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Genting Malaysia loses new theme park

by new_c_admin
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The opening of a new theme park based on the 20th Century Fox World design is supposed to boost the number of visitors to Genting Highlands for the next two years from June 2019.

However, it is not going to happen – sparking a setback for Getting Malaysia in its efforts to boost visitor numbers.

Shares in Genting Malaysia took a heavy beating yesterday as the opening of its theme park, that is under construction at Resorts World Genting, hit a snag.

This came after Genting Malaysia said it had filed legal suits against 21st Century Fox Inc and Walt Disney Co for pulling out of an agreement to allow the group to build a theme park using the design and intellectual property rights owned by Fox Entertainment Group, LLC.

“Without the theme park, it is uncertain what the catalyst would be to increase the number of visitors to Genting Highlands. This is important for Genting Malaysia as it is the operator of the theme park,” said an analyst, adding that the company is expected to shed some light on the matter by the end of the week.

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Shares in Genting Malaysia plunged 60 sen or 16.7% to close at RM3, wiping out RM3.4bil from its market capitalisation.

The counter topped the volume list with 276.3 million shares changing hands.

The impact was also felt at the parent company level – GENTING BHD – that saw its share price falling 52 sen or 7.5% to close at RM6.38.

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