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NEWS
Six Flags Dubai on hold as DXB sees finance options evaporate
POSTED 07 Feb 2019 . BY Andy Knaggs
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.
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NEWS
Six Flags Dubai on hold as DXB sees finance options evaporate
POSTED 07 Feb 2019 . BY Andy Knaggs
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.
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San Antonio's McNay Art Museum embarks on first phase of campus improvements
The first phase of a multi-million dollar landscape transformation plan for San Antonio's McNay Art Museum has been unveiled, with outdoor works of art, increased accessibility and aesthetic fencing to replace the existing tall boundary hedges planned for the Texas attraction.
Angela Merkel on-hand for opening of €28m Bauhaus Museum Dessau
Germany's Chancellor, Angela Merkel, has cut the ribbon to open the new Bauhaus Museum in Dessau – a building designed to hold the 49,000 exhibits in the Bauhaus Dessau Foundation collection.
Cincinnati fun park to focus on water experiences at the expense of amusement rides
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COMPANY PROFILE
Sally Corporation

Our services include: Dark ride design & build; Redevelopment of existing attractions; High-quality [more...]
+ More profiles  
FEATURED SUPPLIER

Rebranded EAG International Expo set to become leading trade show for the international entertainment and attractions industry
The newly rebranded Entertainment, Attractions and Gaming International Expo (EAG) is set to become the entertainment industry’s leading and most comprehensive trade event. [more...]
VIDEO GALLERY

Red Raion - Miko and the Spell of the Stone - Movie Trailer
Red Raion is the CGI studio specialized in media based attraction. Find out more...
More videos:
Introducing AnimaChat! – Animalive
Experience the experience – Polin Waterparks & Pool Systems
Online Print Made Easy! – instantprint
+ More videos  

CATALOGUE GALLERY
 

+ More catalogues  
DIRECTORY
+ More directory  
DIARY

16-19 Sep 2019

IAAPA Expo Europe 2019

Paris Expo Porte de Versailles, Paris, France
17 Sep 2019

TEA Western Division TEA Talks Live: TEA Masters

CalArts Walt Disney Modular Theater, Valencia, United States
+ More diary  
 


ADVERTISE . CONTACT US

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

©Cybertrek 2019

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