Genting’s theme park opening further delayed by a year

By TIN Media | Nation News Published 3 years ago on 27 May 2020
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KUALA LUMPUR:

The outdoor theme park in Genting Highlands that was scheduled for a soft opening in the third quarter this year, has been postponed again.

Last week in a briefing, Genting Malaysia (GenM) management guided analyst said that the opening of the outdoor theme park was now scheduled for third quarter of 2021. After several delays and legal suits against Walt Disney Co of the US, the theme park that was mooted in 2014 with a spending of RM5bil, was supposed to have a soft opening in the third quarter of this year.

The soft opening was said to have with 20 rides, including four roller coaster type of attractions, on its 26-acre site.

However, Genting group’s management in its notes accompanying the latest set of results said that development works on the outdoor theme park were affected by the movement control order (MCO).

“As development works on the outdoor theme park were affected by the MCO, the group is working on a revised timeline for the completion and opening of the outdoor theme park, ” it said without going into details.

Some analysts described the delay by more than 12 months as the biggest negative from the management briefing last Friday after the release of Genting group’s first quarter results.

GenM registered a loss of RM418mil in the first quarter on the back of a 28% drop in revenue that declined to RM1.96bil. Analysts do not expect the company to declare any dividend this year.

GenM’s capital expenditure (capex) also dropped in tandem with the delay in its outdoor theme park.

The capex for this year has been cut to RM300mil from the earlier estimated amount of RM1.2bil. GenM has also stated that it may cut staff to match the reduced number of visitors to its resorts.


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