GENTING HIGHLANDS (Dec 17): Genting Malaysia Bhd has launched its planned RM5 billion Genting Integrated Tourism Plan (GITP) to redevelop the hotel and casino operator's Resorts World Genting (RWG) here.

Genting Malaysia chairman and chief executive Tan Sri Lim Kok Thay said at GITP's launch today that the scheme is a ten-year master plan for development, expansion, enhancement and refurbishment of hotels, theme park and infrastructure at RWG.

Lim said : "We are confident that the GITP will be a major contributor towards helping the ECER (East Coast Economic Corridor) fulfill its target of attracting investments of RM110 billion and creating 560,000 jobs within the East Coast."

Lim said the the mega development will be carried out in phases. Phase one involves a RM4 billion development of a 1,300-room three-star hotel adjacent to the First World Hotel. The remaining RM1 billion has been allocated for the second phase which is currently at planning stage.

The first phase also features the development of the RM1 billion Twentieth Century Fox theme park and the proposed establishment of the Genting Premium Outlet.

He also said that GITP has been designated as an entry point project under the the East Coast Economic Region Development Council (ECERDC).

Prime Minister Datuk Seri Mohd Najib Tun Razak had earlier officiated at the event.

Najib said : "I believe that Genting's transformation plan will help to address the regional economic imbalance in infrastructure and encourage both local and foreign investment flow into the east coast."

In a separate statement to Bursa Malaysia today, Genting Malaysia said it has signed a memorandum of understanding (MOU) with ECERDC to embark on the GITP.

The MOU outlines both Genting Malaysia and ECERDC's intention to capitalise on each other's resources to undertake the GITP.

"Both GENM (Genting Malaysia) Group and ECERDC will be collaborating and leveraging on their respective areas of expertise, strengths, experience and available resources, as well as share mutually beneficial information for the development of GITP and to achieve GITP’s objectives.

"To this end, the GITP is expected to spur greater economic growth, generate entrepreneurial and employment opportunities consistent with the goals of the Malaysia’s tourism and East Coast Economic Corridor targets," Genting Malaysia said.