Ipoh's MAPS cancels Dream Zone attractions

PETALING JAYA: Perak Corp Bhd said a unit, Animation Theme Park Sdn Bhd (ATP) has called off a plan to open DreamWorks Animation’s attractions at its theme park in Ipoh.

This is because both parties have not reached an agreement to open the Dream Zone at the Movie Animation Park Studios (MAPS) to public by Aug 1, Perak Corp told Bursa Malaysia on Wednesday.

The opening of the Dream Zone, which includes Megamind Megadrop - dubbed as Malaysia’s tallest drop tower - and Casper’s Birthday Blast, had been previously delayed.

“ATP has the option to extend the license agreement to 30 September 2018 but decided not to exercise the option in order to accelerate the full opening of the MAPS as soon as possible,” Perak Corp said.

The MAPS has been soft opened on June 26, without the DreamWorks’ attractions.

ATP is expected to write off RM15.74mil following the termination of its license agreement. Based on the audited financial statements of ATP for the financial year ended Dec 31, 2017, the related intellectual properties rights acquired under the license agreement, which are classified as intangible assets has a carrying value of RM17.461mil.

PCB said the decision was made in the best interest of ATP to ensure its ability to continue to operate as a going concern, and the group.

“The full opening of MAPS in the near future is expected to increase visitors’ attendance number, entertainment value and repeat visitors to the MAPS which will then translate into higher revenue to the MAPS,” PCB said.

The group said the DreamWorks’ attractions zone is now undergoing renovation process to remove all DreamWorks’ intellectual properties and, upon complete removal, ATP intends to open the zone with or without any third party’s intellectual property.