Genting M'sia unveils RM5b upgrade

GENTING Malaysia Bhd plans to spend up to RM5 billion (S$1.91 billion) over the next five years to upgrade and transform its highland casino resort, with at least a fifth of the amount to be channelled into the world's first 20th Century Fox theme park.

Unveiling Genting's 10-year integrated tourism plan (GITP) in Genting Highlands yesterday, its chairman and chief executive Lim Kok Thay indicated that little expense would be spared in making the theme park - the crown jewel in the development - "world-class and unique from others operated by Disney and Universal". The theme park was initially expected to cost RM400 million but has since risen to RM1 billion, if not more.

Upon completion of Phase 1, the gaming and leisure company expects to invest billions more in the second phase, which is likely to include a Genting Premium Outlet, its second after a maiden one in Iskandar Malaysia. Premium Outlets are popular for their heavily discounted end-season branded goods.