New Facilities At RW Genting To Be Launched By Chinese New Year
New facilities at Malaysia’s gaming complex, Resorts World Genting which is operated by Genting Malaysia Bhd is expected to open in time for the Chinese New Year falling on Jan. 28 according to a recent report by an investment firm analyst.
Analyst Samuel Yin Shao Yang from Maybank Investment Bank Bhd has said that the new facilities developed under the Genting Integrated Tourism Plan (GITP), a 10-year redevelopment blueprint for the gaming complex with an investment of MYR10-billion ($2.23 billion) would be help boost the revenues for the group.
In a statement Samuel Yin Shao Yang said,
Going into 2017, we are bullish on Genting Malaysia and especially Resorts World Genting. The Genting Integrated Tourism Plan will not only rejuvenate but also expand Resorts World Genting.
While releasing details about the phase two of GITP last year, Genting had said that there would be no increase in gaming space. Analysts had been expecting the operator to add to its 600-table gaming space with additional tables. In December 2014, Malaysian investment bank CIMB had stated that Genting might be able to add up to 250 new tables in the facility.
This was however denied by the company late last year.
Under the phase one of the GITP, a range of new amenities has been planned. Primary attractions include: a new hotel tower with 1,300 rooms at the resort First World Hotel and a Sky Avenue and a cable car system. The tower opened in early 2015 while the cable car system was launched in December 2015 as was the Sky Avenue. A Sky Plaza is expected to be launched by end of the first quarter of 2017.
Some of the other features planned are the MYR2 billion 20th Century Fox World theme park with 25 rides and an indoor theme park, extra parking bays, new staff quarters, roads and public conveniences.
Phase two of the project will see an estimated MYR2.3-billion investment and will see more luxury hotel space being developed as well as a large concert arena seating 10,000. Maybank’s analyst also pointed out that Genting Plantations, a subsidiary of the group was developing Genting Highlands Premium Outlet (GHPO), which will be leasing around 300,000 square feet to premium retail brands resulting in 150 designer and brand name stores in the complex.
The GHPO is likely to open by first quarter of 2017 and though it is not owned by Genting Malaysia, it is expected to drive significant traffic to the Resorts World Genting.
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