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Merlin unveils US$315m plans for Legoland Japan
POSTED 30 Jun 2014 . BY Jak Phillips
A Lego driving school is expected to be one of the many fun-filled areas at Legoland Japan
Merlin Entertainments has today (30 June) unveiled plans for a high-profile development in the world’s second biggest theme park market, with the launch of its first Legoland in Japan.

The new park, to be located in the central city of Nagoya, will cost around ¥32bn (US$315m, €231m, £185m) in total and adds to UK-based Merlin’s existing portfolio of six Legoland parks in five countries.

First identified as a preferred site in late 2011, Legoland Japan will be opened in Q2 2017 under Merlin’s ‘operated and leased’ model, with the infrastructure being funded by a third party. Merlin will directly invest around ¥9.2bn (US$90m, €66m, £53m) in the park over the next three years and lease the balance of the assets from a company owned by KIRKBI Invest A/S (a subsidiary of investment and holding company KIRKBI A/S which has a 75 per cent ownership share in the Lego Group and a 29.9 per cent shareholding in Merlin).

KIRKBI’s investment, which is separate to that of Merlin’s, will be funded through a combination of equity and external debt provided by Sumitomo Mitsui Banking Corporation (SMBC). Merlin’s investment is expected to deliver returns consistent with the group’s stated pre-tax cash ROIC (Return on invested Capital) target of 20 per cent.

Merlin is looking to build on the success of its existing Legoland Discovery Centre in Tokyo. With the Japanese theme park market – the largest in Asia – valued at approximately US$6.8bn (€5bn, £4bn) and Lego brand awareness in the country already high, Merlin expects to attract a broad market, with a particular focus on young families.

Legoland Japan will be of similar scale to the recently opened Legoland parks in Malaysia and Florida and is expected to employ up to 1,000 staff. The Legoland Park Operating Group enjoyed 14.2 per cent revenue growth in 2013 – delivering over US$596 (€436m, £350m) in revenue with an EBITDA margin of 36 per cent – and Merlin sees the roll out of new Legoland parks as one of the key growth drivers of the business.

“The park will make a significant contribution to the growth of the Merlin group from opening in the second quarter of 2017, as well as supporting our continued geographic diversification,” said Merlin CEO Nick Varney.

“Long term, we continue to believe that there is significant opportunity for the Legoland brand, with the potential for up to 20 parks across the world and we remain committed to our target of opening a new park every two to three years.”
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NEWS
Merlin unveils US$315m plans for Legoland Japan
POSTED 30 Jun 2014 . BY Jak Phillips
A Lego driving school is expected to be one of the many fun-filled areas at Legoland Japan
Merlin Entertainments has today (30 June) unveiled plans for a high-profile development in the world’s second biggest theme park market, with the launch of its first Legoland in Japan.

The new park, to be located in the central city of Nagoya, will cost around ¥32bn (US$315m, €231m, £185m) in total and adds to UK-based Merlin’s existing portfolio of six Legoland parks in five countries.

First identified as a preferred site in late 2011, Legoland Japan will be opened in Q2 2017 under Merlin’s ‘operated and leased’ model, with the infrastructure being funded by a third party. Merlin will directly invest around ¥9.2bn (US$90m, €66m, £53m) in the park over the next three years and lease the balance of the assets from a company owned by KIRKBI Invest A/S (a subsidiary of investment and holding company KIRKBI A/S which has a 75 per cent ownership share in the Lego Group and a 29.9 per cent shareholding in Merlin).

KIRKBI’s investment, which is separate to that of Merlin’s, will be funded through a combination of equity and external debt provided by Sumitomo Mitsui Banking Corporation (SMBC). Merlin’s investment is expected to deliver returns consistent with the group’s stated pre-tax cash ROIC (Return on invested Capital) target of 20 per cent.

Merlin is looking to build on the success of its existing Legoland Discovery Centre in Tokyo. With the Japanese theme park market – the largest in Asia – valued at approximately US$6.8bn (€5bn, £4bn) and Lego brand awareness in the country already high, Merlin expects to attract a broad market, with a particular focus on young families.

Legoland Japan will be of similar scale to the recently opened Legoland parks in Malaysia and Florida and is expected to employ up to 1,000 staff. The Legoland Park Operating Group enjoyed 14.2 per cent revenue growth in 2013 – delivering over US$596 (€436m, £350m) in revenue with an EBITDA margin of 36 per cent – and Merlin sees the roll out of new Legoland parks as one of the key growth drivers of the business.

“The park will make a significant contribution to the growth of the Merlin group from opening in the second quarter of 2017, as well as supporting our continued geographic diversification,” said Merlin CEO Nick Varney.

“Long term, we continue to believe that there is significant opportunity for the Legoland brand, with the potential for up to 20 parks across the world and we remain committed to our target of opening a new park every two to three years.”
Sign up here to get the Attractions Management weekly ezine and every issue of Attractions Management magazine free on digital.
RELATED STORIES
Merlin builds on Lego's popularity in Japan with announcement of Osaka Discovery Centre


Merlin Entertainments and Osaka Aquarium Kaiyukan in Japan have announced plans today (23 July) to open a new Legoland Discovery Centre in Tempozan Market Place Mall, Osaka.
MORE NEWS
Therme Group to expand global footprint with waterfront wellbeing resort in Toronto
Global wellbeing organisation, Therme Group, has today announced plans for a CAN$350m (€236.3m, £201.8m, US$280.8m) wellbeing resort in Toronto, Canada, at Ontario Place.
Jorvik's global art project will connect 14 cities
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Disney World show goes gender-neutral
The Walt Disney World Resort in Orlando, Florida has changed some of its messaging as part of a strategy to become more inclusive to all guests.
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COMPANY PROFILES
TechnoAlpin

The TechnoAlpin SnowRoom is the most attractive and effective way for customers to cool down from h [more...]
Sally Corporation

Our services include: Dark ride design & build; Redevelopment of existing attractions; High-quality [more...]
TOR Systems Ltd

TOR Systems have been in this business since 1981. [more...]
WhiteWater

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

IAAPA helps move leisure and attractions industry forward with IAAPA Expo Europe
As the leisure and attractions industry continues to recover and look to the future, IAAPA, the global association for the attractions industry, is moving forward with plans to host IAAPA Expo Europe this September. [more...]
VIDEO GALLERY

Proslide Tech Inc - ProSlide | Atlantis Dubai
More videos:
+ More videos  

CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

28-30 Sep 2021

International Wellness Tourism Conference

Carillon Miami Wellness Resort, Miami, United States
01-07 Dec 2022

World Leisure Congress 2022

tbc, Dunedin, New Zealand
+ More diary  
 


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