Tuesday 16 Jul 2024
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KUALA LUMPUR (June 22): Genting Malaysia Bhd (GENM) is targeting to open its outdoor theme park — which will be named "Genting SkyWorlds" — in the second quarter of 2021 (2Q21).

While "20th Century Fox" has been dropped from the name from its multibillion-ringgit outdoor theme park, the new outdoor theme park will still feature movies from 20th Century Fox as well as other unnamed "international class" movie-themed attractions, GENM chief financial officer Koh Poy Yong told shareholders at the group's 40th annual general meeting that was conducted virtually in compliance with Covid-19-related social-distancing measures.

In reply to questions sent by the Minority Shareholder Watchdog Group (MSWG) on why the outdoor theme park's opening was being delayed by one year, Koh said the movement control order that began on March 18 resulted in a temporary halt in construction works.

There were also travel restrictions on foreign consultants and specialists entering Malaysia to complete the outdoor theme park, she explained, but added that construction works had since been allowed to resume.

The 2Q21 targeted opening date for the outdoor theme park is slightly earlier than the 3Q21 the group has recently guided analysts.

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 Walt Disney Company over the development of its outdoor theme park.

The settlement reached grants GENM a licence to use certain intellectual properties of Fox.

At the time, GENM said its outdoor theme park would utilise both Fox and non-Fox intellectual properties, without providing specifics.

GENM also said the outdoor theme park would be renamed.

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