Home > Business > Business News
Wednesday December 18, 2013 MYT 12:00:00 AM
Wednesday December 18, 2013 MYT 8:21:03 AM
by lim wing hooi
Artist impression of the Twentieth Century Fox World theme park at Resorts World Genting. (Bottom pic) PM Najib together with Chairman and CEO Genting Malaysia Tan Sri Lim Kok Thay ( second from left ) at the launch. Also present is President of Twentieth Century Fox Consumer Products, Jeffery Godsick.
GENTING HIGHLANDS: Genting Malaysia Bhd is embarking on a 10-year master plan for the development, expansion, enhancement and refurbishment of hotels, infrastructure and a new RM1bil Twentieth Century Fox World theme park at Resorts World Genting.
The Genting Integrated Tourism Plan (GITP) plan, totalling RM5bil, also includes a hilltop development of a three-star hotel with about 1,300 rooms next to First World Hotel and a show arena that can seat 10,000 people.
Chairman and chief executive Tan Sri Lim Kok Thay said that the group was embarking on change for both the tourism and integrated resort industry in Malaysia.
“We cannot be contented with (our achievement) and need to preserve our cross-cultural appeal and maintain repeat visitation,” he said in his speech.
Prime Minister Datuk Seri Najib Tun Razak officiated the unveiling of the GITP and Twentieth Century Fox World theme park.
All the works excluding the theme park would be carried out under the first phase costing RM4bil.
Asked on the investment by Twentieth Century Fox, Lim said it would invest via its intellectual property (IP).
“Its commitment is important as it has the marketing appeal,” he said.
Lim said the theme park, which is scheduled to open in 2016, was expected to boost the number of tourists to the resort.
The first-of-its-kind in the world theme park, which banks on the idea of the growing demand for theme parks with a movie-fantasy appeal, was formalised with an initial investment of RM400mil in June this year.
It will replace the outdoor theme park which ceased operations in September this year. Once completed, the revamped 10.12ha theme park will feature more than 25 rides and attractions of a cinematic nature, with brands from films including Ice Age, Rio, Alien and Night at the Museum.
“The figure may change again as we review to make it better. We want it to be a world-class theme park that is unique from other theme parks (in operation today),” he said.
As the resort is located in the East Coast Economic Region (ECER), Genting Malaysia has also signed an memorandum of understanding (MoU) with the East Coast Economic Region Development Council for smoother implementation of the plan.
“GITP will help fulfil ECER’s target of attracting RM110bil of investments and create 560,000 jobs in the east coast region,” he said.
Najib said the tourism industry was the second largest foreign exchange earner after manufactured goods and the seventh largest to Malaysia’s economy, contributing RM47.2bil to gross national income last year.
He added that the growth of China, India, Brazil and the Middle East would fuel international tourism.
“With an estimated two billion new middle-class consumers coming into the market from emerging markets, Genting’s transformation plan is a prime example of private sector participation under the Economic Transformation Programme,” he said.
During the launch, Lim also announced the plan to establish Genting Premium Outlets to further attract shoppers to the theme park. It will offer a wide range of designer labels, similar to the Johor Premium Outlets which was launched in December 2011.
Tags / Keywords:
Business, genting. GITP
Copyright © 1995-2014 Star Publications (M) Bhd (Co No 10894-D)