Vietnam on hold and Saudi Arabia imminent as Six Flags CEO hints at further international expansion plans | attractionsmanagement.com news
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Vietnam on hold and Saudi Arabia imminent as Six Flags CEO hints at further international expansion plans
POSTED 27 Apr 2017 . BY Tom Anstey
Six Flags CEO John Duffey has revealed new details about the company’s international dealings, hinting at further announcements in 2017 while also offering updates on the operator’s blossoming Saudi Arabia deal and stuttering Vietnam project.

In February, Six Flags announced a second Chinese licensing location in Bishan, consisting of a theme park and waterpark, bringing the total number of overseas Six Flags developments to five – three in China, one in the Middle East and the other in Vietnam. Six Flags has also been in active discussions to bring a park to Saudi Arabia and is rumoured to be looking at locations in Malaysia and Singapore. Speaking during Six Flags’ first quarter earnings call, Duffey was optimistic of further new deals being inked overseas.

“I can't tell you exactly how many potential further announcements we are expecting to make this year,” said Duffey. “But we've got some great discussions ongoing and I would be disappointed if we do not have further deals announced by the end of 2017.”

Discussing dealings with Saudi Arabia – which is also reportedly interested in purchasing a stake in Six Flags through the kingdom’s Public Investment Fund – Duffey said “good progress” was being made to deliver a theme park to the region.

“We’ve had numerous discussions and meetings with the Saudis,” he said. “We’ve recently completed our first phase of the work and we're moving towards signing definitive agreements. Our hope is that we can that accomplished in the near term and I feel very good about the status of the project and believe that Saudi Arabia is an excellent market for us.”

Six Flags’ proposed Vietnam project hit a stumbling block in February after its franchise partner NaVi Entertainment failed to fulfil “contractual obligations”, with the operator serving the company a Notice of Default.

Announced in March last year, the Vietnam development will use the Six Flags and Six Flags Hurricane Harbor names under a licensing agreement for a theme park and waterpark near Ho Chi Minh City.

“Expanding into emerging markets will not be without challenges and our partner in Vietnam has continued to experience delays in gaining title to the land, which impacted their abilities to secure financing for the next phase of the project and caused them to miss project payments,” said Duffey.

“Although they are trying to remedy this situation, we have suspended work on the project, and we have initiated discussions with other interested parties in the region. Vietnam continues to be a very good market for us, so we'll continue to pursue that.”
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Saudi Arabia’s Public Investment Fund (PIF) – a company set up to manage the country’s sovereign wealth and facilitate development of its national economy – is interested in purchasing a stake in Six Flags, according to reports.
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NEWS
Vietnam on hold and Saudi Arabia imminent as Six Flags CEO hints at further international expansion plans
POSTED 27 Apr 2017 . BY Tom Anstey
Six Flags CEO John Duffey has revealed new details about the company’s international dealings, hinting at further announcements in 2017 while also offering updates on the operator’s blossoming Saudi Arabia deal and stuttering Vietnam project.

In February, Six Flags announced a second Chinese licensing location in Bishan, consisting of a theme park and waterpark, bringing the total number of overseas Six Flags developments to five – three in China, one in the Middle East and the other in Vietnam. Six Flags has also been in active discussions to bring a park to Saudi Arabia and is rumoured to be looking at locations in Malaysia and Singapore. Speaking during Six Flags’ first quarter earnings call, Duffey was optimistic of further new deals being inked overseas.

“I can't tell you exactly how many potential further announcements we are expecting to make this year,” said Duffey. “But we've got some great discussions ongoing and I would be disappointed if we do not have further deals announced by the end of 2017.”

Discussing dealings with Saudi Arabia – which is also reportedly interested in purchasing a stake in Six Flags through the kingdom’s Public Investment Fund – Duffey said “good progress” was being made to deliver a theme park to the region.

“We’ve had numerous discussions and meetings with the Saudis,” he said. “We’ve recently completed our first phase of the work and we're moving towards signing definitive agreements. Our hope is that we can that accomplished in the near term and I feel very good about the status of the project and believe that Saudi Arabia is an excellent market for us.”

Six Flags’ proposed Vietnam project hit a stumbling block in February after its franchise partner NaVi Entertainment failed to fulfil “contractual obligations”, with the operator serving the company a Notice of Default.

Announced in March last year, the Vietnam development will use the Six Flags and Six Flags Hurricane Harbor names under a licensing agreement for a theme park and waterpark near Ho Chi Minh City.

“Expanding into emerging markets will not be without challenges and our partner in Vietnam has continued to experience delays in gaining title to the land, which impacted their abilities to secure financing for the next phase of the project and caused them to miss project payments,” said Duffey.

“Although they are trying to remedy this situation, we have suspended work on the project, and we have initiated discussions with other interested parties in the region. Vietnam continues to be a very good market for us, so we'll continue to pursue that.”
RELATED STORIES
Late-occurring Easter impacts Six Flags' Q1 revenue


Six Flags experienced a 13 per cent revenue dip during the first quarter of 2017 due to the late timing of the Easter holidays.
Notice of Default raises serious questions about Six Flags Vietnam development


Six Flags’ proposed Vietnam project has hit troubled waters, after its franchise partner NaVi Entertainment failed to fulfil “contractual obligations”, with the operator serving the company a Notice of Default.
Saudi Arabia considering Six Flags stake


Saudi Arabia’s Public Investment Fund (PIF) – a company set up to manage the country’s sovereign wealth and facilitate development of its national economy – is interested in purchasing a stake in Six Flags, according to reports.
Dubai Parks and Resorts planning fifth theme park


Dubai Parks and Resorts’ three major zones are now open, and the fourth Six Flags- branded park is under construction, but it seems operator DXB Entertainments is not about to rest on its laurels, with plans for a fifth park currently in the works.
MORE NEWS
Government focuses on regional growth, with launch of £20m culture fund
Britain's minister for arts, Michael Ellis, has launched a £20m fund for culture, heritage and the creative industries to benefit towns and cities across England.
MuseumNext Europe 2018: Don't deflect responsibility on the issue of diversity
Diversity was among the topics up for discussion at this year's MuseumNext conference in London, with Shaz Hussain, assistant curator at the London Science Museum, telling delegates not "deflect responsibility" on the issue.
National Geographic uses augmented reality to create world's first open-air planetarium in Canada
National Geographic has teamed up with augmented reality provider Aryzon to create the world's first open air planetarium, using AR to project images into the night sky for a unique stargazing experience.
Comcast bid rejected as Fox agrees new merger deal with Disney
The Disney/Fox merger is back on, after Fox accepted a larger Disney offer days after Comcast attempted to hijack the deal.
+ More news   
LATEST JOBS
Groups Sales and Marketing Executive
Royal Horticultural Society
Salary: Circa £25k depending on experience
Job location: Wisley, Woking, UK
Head of Commercial Operations
The Silverstone Experience
Salary: £50,000- 55,000 pro-rata per annum + benefits
Job location: Northamptonshire, UK
Chief Operating Officer
Brooklands Museum Trust Ltd
Salary: £60,000
Job location: Weybridge, Surrey, UK
Commercial Leisure Manager - Coastal Attractions
Denbighshire County Council
Salary: £41,846 — £44,697 (plus up to £8,000 relocation allowance)
Job location: Rhyl, UK
Theming Production Manager
Merlin Entertainments Group
Salary: Competitive
Job location: Staffordshire, UK
Fastrack and VIP Team Leader
Thorpe Park Resort
Salary: Competitive
Job location: Chertsey, UK
+ More jobs  
 


ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2018

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