Building a new casino is never an easy, or inexpensive feat. Developers seek out millions – sometimes billions – of dollars to make their dreams come true. In some cases, they can also go deeper in debt to see the projects realized. That is the path Universal Entertainment has chosen for its Okada Manila casino resort, for which it will conduct a private placement of $600 million to help pay for continued construction.

The resort first opened in December 2016. It has undergone a series of facelifts since then to add additional features that have led it to be able to brag of $50.6 million in gross gaming revenue (GGR) this past October.

The private placement of the notes to cover the funds has already taken place, according to a filing Universal sent to the JASDAQ (Japanese Association of Securities Dealers Automated Quotation). It added that the notes themselves will be issued today, and that easy carries a price of $0.99 on the principle. The debt is expected to mature on December 11, 2021 and has an annual coupon of 8.5%. The placement was overseen by Union Gaming Securities.

The net proceeds from the placement will be used to cover the construction costs at Okada Manila, for general corporate purposes and to repay a loan provided by Tiger Resorts Asia, a subsidiary that also runs Okada Manila.