On Monday, CIMB Securities Ltd announced that Genting Malaysia Bhd had decided to postpone the opening of a theme park for Resorts World Genting. The resort area, also known as Genting Highlands, is the only area in which Malaysia is authorized to offer casino operations thanks to licensing. The 20th Century Fox theme park will include a shopping mall and additional gaming facilities.
According to CIMB Securities, the theme park is to be delayed until 2017, which the company is considering a negative development. Despite the delay, other additions should be completed in 2016, including a shopping mall/podium as well as more gaming space.
Genting Highlands planned the theme park addition as part of the Genting Integrated Tourism Plan, with the park being part of the first phase. The cost of the plan is $946.1 million and was scheduled to be completed by the end of 2016. The park will have 25 rides, all inspired by movies. Back in 2013, Genting Malaysia had announced they would be spending hundreds of millions in a ten year time span to revitalize the resort.
Mr. Chan, of CIMB Securities, stated that Genting Malaysia is now going to review the design of the theme park as well as budget, ticket pricing and equipment sourcing. The original budget of the revamp is most likely to be increased based on the high import content that is in relation to the equipment needed for the theme park.