Only World closes 14 outlets in Genting hotel to facilitate redevelopment

KUALA LUMPUR (Jan 13): Only World Holdings Bhd will close 14 food, family attraction and retail outlets in First World Hotel, Genting Highlands, to facilitate ongoing redevelopment and transformation of Resorts World Genting beginning Feb 12.

It expects a financial impact to the group because the affected outlets contribute 39% to 59% of the total revenue and profit before tax for the financial year ended June 30, 2016.

The closure would not have any operational impact on the other outlets of the company and its subsidiaries, Only World said in a filing with Bursa Malaysia today.

It added that despite the closure, the landlord would try to find a suitable space for relocation in the newer areas of Resorts World.

In the meantime, the group said the financial impact would be mitigated by the opening of two new food service outlets at Sky Avenue in Resorts World, and the launch of The Top, Komtar in Penang, in December last year.

"The group is (also) in the midst of finalising the terms of the tenancy agreement with the landlord for the opening of food service outlets at Genting Premium Outlets in Resorts World," it added.

Only World's share price closed flat at RM2.29 today for a market capitalisation of RM558.6 million. — theedgemarkets.com