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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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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
Snøhetta and Blight Rayner selected to design AU$150m theatre in Australia
Architecture firms Snøhetta and Blight Rayner have won an international competition to design an AU$150m (US$103.8m, €90m, £81.4m) theatre for the Queensland Performing Arts Centre (QPAC) in Brisbane, Australia.
Kew Gardens opens giant natural play zone
Inspired to encourage children to develop a lasting relationship with plants and nature, Royal Botanic Gardens, Kew in London is all set to open its giant new Children’s Garden to the public this weekend (18 May).
IAAPA returns to Shanghai in June with rebranded Asian expo
Formerly the Asian Attractions Expo, (AAE) the newly-rechristened IAAPA Expo Asia (IEA) takes its first steps under its new name from 11-14 June.
17th annual Museums and Heritage awards honour 'innovative and ground-breaking initiatives'
The winners of the Museums + Heritage Awards were announced in London last night (15 May), with museums large and small being honoured and Sir David Attenborough picking up a Special Recognition Award.
+ More news   
LATEST JOBS
Interpretation and Engagement Manager
Chatsworth House
Salary: Competitive
Job location: Bakewell, UK
Children's Garden Hosts
Royal Botanic Gardens Kew
Salary: £18,589 per annum pro rata
Job location: Richmond, UK
Duty Manager
Dinotropolis
Salary: £20-£25K depending on experience.
Job location: Dartford, UK
Operations Manager
Wild Life
Salary: Competitive
Job location: Whitsundays QLD, Australia
Head of Central Scheduling and Planning
Merlin Entertainments Group
Salary: Competitive
Job location: Goshen, New York, USA
Strategic Account Sales Manager
Merlin Entertainments Group
Salary: Competitive
Job location: Goshen, New York, USA
+ 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
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