Six Flags Dubai on hold as DXB sees finance options evaporate | attractionsmanagement.com news
POST YOUR JOB ONLINE
Free ezine/digital edition sign up
Jobs . News . Features . Video . Products . Magazine . Handbook . Advertise . Contact us  
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.
LATEST JOBS
General Manager
Heritage Great Britain
Salary: £70k package
Job location: Sennen, Penzance, UK
Head of Visitor Development
The Crown Estate
Salary: Exemplary salary package
Job location: Windsor, UK
Consultancy Manager - Support and Revenue
National Trust
Salary: £48,680 pa
Job location: County Down, Northern Ireland, UK
Theatre Technician
Parkwood Leisure
Salary: Competitive
Job location: Crawley, UK
Guest Experience Manager - Operations
Sea Life
Salary: Competitive
Job location: Orlando, Florida, USA
Events and Education Manager
Legoland
Salary: Competitive
Job location: Carlsbad, California, USA
+ More jobs  

COMPANY PROFILE
WhiteWater

WhiteWater was born in 1980 to create places where families unite and make joyful lasting [more...]
+ More profiles  
FEATURED SUPPLIER

How can travelling exhibitions adapt for the future?
Emily Cronin, partnerships manager at the Science Museum Group in the UK, shares insights into evolving business models for touring exhibitions in Spokes, Ecsite’s magazine. [more...]
VIDEO GALLERY

Red Raion: Meet the Team - Introduction
Red Raion: Meet the Team - Introduction Find out more...
More videos:
Introducing AnimaChat! – Animalive
Experience the experience – Polin Waterparks & Pool Systems
Red Raion - VR/5D Films Showreel 2016 – Red Raion
+ More videos  

CATALOGUE GALLERY
 

+ More catalogues  
DIRECTORY
+ More directory  
DIARY

25-27 Jun 2019

BALPPA Summer Conference 2019

The Balmer Lawn Hotel and Carey’s Manor Hotel, New Forest, United Kingdom
04 Jul 2019

National Hotel Marketing Conference

Hilton at St George's Park, Burton-on-Trent, United Kingdom
+ More diary  
LATEST ISSUES
+ View Magazine Archive

Attractions Management

2019 issue 2


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management

2019 issue 1


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management

2018 issue 4


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management

2018 issue 3


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management News

12 Jun 2019 issue 132


View on turning pages
Download PDF
View archive
FREE digital subscription
Print subscription

Attractions Handbook

2019


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription
 
ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
 
ATTRACTIONS MANAGEMENT
ATTRACTIONS MANAGEMENT NEWS
ATTRACTIONS HANDBOOK
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS
ADVERTISE . CONTACT US

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

©Cybertrek 2019
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
New lottery fund offers £100m for major UK heritage projects
The UK's National Lottery Heritage Fund has launched a new three-year, £100m (US$127.6m, €112m) grant scheme aimed at "ambitious, innovative and transformational" projects in UK heritage.
World's longest waterslide coming to Malaysia
A new entry could soon be made in the Guinness Book of World Records, when Escape Theme Park in Teluk Bahang, Penang, Malaysia, opens its new water slide, reportedly set for August.
US$55m waterpark coming to Cambodian capital by end of 2019
One of the most significant waterpark projects in Southeast Asia is currently under development in Phnom Penh, Cambodia, with the US$55m (€48.3m, £43.2m) Angkor Water Park set to open its doors by the end of the year.
Expansion for Greensboro Science Center aims to 'open minds and build futures'
A new ten-year plan has been unveiled by Greensboro Science Center (GSC) in North Carolina, US, incorporating a package of expansions and renovations to the site, which currently features an aquarium, museum and zoo.
Sea Life Trust welcomes two beluga whales into retirement with new sanctuary
Two beluga whales from the Chang Feng Ocean World aquarium in Shanghai have completed a 6,000 mile journey to their new home ‒ a specially constructed marine sanctuary in Iceland ‒ where they will see out their days.
Eden Project North starts to take shape with tentative 2023 opening date set
The first stage in the preparation of a planning application for the proposed Eden Project North in the UK has been completed, with the submission of an Environmental Impact Assessment Scoping Report to Lancaster City Council.
+ More news   
 
COMPANY PROFILE
WhiteWater

WhiteWater was born in 1980 to create places where families unite and make joyful lasting memories [more...]
+ More profiles  
FEATURED SUPPLIER

How can travelling exhibitions adapt for the future?
Emily Cronin, partnerships manager at the Science Museum Group in the UK, shares insights into evolving business models for touring exhibitions in Spokes, Ecsite’s magazine. [more...]
VIDEO GALLERY

Red Raion: Meet the Team - Introduction
Red Raion: Meet the Team - Introduction Find out more...
More videos:
Introducing AnimaChat! – Animalive
Experience the experience – Polin Waterparks & Pool Systems
Red Raion - VR/5D Films Showreel 2016 – Red Raion
+ More videos  

CATALOGUE GALLERY
 

+ More catalogues  
DIRECTORY
+ More directory  
DIARY

25-27 Jun 2019

BALPPA Summer Conference 2019

The Balmer Lawn Hotel and Carey’s Manor Hotel, New Forest, United Kingdom
04 Jul 2019

National Hotel Marketing Conference

Hilton at St George's Park, Burton-on-Trent, United Kingdom
+ More diary  
 


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
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
ATTRACTIONS MANAGEMENT NEWS
ATTRACTIONS HANDBOOK
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS