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Six Flags Dubai on hold as DXB sees finance options evaporate
POSTED 07 Feb 2019 . BY Andy Knaggs
DXB Entertainments – the owner of Dubai Parks and Resorts – has slammed the brakes on its under-development Six Flags-branded theme park in Dubai, citing withdrawal of financing as the reason behind the move.

Originally scheduled to open later this year, the project was placed into a strategic review of "future development plans and capital deployment" by DXB in August 2018. In a short statement issued on 6 February 2019, the company announced that those plans are now on hold.

"In the intervening period, actions, including formal notification by Six Flags, resulted in funders’ concerns being raised specifically in relation to the revised projections for the Six Flags Dubai Project," said the statement. "As a result, the syndicated finance facility intended for utilisation as part of the development of the Six Flags-branded theme park is no longer available, and the Six Flags Dubai project cannot proceed at this time."

The statement added that the scope of the strategic review will be adjusted and an update will be provided "in due course".

This decision comes amid a slowdown in Dubai’s economy in recent years, with oil prices slumping and residential property values declining by about 25 per cent on the 2014 peak, according to Bloomberg.

DXB already operates three theme parks in the region: the Hollywood-inspired Motiongate Dubai; Legoland Dubai; and Bollywood Parks Dubai. Also in its portfolio are a Legoland waterpark, a hotel and retail/dining interests.

Despite a rise in visitor numbers to these attractions in 2018, the company has yet to post a profit since it was listed in 2014, and its stock has lost about 85 per cent of its value since peaking in 2016.

Neighbouring Saudi Arabia could have its own Six Flags theme park by 2022, as the operator is involved in a project to build a huge attraction there that will continue its plans to expand outside of the US.
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Jobs . News . Products . Magazine
NEWS
Six Flags Dubai on hold as DXB sees finance options evaporate
POSTED 07 Feb 2019 . BY Andy Knaggs
DXB Entertainments – the owner of Dubai Parks and Resorts – has slammed the brakes on its under-development Six Flags-branded theme park in Dubai, citing withdrawal of financing as the reason behind the move.

Originally scheduled to open later this year, the project was placed into a strategic review of "future development plans and capital deployment" by DXB in August 2018. In a short statement issued on 6 February 2019, the company announced that those plans are now on hold.

"In the intervening period, actions, including formal notification by Six Flags, resulted in funders’ concerns being raised specifically in relation to the revised projections for the Six Flags Dubai Project," said the statement. "As a result, the syndicated finance facility intended for utilisation as part of the development of the Six Flags-branded theme park is no longer available, and the Six Flags Dubai project cannot proceed at this time."

The statement added that the scope of the strategic review will be adjusted and an update will be provided "in due course".

This decision comes amid a slowdown in Dubai’s economy in recent years, with oil prices slumping and residential property values declining by about 25 per cent on the 2014 peak, according to Bloomberg.

DXB already operates three theme parks in the region: the Hollywood-inspired Motiongate Dubai; Legoland Dubai; and Bollywood Parks Dubai. Also in its portfolio are a Legoland waterpark, a hotel and retail/dining interests.

Despite a rise in visitor numbers to these attractions in 2018, the company has yet to post a profit since it was listed in 2014, and its stock has lost about 85 per cent of its value since peaking in 2016.

Neighbouring Saudi Arabia could have its own Six Flags theme park by 2022, as the operator is involved in a project to build a huge attraction there that will continue its plans to expand outside of the US.
RELATED STORIES
Significant visitor increase for Dubai Park and Resorts


Dubai Parks and Resorts has reported a rise of 22 per cent in visitors to its attractions in 2018 compared to the previous year, registering almost 2.8 million visits to its three theme parks (Motiongate, Bollywood and Legoland Dubai), the Legoland Water Park, two hotels and a themed retail and dining destination.
DXB Entertainments reports dip in profits for Q3 2018


UAE-based Operator DXB Entertainments has posted quarter-on-quarter losses in revenue and gross profit for Q3 2018.
Six Flags confirms Saudi Arabia plans for 2022


Six Flags has confirmed long-awaited plans for its first Saudi Arabian venture, announcing plans to open a park as part of the kingdom’s new entertainment destination in Qiddiya by 2022.
DXB plans US$1.15bn restructuring following losses increase for 2017


DXB Entertainments – the operator of Dubai Parks and Resorts – is planning to restructure a debt of US$1.15bn (€931m, £827m) as the attraction continues to struggle after missing expectations on visitor numbers.
MORE NEWS
£15m waterpark opens in Wales ahead of Easter weekend
A new £15m (US$19.5m, €17.3m) waterpark has opened its doors to the public in Rhyl, Wales, with three flumes for thrillseekers to enjoy.
Elton John makes significant V&A donation for photography collaboration
London’s V&A Museum has announced a partnership with Elton John and his husband, David Furnish, that will see its Gallery 101 in the newly opened V&A Photography Centre renamed 'The Sir Elton John and David Furnish Gallery'.
Climate Emergency campaign draws support from UK culture sector
More than 190 UK institutions and individuals from the arts and culture sectors have pledged their support to Culture Declares Emergency (CDE), which is part of the Climate Emergency Declaration campaign.
Disney makes US$5m donation to Notre-Dame rebuild following blaze
Disney has donated US$5m (€4.4m, £3.8m) toward the restoration efforts of Notre-Dame Cathedral, following the huge fire that destroyed much of the iconic landmark in Paris.
+ More news   
LATEST JOBS
Sales and Marketing Manager
Continuum Attractions
Salary: Up to £24,000
Job location: Oxford, UK
Head of Cultural and Community Services
South Derbyshire District Council
Salary: Up to £65,000
Job location: Derbyshire, UK
Attraction Operations Manager
Legoland Discovery Centre
Salary: Competitive
Job location: Tempe, Arizona, USA
Customer Relationship Manager
Merlin Entertainments Group
Salary: Competitive
Job location: Sydney NSW, Australia
Regional HSS Manager (Asia)
Merlin Entertainments Group
Salary: Competitive
Job location: Shanghai, China
Assistant Director Visitor and Site Operations
Eureka
Salary: Circa £42,000 per annum
Job location: Halifax, UK
+ More jobs  
 


ADVERTISE . CONTACT US

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

©Cybertrek 2019

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
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