Genting Climbs After Settling With Disney, Fox on Theme Park
- Casino operator’s shares briefly gain by most in four years
- Agreement removes uncertainty over Genting, AllianceDBS says
Photographer: Mohd Rasfan/AFP via Getty Images
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Casino operator Genting Malaysia Bhd. will use some 21st Century Fox Inc. intellectual property for a theme park near Kuala Lumpur after resolving a dispute that had helped trigger a record drop in the gambling company’s shares. The stock gained Friday, climbing to an eight-month high.
Under a settlement between Genting Malaysia, Fox and Walt Disney Co., the planned Fox World park will be re-named and will use both Fox and non-Fox intellectual property, the Kuala Lumpur-based company said in a statement late Thursday. The parties agreed to dismiss all claims and counterclaims in pending legal action in a U.S. District Court.