THE M3: GENTING SECURITIES; MGM COTAI; CHINA MARCH NEW LOANS; KANGWON LAND

The Macau Metro Monitor, April 9, 2012

 

 

GENTING S'PORE TO OFFER UP TO S$500MM WORTH OF PERPETUAL SECURITIES Channel News Asia, Strait Times

The securities will have an annual coupon rate of 5.125% until October 2022 and 6.125% after that.  In the event of oversubscription, Genting added that it may issue up to an additional S$200 million worth of securities to satisfy the excess demand.  DBS Bank is the sole global coordinator for the offering and DBS Bank and OCBC Bank are the joint lead managers and bookrunners for the offering.  Just last month, Genting had launched S$1.8 billion in perpetual securities to fund its investment plans. 

 

"This round is really for the retail investors, the man on the street," said GENT's CFO Lee Shi Ruh. "The purpose of this is really to tap on a different pool of investors."

 

MGM COTAI TO ONLY HAVE 12% OF FLOOR SPACE FOR GAMING Macau Business

MGM China CEO Grant Bowie says the gaming operator has already handed all the necessary paperwork to the government for the approval process of its land request in Cotai.  “It is totally and absolutely in the hands of the Macau government,” said Bowie.  “From our current drawings, gaming represents less than 12% of the floor space of the property,” Bowie said.  The Cotai property will have 1,800 rooms but capacity to include additional towers and 500 gaming tables, pending government approval, he added.

 

CHINA MARCH NEW YUAN LOANS EXPECTED AT CNY770-840 BILLION 21st Century Business Herald

Citing sources close to a state-owned bank,  the newspaper said March new yuan loans data is likely to exceed CNY800B. The four state-owned banks have issued CNY294.6 billion of new yuan loans in March, up from People's Bank of China's expectation of CNY269 billion at the beginning of March.


S KOREA: KANGWON LAND CASINO TO CLOSE FOR INSPECTION NEXT WEEK Macau Daily Times

Kangwon Land, the only casino in the country open to Korean nationals, will temporarily shut down for the first time since it opened in October 2000.  The casino explained that the temporary closure from 6 a.m. next Tuesday to 10 a.m. Wednesday aims to prevent game fixing and fraudulent practices by staff.  According to donga.com, a person suspected of getting a hidden camera installed at Kangwon Land Casino to cheat at games is known to have fled to China.  Known to have been the middle man between scheming gamblers and casino workers, he is suspected of ordering the two staff members to move a card box with tiny video cameras installed to a baccarat table, promising them 10% of profits.


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