SOUTH EAST ASIA 12
Resorts World makeover continues; police crackdown on illegal ops As Genting Malaysia ramped up the rollout of new integrated resort facilities this year, authorities in the rest of the country were hard at work clamping down on illegal gambling.
he operator is carrying out an MYR10 billion ($2.3 billion) revamp of its flagship property, Resorts World Genting in the Genting Highlands. Itâ€™s the only place in Malaysia where gambling is legal, apart from lotteries and horse racing. The upgrade involves new casino floor space, additional shopping and restaurant facilities and the crowning glory, a planned theme part with 20th Century Fox. The plan is designed to help drive visitation to Resorts World Genting to 30 million by 2020 from 19 million in 2015.
Asia Gaming Briefings | November 2017
The key crowd puller is expected to be the theme park, though the attraction has faced ongoing delays and is now not expected to open until the second quarter of next year. Still, this year, Genting opened the first and second floors of a forest-themed casino catering for the mass market in March, while the VIP-dedicated third and fourth floors were slated to open in the third quarter. The company has said the space is big enough to accommodate two 747 planes. It also rolled out its Highlands Premium Outlet together with other new attractions in the Sky Plaza.
For Q2, Genting Malaysia reported a 59.4 percent year-on-year drop in profit due to higher depreciation and amortization from Malaysian operations. However, it said revenue rose 7 percent, getting a significant boost from the SkyPlaza offerings. The property also saw visitation growth of 8 percent in the quarter. Progress at home, from where it gets more than two-thirds of its profits, has been counterbalanced by setbacks in its overseas operations. The company has faced issues in the U.S. over an investment to manage the First Light Casino & Resort in Taunton,
Published on Nov 10, 2017