loans, Genting said. (Reuters)