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Weak ringgit delays opening of Twentieth Century Fox theme park in Malaysia

Weak ringgit delays opening of Twentieth Century Fox theme park in Malaysia
October 21, 2015

Malaysian gambling and resorts group Genting has postponed the opening of its planned Twentieth Century Fox theme park at its Resorts World Genting property in the country’s Highlands region.

According to CIMB Securities, the theme park’s opening is to be delayed until 2017, although other additions at the integrated resort, Malaysia’s only licensed casino operation, including a shopping mall/podium as well as more gambling space, should be completed in 2016,.

CIMB Securities advised in a statement “the 20th Century Fox theme park opening has been delayed until 2017, a negative development, in our view."

The theme park is part of the MYR4 billion (US$946.1 million) first phase of the ‘Genting Integrated Tourism Plan’ – a revamp scheme for Resorts World Genting – previously scheduled to be fully completed by end of next year 2016.

The theme park, planned to be the world's first Twentieth Century Fox theme park, is to feature 25 movie-inspired rides.

CIMB Securities Research Director Peter Chan advised “due to the sudden weakness of the ringgit, Genting Malaysia is undergoing a review of the theme park design, budget costing, equipment sourcing and ticket pricing.

“Management has not revised the estimated total capex of MYR5 billion for the ‘Genting Integrated Tourism Plan’ but we believe it is likely to be raised marginally in view of the high import content related to the theme park equipment.”

The Malaysian currency has declined by 20% against the US dollar so far this year.

Genting Malaysia also operates casinos in the United Kingdom, the United States and the Bahamas as well as the highly profitable Resorts World Sentosa in Singapore.

Despite the delay and the current redevelopment at Resorts World Genting, CIMB Securities reported that the number of visitors increased by 7% in year-on-year terms in the first half of 2015.

Chan added “there has also been an increase in Chinese visitors given that the Malaysian Government has waived visa requirements. It is estimated that one in two Chinese tourists that come to Malaysia ends up visiting Genting Highlands.”

Malaysia announced in August a visa waiver scheme for groups of 20 or more mainland Chinese tourists visiting the country.

29th July 2015 - MALAYSIA NAMED TOP GLOBAL TOURISM DESTINATION FOR MUSLIMS

17th June 2014 - GENTING MALAYSIA REVENUES DIP DURING TWENTIETH CENTURY FOX WORLD THEME PARK CONSTRUCTION

12th February 2014 - GENTING TO BUILD US$2.2 BILLION INTEGRATED RESORT IN SOUTH KOREA

3rd January 2014 - PLANS UNVEILED FOR MALAYSIA’S TWENTIETH CENTURY FOX WORLD THEME PARK

30th July 2013 - WORLD’S FIRST TWENTIETH CENTURY FOX THEME PARK TO BE DEVELOPED AT MALAYSIA’S RESORTS WORLD GENTING 

18th June 2013 - OVERSEAS CASINO OPERATORS EYE SOUTH KOREAN MARKET


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