SINGAPORE — Genting Singapore PLC said it will raise up to 1.63 billion Singapore dollars (US$1.14 billion) in a rights issue to boost its capital position and further expand its businesses.

“The rights issue will strengthen the company’s financials and put us in a strong position to tap strategic opportunities,” Managing Director Justin Tan said.

Genting Singapore said about 60% of net proceeds will be used for “future strategic opportunities,” while the remainder will be for working capital purposes.

The casino operator is offering up to 2.04 billion shares at 80 Singapore cents each.

Genting Singapore shares, which are in a trading halt, last changed hands Tuesday at S$1.19 each. The stock will resume trading Thursday.

The shares have more than doubled in price since the start of the year as the operator’s S$6.59 billion resort-casino project on Sentosa island comes closer to a soft launch in early 2010. The project includes a casino, four hotels and a Universal Studios theme park.

Genting Singapore said the project is on track, both in terms of costs and timing.

“The Singapore casino is well funded, so it seems Genting is only taking opportunity of the strong run-up of its shares recently. It’s a good assurance to have some money in the bank,” OCBC analyst Carey Wong said.

Mr. Wong said although Genting Singapore’s focus won’t likely be on acquisitions, the operator could be looking at investments in casinos in Macau, which have been hit by the global economic slowdown, but still hold huge potential.

The company is offering one rights share for every five existing ones and closes Oct. 12.

Genting Singapore, which owns 45 casinos in the U.K., is 54.3% owned by Malaysia’s Genting Bhd.

Genting Bhd. will subscribe to all shares it has the rights to under the offer. It also agreed to sub-underwrite the deal with underwriters DBS Bank and CIMB-GK.

Other underwriters are J.P. Morgan, ABN AMRO Bank, CLSA Singapore Pte., Deutsche Bank AG, HSBC and UBS AG.