Genting M’sia: Outdoor theme park opening still up in the air

KUALA LUMPUR (Dec 21): The opening date of Genting Malaysia Bhd’s most anticipated new outdoor theme park is still up in the air, as the group is still considering various options for it.

It clarified in a stock exchange filing yesterday that “the opening date of the outdoor theme park is dependent on the options to be pursued by Genting Malaysia”.

Nevertheless, it said the outdoor theme park remains part of the group’s growth plans.

The statement came amid media reports that the group’s outdoor theme park in Genting Highlands would be completed and opened in early 2019 despite an ongoing multi-billion-ringgit legal battle with Walt Disney Co (Disney) and Twenty-First Century Fox (Fox).

Genting is suing Disney and Fox for US$1 billion (RM4.18 billion) for terminating an agreement for a Fox World theme park in Genting Highlands.

The group alleged that Fox had aborted the deal as Disney sought to avoid association with gaming operations that were incompatible with its family-friendly strategy, a claim that both Fox and Disney had denied. Disney is in the midst of acquiring Fox for US$71.3 billion.

Genting Malaysia shares continued to rise yesterday on continued optimism on the news of the theme park opening. It rose two sen or 0.65% to close at RM3.08, valuing the company RM16.8 billion. On Wednesday, the stock closed 23 sen or 8.13% higher at RM3.06.

This article first appeared in The Edge Financial Daily, on Dec 21, 2018.

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