Genting Malaysia Upgrades Theme Park Spending Plan to MYR1 Billion From MYR400 Million

   By Jason Ng 
 

KUALA LUMPUR--Casino and hotel operator Genting Malaysia Bhd (4715.KU) said Tuesday it will raise its investment into a Twentieth Century Fox theme park in Malaysia to 1 billion ringgit ($308 million).

Genting Malaysia, a unit of Malaysian conglomerate Genting Bhd (3182.KU), and the film studio behind "Life of Pi" and "Ice Age" had in July announced a plan to invest MYR400 million to launch the theme park.

The new investment estimate follows "further reviews on the concepts and rides," Genting Malaysia and Twentieth Century Fox said in a joint statement.

The theme park is part of a broader 10-year project worth MYR5 billion called Genting Integrated Tourism Plan that covers expansion and make-over of Genting Highlands, a 42-year-old hilltop resort that draws more than 20 million visitors annually.

Genting Malaysia is currently in talks with U.S. commercial real estate company Simon Property Group Inc (SPG) to develop premium outlet project in Malaysia.

"We're in discussion with Simon Property to target the opening of Malaysia's second Premium Outlet Center in Genting Highlands in 2015," Genting Malaysia Chairman Lim Kok Thay said.

Write to Jason Ng at [e-mail]

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