The redevelopment plan of Malaysia’s only casino resort is showing “good progress”, says a note by CIMB Investment Bank Bhd issued on Tuesday.
The MYR5-billion (US$1.57 billion) project, officially dubbed the ‘Genting Integrated Tourism Plan’, involves the expansion and overhaul of Genting Highlands, owned and operated by casino firm Genting Malaysia Bhd, a subsidiary of Malaysian conglomerate Genting Bhd.
“Based on what we saw, the new 1,300-room hotel expansion looks well on track to be completed next year,” CIMB analyst Lucius Chong wrote after a visit to the property. “The 20th Century Fox outdoor theme park and retail podium is still at ground zero, but we remain confident it should be completed in 2016 as scheduled based on the pace of progress made in other parts of the project like the 1,300-room hotel.”
Mr Chong noted that despite the entire outdoor area of Genting Highlands now being a “massive construction site” and the “deafening noise” of the ongoing works, activity at the casino “has stayed robust”.
In addition to the new hotel and theme park, the company will spend as much as MYR1 billion on renovating and upgrading old room capacity and existing facilities. “A large portion of the old rooms at the First World Hotel have been combined, resulting in a reduction in total room capacity at the IR from 10,000 to 9,000 keys,” Mr Chong wrote.
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Chief executive and president of MGM Resorts