Genting secures $3 billion loans for Singapore casino

SINGAPORE (Reuters) - Singapore-listed Genting International (GNTG.SI: Quote, Profile, Research, Stock Buzz), a unit of Malaysian casino operator Genting Bhd (GENT.KL: Quote, Profile, Research, Stock Buzz), said on Monday it has secured S$4.2 billion ($3 billion) to build and run a casino in Singapore. Genting said the funding, comprising S$4 billion in loans and S$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 S$6 billion, about S$800 million above its initial budget, due to mainly higher building expenses amid a booming construction sector in the city-state. DBS Bank (DBSM.SI: Quote, Profile, Research, Stock Buzz), Oversea-Chinese Banking Corp (OCBC.SI: Quote, Profile, Research, Stock Buzz), HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz), Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz), and Sumitomo Mitsui Banking Corp (8316.T: Quote, Profile, Research, Stock Buzz) are the lead arrangers, underwriters and bookrunners for the loans, Genting said.

(Reporting by Koh Gui Qing)