GEN Malaysia theme park may cost nothing at all
Malaysia Genting could receive an outdoor theme park for its flagship property, Resort World Genting, at no cost if it wins a lawsuit filed in U.S. court this week, Maybank Investment Bank Bhd suggested on Tuesday.
The agency believes the casino company can successfully operate such facilities without the nickname "20th Century Fox World Malaysia," a brand previously announced by Genting Malaysia, as it has experience running its own-brand theme park at the Genting Highland site (pictured) near Kuala Lumpur, Malaysia's capital. However, Japanese broker Nomura has expressed doubts about whether the new Fox-branded facility will have the same traction for the public.
Shares of the casino company fell 17% on Tuesday, in line with news that it is suing Fox Entertainment Group LLC, some of its affiliates, and Walt Disney Co, now a suitor to many of Fox's entertainment assets. The lawsuit concerns notice of termination on a 2013 contract to use Fox's brand in theme parks.
However, Maybank said it was "promising" that Genting Malaysia could run its own theme park. "Remember, Genting Malaysia ran its own outdoor theme park before it closed in September 2013," said a note from Maybank analyst Samuel Yin Sao Yang.
The casino company's "current share price means that outdoor theme park investments have been written off, and if Genting Malaysia wins a $1 billion claim, it can also get free change," Yin added.
Shares fell after the market closed in Bursa, Malaysia on Tuesday, closing at MYR3.60 to MYR3.00 ($0.715) at the start of trading on the day, Bloomberg data showed. It was down further to MYR2.99 by mid-morning on Wednesday.
BY: 에볼루션 바카라사이트
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