Losses shrink for DXB as operator strives to turn a profit for struggling parks portfolio | attractionsmanagement.com news
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Losses shrink for DXB as operator strives to turn a profit for struggling parks portfolio
POSTED 20 Feb 2019 . BY Andy Knaggs
DXB Entertainments' theme parks attracted 2.8 million visitors in 2018 Credit: DXB Entertainments
Preliminary financial results for 2018 released by Dubai theme park operator DXB Entertainments have shown reduced losses, greater visitor numbers, and better operating costs compared to 2017.

DXB made a net loss of one billion dirhams (US$272m, €240m, £209m) for 2018, a figure that is 11 per cent lower than the AED1.12bn (US$305m, €269m, £234m) loss declared for 2017.

The company’s operating loss for the year also narrowed on the 2017 performance, shrinking from AED445m (US$121m, €107m, £93m) to AED260m (US$70m, €62.5m, £54m), helped by reduced operating expenses (21 per cent lower than 2017). However, revenues fell by 2 per cent to AED541m (US$147m, €130m, £113m), despite DXB recording greater numbers of visitors, with a 22 per cent year-on-year increase seeing 2.8 million people enter its theme parks in 2018. This would seem to have been caused, at least in part, by a fall in average theme park spend per visit, which dropped 11 per cent to AED123 (US$33.49, €29.56, £25.70).

DXB recorded a Q4 net loss of AED268m (US$73m, €64m, £56m) – a 5.1 per cent increase on the net loss of AED255m (US$69m, €61m, £53m) for the same quarter in 2017.

As reported in Attractions Management on 7 February 2018, DXB’s plans to build a Six Flags theme park in Dubai have been put on hold as the financing for the project was no longer available. However, DXB said in its preliminary results statement to the Dubai Financial Market that there was no financial impact from the Six Flags Dubai project in these provisional figures.

The company runs the Motiongate, Bollywood and Legoland theme parks in Dubai, as well as the Legoland water park, two hotels and a themed retail and dining destination.
RELATED STORIES
Six Flags Dubai on hold as DXB sees finance options evaporate


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.
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.
Attendance soars for Dubai Parks and Resorts as DXB reports half year visitor figures


Things are looking up for DXB Entertainments, after the operator reported more than 1.4 million visitors to Dubai Parks and Resorts in the first half 2018 – an increase of more than 46 per cent year-on-year.
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NEWS
Losses shrink for DXB as operator strives to turn a profit for struggling parks portfolio
POSTED 20 Feb 2019 . BY Andy Knaggs
DXB Entertainments' theme parks attracted 2.8 million visitors in 2018 Credit: DXB Entertainments
Preliminary financial results for 2018 released by Dubai theme park operator DXB Entertainments have shown reduced losses, greater visitor numbers, and better operating costs compared to 2017.

DXB made a net loss of one billion dirhams (US$272m, €240m, £209m) for 2018, a figure that is 11 per cent lower than the AED1.12bn (US$305m, €269m, £234m) loss declared for 2017.

The company’s operating loss for the year also narrowed on the 2017 performance, shrinking from AED445m (US$121m, €107m, £93m) to AED260m (US$70m, €62.5m, £54m), helped by reduced operating expenses (21 per cent lower than 2017). However, revenues fell by 2 per cent to AED541m (US$147m, €130m, £113m), despite DXB recording greater numbers of visitors, with a 22 per cent year-on-year increase seeing 2.8 million people enter its theme parks in 2018. This would seem to have been caused, at least in part, by a fall in average theme park spend per visit, which dropped 11 per cent to AED123 (US$33.49, €29.56, £25.70).

DXB recorded a Q4 net loss of AED268m (US$73m, €64m, £56m) – a 5.1 per cent increase on the net loss of AED255m (US$69m, €61m, £53m) for the same quarter in 2017.

As reported in Attractions Management on 7 February 2018, DXB’s plans to build a Six Flags theme park in Dubai have been put on hold as the financing for the project was no longer available. However, DXB said in its preliminary results statement to the Dubai Financial Market that there was no financial impact from the Six Flags Dubai project in these provisional figures.

The company runs the Motiongate, Bollywood and Legoland theme parks in Dubai, as well as the Legoland water park, two hotels and a themed retail and dining destination.
RELATED STORIES
Six Flags Dubai on hold as DXB sees finance options evaporate


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.
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.
Attendance soars for Dubai Parks and Resorts as DXB reports half year visitor figures


Things are looking up for DXB Entertainments, after the operator reported more than 1.4 million visitors to Dubai Parks and Resorts in the first half 2018 – an increase of more than 46 per cent year-on-year.
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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.
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+ More catalogues  
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+ More directory  
DIARY

 

23-25 Mar 2020

MuseumNext Europe

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Dubai Entertainment Amusement and Leisure Exhibition (DEAL)

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+ More diary  
 


ADVERTISE . CONTACT US

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Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2020

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