GENTING MALAYSIA REACHES AGREEMENT WITH WALT DISNEY COMPANY AND 21ST CENTURY FOX

 BY GABRIELLE

Genting Malaysia, a leading Malaysian integrated leisure and entertainment resort operator, has reached a settlement agreement with The Walt Disney Company and 21st Century Fox over the outdoor theme park that is being built at Resorts World Genting (RWG).

Genting had signed a licencing deal with 21st Century Fox in 2013. However, Genting Malaysia filed a complaint about Fox, after the company spent $750 million developing what was then known as the Twentieth Century Fox World theme park.

Fox had made a counter claim against Genting in relation to the outdoor theme park at RWG.

An agreement has been reached that the theme park can use Fox intellectual property but will not operate under the Fox World name.

All parties involved in the collaboration over the outdoor theme park have agreed to dismiss the claims and counter claims they had put forward.

“Genting Malaysia is currently updating its development and construction plans to complete the outdoor theme park utilising both Fox and non-Fox intellectual properties.

“The outdoor theme park shall also be renamed,” the filing stated.

The new theme park at Resorts World Genting in Malaysia could open as early as 2020.

MALAYSIA’S RESORTS WORLD GENTING’S THEME PARK MAY OPEN AHEAD OF SCHEDULE

BY GABRIELLE

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The new theme park being built at Resorts Wold Genting (RWG) in Malaysia, may open ahead of schedule and could be as soon as the first or second quarter of 2020.

Known as Genting Malaysia, the outdoor theme park was originally planned to open in 2021. However, the Maybank Investment Bank says the theme park could now be open to the public in early 2020.

In a recent report, the Maybank Investment Bank noted the theme park was “95% completed” and that Resorts World Genting had placed a full page of job ads within its theme park division.

“We gather that Resorts World Genting could be opening its outdoor theme park a lot earlier than we expected.

“Our earnings estimates are unchanged, but we remove the 10% discount we previously ascribed to our sum-of-parts (SOP)-based valuation on added certainty that the OTP [outdoor theme park] will finally open,” Maybank Investment Bank wrote in its report.