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   Profiles   Magazine   Handbook   Advertise  
NEWS
Six Flags Dubai on hold as DXB sees finance options evaporate
POSTED 07 Feb 2019 . BY Andy Knaggs
Six Flags Dubai was due to contain 27 rides across six themed zones Credit: Six Flags/DPR
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
Catherine Toolan to replace departing Paul Carty at Guinness Storehouse
Ireland's top attraction, the Guinness Storehouse, is to come under new leadership from April, with Catherine Toolan replacing Paul Carty as managing director.
Texas Kalahari Water Park scheduled for November 2020 opening
A new US$550m (€509m, £426m) African-themed water park and resort from Kalahari Resorts & Conventions is due to open in Round Rock, Texas, in November 2020.
Northern Ireland's The Gobbins in line for £11m development
Plans for an £11m (US$14.2m, €13m) extension to The Gobbins, a famous cliff-face path at Islandmagee, County Antrim, Northern Ireland, have made significant progress, according to the local borough council.
London's V&A Museum of Childhood to close for two-year redevelopment
Creating an "unforgettable first museum experience for children" is the aim of the V&A Museum of Childhood in London, which has announced it will close in May 2020 to undergo a two-year, £13m (US$16.9m, €15.7m) transformation.
+ More news   
LATEST JOBS
Visitor Services Team Leader
Royal Horticultural Society
Salary: Up to £21,000 pa
Job location: RHS Garden Bridgewater, Salford , United Kingdom
Head of Technical and Building Services
Parkwood Leisure
Salary: Competitive salary
Job location: Crawley, UK
Stage and Production Manager
Parkwood Leisure
Salary: Competitive salary
Job location: Crawley, UK
Marketing Manager
Sea Life
Salary: Circa £40,000 per annum
Job location: Manchester, UK
Aquarium Displays Curator
Sea Life
Salary: Competitive
Job location: County Wicklow, Ireland
Retail Assistant Manager
Legoland
Salary: Competitive
Job location: Goshen, NY, USA
+ More jobs  

COMPANY PROFILES
RMA Ltd

RMA Ltd is a one-stop global company that can design, build and produce from a greenfield site upw [more...]
IDEATTACK

IDEATTACK is a full-service planning and design company with headquarters in Los Angeles. [more...]
instantprint

We’re a Yorkshire-based online printer, founded in 2009 by Adam Carnell and James Kinsella. [more...]
Vekoma Rides Manufacturing B.V.

Vekoma Rides has a large variety of coasters and attractions. [more...]
+ More profiles  
FEATURED SUPPLIER

Healthy appetite for investment at EAG International 2020
A buoyant EAG International has welcomed in the new decade as a well-rounded event with high levels of optimism and positivity on the show floor. [more...]
VIDEO GALLERY

Red Raion - Trailer Aladdin - The Bachelor Party VR
Red Raion is the CGI studio specialized in media based attraction. Find out more...
More videos:
Introducing AnimaChat! – Animalive
Red Raion Showreel 2019 – Red Raion
Red Raion: Meet the Team - Introduction – Red Raion
+ More videos  

CATALOGUE GALLERY
 

+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

23-25 Mar 2020

MuseumNext Europe

Edinburgh Festival Hub, Edinburgh,
23-25 Mar 2020

Dubai Entertainment Amusement and Leisure Exhibition (DEAL)

Dubai World Trade Centre, Dubai, United Arab Emirates
+ More diary  
LATEST ISSUES
+ View Magazine Archive

Attractions Management

2019 issue 4


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

Attractions Management

2019 issue 3


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

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 News

19 Feb 2020 issue 150


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 2020
Jobs   News   Products   Magazine
NEWS
Six Flags Dubai on hold as DXB sees finance options evaporate
POSTED 07 Feb 2019 . BY Andy Knaggs
Six Flags Dubai was due to contain 27 rides across six themed zones Credit: Six Flags/DPR
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
Catherine Toolan to replace departing Paul Carty at Guinness Storehouse
Ireland's top attraction, the Guinness Storehouse, is to come under new leadership from April, with Catherine Toolan replacing Paul Carty as managing director.
Texas Kalahari Water Park scheduled for November 2020 opening
A new US$550m (€509m, £426m) African-themed water park and resort from Kalahari Resorts & Conventions is due to open in Round Rock, Texas, in November 2020.
Northern Ireland's The Gobbins in line for £11m development
Plans for an £11m (US$14.2m, €13m) extension to The Gobbins, a famous cliff-face path at Islandmagee, County Antrim, Northern Ireland, have made significant progress, according to the local borough council.
London's V&A Museum of Childhood to close for two-year redevelopment
Creating an "unforgettable first museum experience for children" is the aim of the V&A Museum of Childhood in London, which has announced it will close in May 2020 to undergo a two-year, £13m (US$16.9m, €15.7m) transformation.
Hassell's grass-covered dome will celebrate the stars at Jodrell Bank
Construction has begun on a Hassell-designed grass-covered dome pavilion at Jodrell Bank to help celebrate the site’s heritage and the beginnings of radio astronomy when it opens in 2021.
£900k Coastal Forces museum to open in Gosport
A new museum, dedicated to the smaller craft used by the Royal Navy in both world wars, is set to open in Gosport, Hampshire, next year.
+ More news   
 
COMPANY PROFILES
RMA Ltd

RMA Ltd is a one-stop global company that can design, build and produce from a greenfield site upw [more...]
IDEATTACK

IDEATTACK is a full-service planning and design company with headquarters in Los Angeles. [more...]
instantprint

We’re a Yorkshire-based online printer, founded in 2009 by Adam Carnell and James Kinsella. [more...]
Vekoma Rides Manufacturing B.V.

Vekoma Rides has a large variety of coasters and attractions. [more...]
+ More profiles  
FEATURED SUPPLIER

Healthy appetite for investment at EAG International 2020
A buoyant EAG International has welcomed in the new decade as a well-rounded event with high levels of optimism and positivity on the show floor. [more...]
VIDEO GALLERY

Red Raion - Trailer Aladdin - The Bachelor Party VR
Red Raion is the CGI studio specialized in media based attraction. Find out more...
More videos:
Introducing AnimaChat! – Animalive
Red Raion Showreel 2019 – Red Raion
Red Raion: Meet the Team - Introduction – Red Raion
+ More videos  

CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

23-25 Mar 2020

MuseumNext Europe

Edinburgh Festival Hub, Edinburgh,
23-25 Mar 2020

Dubai Entertainment Amusement and Leisure Exhibition (DEAL)

Dubai World Trade Centre, Dubai, United Arab Emirates
+ More diary  
 


ADVERTISE . CONTACT US

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

©Cybertrek 2020

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