Remember the LORD for it is he who gives you the ability to produce wealth and so confirms his covenant... Deut. 8:18

Wednesday, October 21, 2009

Genting M'sia subscribes for Wynn Resorts' US$15m notes

Genting Malaysia Bhd (formerly Resorts) has subscribed to US$15 million (about RM50.51 million) mortgage notes issued by US leisure and gaming corporation Wynn Resorts.The US$15 million is part of the US$500 million notes issued by Wynn Resorts' unlisted units Wynn Las Vegas LLC and Wynn Las Vegas Capital Corp. The 7.875% first mortgage notes are due 2017.

Genting Malaysia said on Wednesday, Oct 21 that it represented a good opportunity for it to expand its investment portfolio and enhance returns on its existing cash balances. "With yield returns in excess of 8%, the investment generates an attractive return compared to what is currently attainable in the money markets or in other secured investments regionally, especially within the Genting Malaysia group's core leisure and hospitality industry," it added.

2 comments:

alvinlwy said...

hi,
this is consider a good news or bad news?GENM is no mocing since jun...wat's wrong?
thx

Remnant 613 said...

This' positive as it will generate better return than just RM5 billion cash in bank earning 2%.

I guess it's just them trying to flush out the traders, who wants quick trades gain. they prefer med-long term investors now.. Just wild guess...

GenM price was quite volatile in May June when I profit from the quick trade. So when it does moves, it does so rapidly..

If you have spare cash in banks, put some in GenM..