Wednesday 28 Feb 2024
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KUALA LUMPUR (Feb 8): Genting Malaysia Bhd's (GenM) operating unit Resorts World Genting (RWG) has announced that the casino and hotel group's Genting SkyWorlds Theme Park (pictured) in Malaysia has officially opened on Tuesday (Feb 8).

“Genting SkyWorlds Theme Park is officially open!” RWG said in an update on Facebook.

GenM was reported to have told attendees at the pre-opening preview of its long-awaited outdoor theme park, which had cost the group some US$800 million (around RM3.3 billion), that Genting SkyWorlds is scheduled to open to the public in February.

In July 2019, GenM told Bursa Malaysia that it had resolved its dispute with 20th Century Fox Film Corp, Fox Entertainment Group LLC, Twenty-First Century Fox Inc and The Walt Disney Co over the development of its outdoor theme park.

The settlement between the parties in 2019 grants GenM a licence to use certain intellectual properties belonging to Fox which include Ice Age, Night at the Museum and Planet of the Apes, among many others.

The theme park, which was originally intended to be a 20th Century Fox World-branded park, was changed to Genting SkyWorlds after The Walt Disney Co acquired the Twenty-First Century Fox group of companies in 2018.

Genting SkyWorlds Theme Park occupies 26 acres, boasting 26 rides and attractions, and will be able to accommodate 20,000 visitors at 50% capacity due to the pandemic-imposed standard operating procedures.

Meanwhile, Maybank Investment Bank, RHB Research and Public Investment Bank have ‘buy’ or ‘outperform’ calls on GenM, with target prices of RM3.38, RM3.58 and RM3.25, respectively.

The recommendations by the research houses were grounded on the opening of its long-anticipated Genting SkyWorlds Theme Park, which is a direct beneficiary of the tourism recovery theme.
At noon break on Tuesday (Feb 8), GenM’s share price was eight sen higher or 2.89% to RM2.85 for a market capitalisation of RM16.92 billion based on 5.65 billion shares.

Edited ByPauline Ng
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