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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.
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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.
MORE NEWS
Windermere Jetty boating museum opens in the Lake District
A new museum dedicated to 200 years of boating history at the Lake District National Park and Unesco World Heritage Site in the north of England has opened in Windermere, Cumbria.
Ankapark rebrands as Wonderland Eurasia and opens in Turkish capital
The huge new theme park in Ankara, Turkey, that had been known as Ankapark has now officially opened under the new moniker Wonderland Eurasia.
Be My Robo Date: Elderly and disabled in Singapore will soon 'visit' attractions via remote robot
A new directive in Singapore, set to launch in June, will allow elderly and disabled people who cannot physically get to museums to see exhibitions with the help of a mobile ‘telepresence’ robot.
Basra Museum opens three new galleries in Saddam Hussein’s former palace
Based inside the former palace of Iraqi dictator Saddam Hussein, Basra Museum has just opened three new galleries – quadrupling its display space following its launch in 2016.
+ More news   
LATEST JOBS
Visitor Services Manager
Yorkshire Wildlife Park
Salary: Competitive
Job location: Branton, Doncaster, UK
Regional HSS Manager (Asia)
Merlin Entertainments Group
Salary: Competitive
Job location: Shanghai, China
Operations Manager
The Eye Brand
Salary: Competitive
Job location: Sydney NSW, Australia
Attraction Operations Manager
Legoland Discovery Centre
Salary: Competitive
Job location: Tempe, Arizona, USA
General Manager
Madame Tussauds
Salary: Competitive
Job location: San Francisco, California, USA
Group Sales Assistant
Legoland Discovery Centre
Salary: Competitive
Job location: Somerville, Massachusetts, 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
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
ATTRACTIONS MANAGEMENT NEWS
ATTRACTIONS HANDBOOK
PRINT SUBSCRIPTIONS
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