Genting prepares to open new theme park at Resorts World

By William Brown Updated
Genting prepares to open new theme park at Resorts World

The new US$789 million outdoor theme part at Malaysia’s Resorts World Genting is set to open on February 8.

GGR Asia reports the 26-acre theme park, which is slated to eventually have 26 separate attractions, is likely to be “loss-generating due to heavy depreciation”, nonetheless, Maybank Investment Bank expects the theme park to be accretive to the resort’s overall earnings.

Resorts World Genting is Malaysia’s only casino facility, promoted by Genting Malaysia.

As part of the theme park’s soft opening, Genting SkyWorlds is offering a 20 per cent discount on tickets until March 31.

Genting Malaysia’s head of business operations and strategies Lee Thiam Kit said the theme park will contribute to the tourism sector and economy with the creation of more than 1000 jobs.

After purchasing tickets online, guests are encouraged to download the Genting SkyWorlds Theme Park mobile app, which gives a comprehensive guide to the attraction with real-time information.

It also enables guests to navigate and experience the park virtually prior to arrival, giving a head-start on what to do, where to go and how to get there.

Guests encouraged to immerse themselves in digital experience

Among other features, guests will be able to check wait times for rides, attractions and shows; receive promotional offers and discount vouchers; discover dining, shopping and games; and access its advanced Photo+ service.

Resorts World Genting vice president for theme park operations Greg Pearn said the app, the first for the Southeast Asian region, is also integrated with the park’s Virtual Queue technology.

This feature will reduce long wait times in lines, giving guests more freedom to do what they want at a time they choose.

VQ also allows guests to create boarding groups for multiple ticket hotels, view the recommended itineraries based on personal preferences and receive real-time alerts for attraction reservations, availability and entertainment.

“Opening a theme park during the pandemic has been a challenge.

“While every effort has been made to ensure our full offerings are available, a small selection of attractions require a little more time to be completed, something the team is working hard to achieve,” Pearn said.

The group saisd during its soft opening period, there will be complimentary VQ and Photo+ access available.

Genting has portfolio evaluated

Casino group Genting is backing rising vaccination rates in key markets, reduced expenditure and a strong rebound in the United States over the next two years.

Fitch Ratings said the casino operator is expecting those three factors to help the company deleverage to below three times by the end of 2023.

While there are still risks around future border closures to the COVID-19 pandemic, Fitch said there is a high degree of confidence around Genting’s prospects following the recent lifting of restrictions in Malaysia and Singapore.

The reopening of Malaysia’s Resorts World Genting after a four-month closure is expected to see business volumes pick up rapidly, mirroring a previous reopening in August and September 2020 that saw gross gaming revenue reach 80 per cent of pre-COVID levels and hotel occupancy around 90 per cent.

“We assume that a limit on 50 per cent of the resort’s capacity will remain in place at least until the first quarter of 2022, but we expect a gradual relaxation of restrictions once COVID-19 is deemed endemic,” Fitch said.

“This expectation is in line with decisions made by other countries such as the US and UK to remove capacity limits.

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