CASINO

Genting plan bond issue as profits rise; Macau lawmakers pushing for casino worker ban; Serbia signs visa agreement with enclave

TAGs: Genting, Macau, serbia, Singapore

genting singapore sentosaInternational casino operator Genting Singapore is looking raise significant funding from a bond issue. It’s needs the S$1.8billion to spend on “general corporate purposes, capital expenditure and expansion.” The firm added: “The notes, which are callable after five-and-a-half years from the issue date, will carry an annual yield of 5.125%.”

Genting, earlier this week, announced a fourth quarter profit increase of 66% after the first period that included contributions from its New York City location. Net income reached 772.9m ringgit ($258m) for the period ending Dec 31 with revenue up 24% to 5.06bn ringgit. Their core markets remain Singapore, Malaysia and the UK with their presence in Asia meaning the success will continue.

“The growth in the global gaming industry in 2011 was driven by key Asian markets,” the group said in a statement. “The economic challenges in Europe and the U.S. continue to cloud the short-term outlook of the Asian economies. Uncertain economic climate also presents some potentially attractive investment opportunities.”

Operating revenue from Resorts World Casino New York posted operating revenue of 95.3m ringgit for the quarter and it’ll be encouraging for them as they look towards Miami for their next expansion step.

Macau lawmakers are urging the government to ban casino workers from gambling in all casinos to reduce the problem gambling risk. Representatives met with members of the first standing committee of the Legislative Assembly, a group that’s already looking at a bill to raise the minimum gambling age to 21. The same meeting heard the government should talk to the enclave’s gaming firms on how to restrict employees and prevent problem gambling. Just remember guys: workers gots to have fun too!

Serbian visitors to the enclave will no longer have to obtain a visa. The former-Yugoslav country becomes the 94th to sign such an agreement and similar deals are in the pipeline with Russia and Nepal expected to sign “within three months.” USA and Canada remain the Holy Grail in terms of visa agreements and unless the enclave changes its strict rules then it’ll be a while yet.

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