In an attempt to double its profit, Genting Malaysia Bhd is planning a 3 billion ringgit ($958.01 mln) facelift for its 42-year-old hilltop Genting Highlands casino resort. The resort is facing increasing competition from newer casinos in Singapore and Macau.
"The 3 billion ringgit is just a ballpark figure. Plans are still being finalised but we want to share our thoughts with shareholders," chairman Lim Kok Thay told the Edge Financial Daily on the sidelines of Genting Malaysia's annual general meeting on Wednesday.
"The ideas is to double our profit," Lim said, when asked about the details and objectives of the refurbishment of the group's maiden casino resort that opened its doors in May 1971.
"Plans are still being finalised and the board still needs to approve the plans. We've been investing substantial amounts overseas and it is now a good time to also invest here back home. We've received some feedback on how other people would like things to be improved and we will do our best," he said, confirming that the plans should be finalised within this year.-The Edge.
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