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IMG CEO denies sale rumours as Middle East feels economic pressure
POSTED 15 Mar 2019 . BY Tom Anstey
We are not planning to sell IMG in any form, neither partial and wholly. IMG is in advanced talks with banks on our syndicate-loan restructuring to support the business
– Leonard Otto
IMG Worlds of Adventure CEO Leonard Otto has said there are no plans to sell the record-breaking indoor theme park, following rumours of a takeover published by the media.

According to a Bloomberg report, the Ilyas & Mustafa Galadari Group – which owns Worlds of Adventure – is "exploring options for the business, including a possible sale".

IMG is currently working on a plan to restructure an AED1.2bn (US$327m, €289m, £247m) loan used to part-finance the AED3.7bn (US$1bn, €883m, £755m) attraction Otto said in a statement the talks were at an advanced stage.

"We are not planning to sell IMG in any form, neither partial and wholly. IMG is in advanced talks with banks on our syndicate-loan restructuring to support the business," said the statement.

A number of theme parks have come to the UAE in recent years as part of the country's efforts to reduce its dependence on oil and improve its tourism standing.

In 2017, Otto told Attractions Management that Dubai was on target to achieve the status of ‘Orlando 2.0’, with competition in the region priming Dubai to act as an attractions hub in the Middle East and further afield.

Although a target of 20 million visitors by 2020 was set for the country, low oil prices and lower visitor figures than expected has hampered a number of tourism projects, delaying new openings.

DXB Entertainments, which operates the rival Dubai Parks and Resorts, has been struggling to turn a profit since launch in December 2016. Its latest figures showing an AED1bn (US$272m, €240m, £209m) loss for 2018, though this figure was lower than the AED1.1bn (US$305m, €269m, £234m) loss declared for 2017. As a result of its financial struggles, the operator recently suspended development of its latest venture – a Six Flags theme park.

A major Fox theme park was also planned for the region but was put on hold in April last year, after its developer the Al Ahli Group revealed concerns that there was already a "serious supply" of theme parks in Dubai.

In 2017, IMG set out a five-year plan, announcing a second theme park opposite its existing site and plans to take the concept overseas in a global expansion. The indoor theme park, which covers 1.5 million sq ft, holds the record as the world's largest indoor theme park. It opened in 2016 and features IPs from brands including Marvel and Cartoon Network.
PROJECT PROFILE:

IMG Worlds of Legends
The Ilyas & Mustafa Galadari Group have announced plans to open a second theme park opposite the company’s recently opened IMG Worlds of Adventure.


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Exclusive: Dubai on target to become Orlando 2.0, says Worlds of Adventure CEO


Dubai is still in the early stages but is definitely on track to achieve the status of ‘Orlando 2.0’ – that’s the opinion of IMG Worlds of Adventure CEO, Lennard Otto.
Exclusive: Dubai on target to become Orlando 2.0, says Worlds of Adventure CEO


Dubai is still in the early stages but is definitely on track to achieve the status of ‘Orlando 2.0’ – that’s the opinion of IMG Worlds of Adventure CEO, Lennard Otto.
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The owners of IMG Worlds of Adventure – the world’s largest indoor theme park – have ambitious plans for the brand over the next five years, with plans for an even bigger second park in Dubai and to take the concept overseas as part of a global expansion.
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The Ilyas & Mustafa Galadari Group have announced plans to open a second theme park opposite the company’s recently opened IMG Worlds of Adventure.
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Jobs . News . Products . Magazine
NEWS
IMG CEO denies sale rumours as Middle East feels economic pressure
POSTED 15 Mar 2019 . BY Tom Anstey
We are not planning to sell IMG in any form, neither partial and wholly. IMG is in advanced talks with banks on our syndicate-loan restructuring to support the business
– Leonard Otto
IMG Worlds of Adventure CEO Leonard Otto has said there are no plans to sell the record-breaking indoor theme park, following rumours of a takeover published by the media.

According to a Bloomberg report, the Ilyas & Mustafa Galadari Group – which owns Worlds of Adventure – is "exploring options for the business, including a possible sale".

IMG is currently working on a plan to restructure an AED1.2bn (US$327m, €289m, £247m) loan used to part-finance the AED3.7bn (US$1bn, €883m, £755m) attraction Otto said in a statement the talks were at an advanced stage.

"We are not planning to sell IMG in any form, neither partial and wholly. IMG is in advanced talks with banks on our syndicate-loan restructuring to support the business," said the statement.

A number of theme parks have come to the UAE in recent years as part of the country's efforts to reduce its dependence on oil and improve its tourism standing.

In 2017, Otto told Attractions Management that Dubai was on target to achieve the status of ‘Orlando 2.0’, with competition in the region priming Dubai to act as an attractions hub in the Middle East and further afield.

Although a target of 20 million visitors by 2020 was set for the country, low oil prices and lower visitor figures than expected has hampered a number of tourism projects, delaying new openings.

DXB Entertainments, which operates the rival Dubai Parks and Resorts, has been struggling to turn a profit since launch in December 2016. Its latest figures showing an AED1bn (US$272m, €240m, £209m) loss for 2018, though this figure was lower than the AED1.1bn (US$305m, €269m, £234m) loss declared for 2017. As a result of its financial struggles, the operator recently suspended development of its latest venture – a Six Flags theme park.

A major Fox theme park was also planned for the region but was put on hold in April last year, after its developer the Al Ahli Group revealed concerns that there was already a "serious supply" of theme parks in Dubai.

In 2017, IMG set out a five-year plan, announcing a second theme park opposite its existing site and plans to take the concept overseas in a global expansion. The indoor theme park, which covers 1.5 million sq ft, holds the record as the world's largest indoor theme park. It opened in 2016 and features IPs from brands including Marvel and Cartoon Network.
PROJECT PROFILE:

IMG Worlds of Legends
The Ilyas & Mustafa Galadari Group have announced plans to open a second theme park opposite the company’s recently opened IMG Worlds of Adventure.


RELATED STORIES
Exclusive: Dubai on target to become Orlando 2.0, says Worlds of Adventure CEO


Dubai is still in the early stages but is definitely on track to achieve the status of ‘Orlando 2.0’ – that’s the opinion of IMG Worlds of Adventure CEO, Lennard Otto.
Exclusive: Dubai on target to become Orlando 2.0, says Worlds of Adventure CEO


Dubai is still in the early stages but is definitely on track to achieve the status of ‘Orlando 2.0’ – that’s the opinion of IMG Worlds of Adventure CEO, Lennard Otto.
Exclusive: Worlds of Adventure CEO reveals five year plan, including overseas expansion


The owners of IMG Worlds of Adventure – the world’s largest indoor theme park – have ambitious plans for the brand over the next five years, with plans for an even bigger second park in Dubai and to take the concept overseas as part of a global expansion.
IMG announces plans for second Dubai theme park


The Ilyas & Mustafa Galadari Group have announced plans to open a second theme park opposite the company’s recently opened IMG Worlds of Adventure.
MORE NEWS
Regional museum in Chilean desert gets redesign from Studio Libeskind
The Museo Regional de Tarapacá in the Atacama Desert, Chile, has been reimagined by architect Daniel Libeskind’s practice Studio Libeskind.
Compagnie des Alpes acquires Austrian theme park Familypark
French theme park and ski resort operator Compagnie des Alpes (CDA) has acquired Austria's Familypark in a deal worth €72.5m (US$82m, £62.3m).
Planning permission granted for vast £200m adventure resort in South Wales
Neath Port Talbot council has greenlit plans for the Afan Valley Adventure Resort – a highly anticipated leisure destination set to rise on a 325-acre former forestry plantation in South Wales.
New Rockhampton art gallery goes ahead as government funding announced
The award of a federal government funding grant to the tune of AU$10m (US$7.1m, €6.25m, £5.35m) will see plans advance for the development of a new site for the Rockhampton Art Gallery in Rockhampton, Queensland, Australia.
+ More news   
LATEST JOBS
Catering Manager
Welsh Water
Salary: £32,392 - £37,027
Job location: Conwy, UK
Retail Manager
The Silverstone Experience
Salary: Up to £30,000 pa
Job location: Silverstone, Towcester, UK
Human Resource Manager
Eureka
Salary: Circa £32,000 per annum
Job location: Halifax, UK
Assistant Director Visitor and Site Operations
Eureka
Salary: Circa £42,000 per annum
Job location: Halifax, UK
Attraction Manager - Conwy
Welsh Water
Salary: £39,966 - £46,960
Job location: Conwy, UK
Attraction Manager - Powys
Welsh Water
Salary: £39,966 - £46,960
Job location: Rhayader, UK
+ More jobs  
 


ADVERTISE . CONTACT US

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Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2019

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