Genting to Spend $937 Million on Malaysia Resort Over Five YearsChong Pooi Koon and Barry Porter
Genting Malaysia Bhd. expects to spend at least 3 billion ringgit ($937 million) over five years to revamp the country’s sole casino resort and will tie up with 21st Century Fox Inc. on a theme park to attract more visitors.
Genting will add 1,300 rooms at the Malaysia resort, Chairman and Chief Executive Officer Lim Kok Thay told reporters in Kuala Lumpur today. It will spend 400 million ringgit to open the refurbished theme park with Fox.
Genting Malaysia, based in Kuala Lumpur, is revamping the theme park while pushing to diversify earnings outside its home market, where 60 percent of the population is Muslim. Gambling is forbidden for Muslims in Malaysia as it is considered unethical under Islam.
The revamped park will feature some of the brands from Fox films including the Ice Age, Rio, Alien and Night at the Museum. It will cover 25 acres and feature more than 25 rides and attractions, the company said. The redeveloped project will open in 2016, the company said.
“This landmark development is our first response to the growing demand for theme parks with a cinematic nature,” Lim said today.
The theme park was opened 35 years ago within the hill-top resort located about an hour’s drive from capital Kuala Lumpur.
Genting will use internal funds for initial investment of the park and may tap the market for cheaper financing later, Lim said.