Genting SkyWorlds, the new MYR3.3 billion (US$789 million) outdoor theme park at Resorts World Genting in Malaysia, will stage a soft opening on February 8.
The 26-acre park is likely to be “loss-generating” at first due to heavy depreciation, according to a note from Maybank Investment Bank Bhd. But over time it will draw more visitors to the casino complex, including 3 million patrons in its first year.
Longer-term, Maybank sees the park driving visitor arrivals of about 26 to 27 million a year, above the pre-Covid high of 24 million for Resorts World Genting.
The projected spend per patron will come in at about “20 percent lower” than that at Universal Studios Singapore, said the analyst. The latter venue is at Resorts World Sentosa, run by Genting Singapore Ltd.
Nomura concurred, writing, “We think that the park is well-conceptualized, has a good mix of attractions for all ages and is likely to be a crowd-puller to the highlands resort.
“The park by itself might not be profitable due to startup costs such as depreciation and interest on debt, but it is likely to be a highly effective “loss-leader” to attract more family groups to the resort, which can boost other forms of revenue such as hotels, gaming and shopping,” Nomura wrote.
