A Genting signage is pictured at the soon to be opened hotel close to Malaysia's border in Singapore April 2, 2015. The Malaysian ringgit's fall to 17-year lows against the Singapore dollar will limit the city state's mass-market gaming revenues even after the opening of Genting Singapore's new hotel close to Malaysia's border, analysts said. Like its rival Las Vegas Sands' Marina Bay Sands, Genting is trying to improve its appeal to mass-market players as it battles a slowdown in its high-roller business amid weakness in the Chinese economy. REUTERS/Edgar SuKUALA LUMPUR – Genting Malaysia Bhd emerged as the top active counter on Bursa Malaysia today following its legal suit against Walt Disney Co (Disney) and 21st Century Fox Inc (Fox) in Los Angeles.
At 9.35am, its share price eased 42 sen to RM3.18, after opening 60 sen lower at RM3.00 today.
This also caused Genting Malaysia’s parent company, Genting Bhd’s share price to decline 35 sen to RM6.55 at 10.02 am, after opening 50 sen lower at RM6.40.
It was reported that Genting Malaysia is conducting the legal suit towards Fox and Disney for pulling out of an agreement to sponsor a Fox World theme park outside Kuala Lumpur.
Genting Malaysia is seeking over US$1 billion (RM4.2 billion) in damages, claiming Disney does not want to be associated with its gambling business as the Hollywood giant moves to finalise its acquisition of 21st Century Fox’s entertainment assets.
It is believed that Genting Malaysia had invested US$750 million in the park, which was due to open by 2020.
In 2013, Fox entered into a licencing agreement with Genting Malaysia to develop the first Fox-branded theme park in the world.
Unlike Disney, which owns its parks in part or in whole, Genting Malaysia would own and finance the park completely, with Fox getting a cut of the revenue from retail, food and beverages.