Gen Highlands new casino area open by CNY: Maybank

Jan 06, 2017 Newsdesk Latest News, Rest of Asia, Top of the deck  

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New casino facilities at Malaysia’s only gaming venue, Resorts World Genting, might open in time for Chinese New Year, on January 28.

The suggestion came in an emailed reply to GGRAsia from Maybank Investment Bank Bhd.

According to a statement in October from the venue’s operator Genting Malaysia Bhd, there will be no net increase in gaming space at the property, which is being extensively revamped under the Genting Integrated Tourism Plan. The firm said “some” of the original gaming space was set to be closed under the plan.

Nonetheless, Maybank analyst Samuel Yin Shao Yang said in his email to GGRAsia: “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.”

In December 2014, Malaysian investment bank CIMB had stated Genting Malaysia might be able to add as many as 250 gaming tables – to complement the 600 the bank said the firm was then operating at the venue – as a result of the revamp of the gaming facilities under the resort-wide master plan.

The redevelopment plan is described by Genting Malaysia as a 10-year, MYR10-billion (US$2.23 billion) blueprint that was launched in December 2013.

Maybank said that phase one of the plan had a MYR8.1-billion budget, and included: a 1,300-room third tower – which fully opened in June 2015 – at the resort’s First World Hotel; a Sky Avenue “lifestyle mall”, that opened in December; a Sky Plaza likely to open before the end of the first quarter this year; and a high-speed cable car system called Awana Skyway that opened in December and has capacity for 3,600 passengers per hour.

The first phase additionally includes: 8,000 car park bays situated mid-hill at Awana; a 20th Century Fox World theme park with 25 rides, which Affin Hwang Investment Bank Bhd said in a December note is likely to open before the end of 2017; an indoor theme park at First World Plaza with 18 rides; a renovated 423-room accommodation facility branded the Theme Park Hotel; and other infrastructure including staff quarters, public utilities and roads.

Maybank’s Mr Yin wrote: “Phase two (MYR2.3-billion) comprises additional luxury hotels and a new concert arena. Recall that Genting Plantations [Bhd] is constructing ‘Genting Highlands Premium Outlet’ (GHPO), which will offer net leasable area of approximately 300,000 square feet [27,871 sq metres] that will house 150 designer and brand name stores. Genting Plantations expects GHPO to open by [the end of] first quarter 2017.”

He added: “Although Genting Malaysia does not own Genting Highlands Premium Outlet, we believe that it will also drive visitor arrival growth to Resorts World Genting, when it opens.”

Genting Malaysia and Genting Plantations are both part of the Malaysia-based conglomerate Genting.

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