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Resorts World Plans Bond Sale

MALAYSIA – As reported by Reuters: "Hotel and casino operator Resorts World Bhd plans to raise around RM1 billion from a bond sale, people familiar with the plan said, as it seeks to expand its gaming business.

"Star Cruises, 36% owned by Resorts, has teamed up with Genting International, the overseas gaming unit of gaming firm Genting Bhd, to bid for two casino resorts in Singapore that could cost up to US$5 billion (RM18.7 billion) to build.

"Genting, which is itself expanding its gaming activities beyond Malaysia, including making strategic acquisitions or investments in Britain and Asia -- particularly in Singapore -- owns 58% of Resorts.

"…Genting, whose shares have gained 8% so far in 2006 amid optimism it may win one of two Singaporean licences, has an AAA credit profile rating from Hafiza Abdul Rashid, an analyst with Rating Agency Malaysia. Shares in Resorts have gained 16% in the same period…"

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