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NEWS
Vietnam on hold and Saudi Arabia imminent as Six Flags CEO hints at further international expansion plans
POSTED 27 Apr 2017 . BY Tom Anstey
Speaking during Six Flags’ first quarter earnings call, Duffey was optimistic of further new deals being inked overseas Credit: Shutterstock.com
Six Flags CEO John Duffey has revealed new details about the company’s international dealings, hinting at further announcements in 2017 while also offering updates on the operator’s blossoming Saudi Arabia deal and stuttering Vietnam project.

In February, Six Flags announced a second Chinese licensing location in Bishan, consisting of a theme park and waterpark, bringing the total number of overseas Six Flags developments to five – three in China, one in the Middle East and the other in Vietnam. Six Flags has also been in active discussions to bring a park to Saudi Arabia and is rumoured to be looking at locations in Malaysia and Singapore. Speaking during Six Flags’ first quarter earnings call, Duffey was optimistic of further new deals being inked overseas.

“I can't tell you exactly how many potential further announcements we are expecting to make this year,” said Duffey. “But we've got some great discussions ongoing and I would be disappointed if we do not have further deals announced by the end of 2017.”

Discussing dealings with Saudi Arabia – which is also reportedly interested in purchasing a stake in Six Flags through the kingdom’s Public Investment Fund – Duffey said “good progress” was being made to deliver a theme park to the region.

“We’ve had numerous discussions and meetings with the Saudis,” he said. “We’ve recently completed our first phase of the work and we're moving towards signing definitive agreements. Our hope is that we can that accomplished in the near term and I feel very good about the status of the project and believe that Saudi Arabia is an excellent market for us.”

Six Flags’ proposed Vietnam project hit a stumbling block in February after its franchise partner NaVi Entertainment failed to fulfil “contractual obligations”, with the operator serving the company a Notice of Default.

Announced in March last year, the Vietnam development will use the Six Flags and Six Flags Hurricane Harbor names under a licensing agreement for a theme park and waterpark near Ho Chi Minh City.

“Expanding into emerging markets will not be without challenges and our partner in Vietnam has continued to experience delays in gaining title to the land, which impacted their abilities to secure financing for the next phase of the project and caused them to miss project payments,” said Duffey.

“Although they are trying to remedy this situation, we have suspended work on the project, and we have initiated discussions with other interested parties in the region. Vietnam continues to be a very good market for us, so we'll continue to pursue that.”
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NEWS
Vietnam on hold and Saudi Arabia imminent as Six Flags CEO hints at further international expansion plans
POSTED 27 Apr 2017 . BY Tom Anstey
Speaking during Six Flags’ first quarter earnings call, Duffey was optimistic of further new deals being inked overseas Credit: Shutterstock.com
Six Flags CEO John Duffey has revealed new details about the company’s international dealings, hinting at further announcements in 2017 while also offering updates on the operator’s blossoming Saudi Arabia deal and stuttering Vietnam project.

In February, Six Flags announced a second Chinese licensing location in Bishan, consisting of a theme park and waterpark, bringing the total number of overseas Six Flags developments to five – three in China, one in the Middle East and the other in Vietnam. Six Flags has also been in active discussions to bring a park to Saudi Arabia and is rumoured to be looking at locations in Malaysia and Singapore. Speaking during Six Flags’ first quarter earnings call, Duffey was optimistic of further new deals being inked overseas.

“I can't tell you exactly how many potential further announcements we are expecting to make this year,” said Duffey. “But we've got some great discussions ongoing and I would be disappointed if we do not have further deals announced by the end of 2017.”

Discussing dealings with Saudi Arabia – which is also reportedly interested in purchasing a stake in Six Flags through the kingdom’s Public Investment Fund – Duffey said “good progress” was being made to deliver a theme park to the region.

“We’ve had numerous discussions and meetings with the Saudis,” he said. “We’ve recently completed our first phase of the work and we're moving towards signing definitive agreements. Our hope is that we can that accomplished in the near term and I feel very good about the status of the project and believe that Saudi Arabia is an excellent market for us.”

Six Flags’ proposed Vietnam project hit a stumbling block in February after its franchise partner NaVi Entertainment failed to fulfil “contractual obligations”, with the operator serving the company a Notice of Default.

Announced in March last year, the Vietnam development will use the Six Flags and Six Flags Hurricane Harbor names under a licensing agreement for a theme park and waterpark near Ho Chi Minh City.

“Expanding into emerging markets will not be without challenges and our partner in Vietnam has continued to experience delays in gaining title to the land, which impacted their abilities to secure financing for the next phase of the project and caused them to miss project payments,” said Duffey.

“Although they are trying to remedy this situation, we have suspended work on the project, and we have initiated discussions with other interested parties in the region. Vietnam continues to be a very good market for us, so we'll continue to pursue that.”
RELATED STORIES
Late-occurring Easter impacts Six Flags' Q1 revenue


Six Flags experienced a 13 per cent revenue dip during the first quarter of 2017 due to the late timing of the Easter holidays.
Notice of Default raises serious questions about Six Flags Vietnam development


Six Flags’ proposed Vietnam project has hit troubled waters, after its franchise partner NaVi Entertainment failed to fulfil “contractual obligations”, with the operator serving the company a Notice of Default.
Saudi Arabia considering Six Flags stake


Saudi Arabia’s Public Investment Fund (PIF) – a company set up to manage the country’s sovereign wealth and facilitate development of its national economy – is interested in purchasing a stake in Six Flags, according to reports.
Dubai Parks and Resorts planning fifth theme park


Dubai Parks and Resorts’ three major zones are now open, and the fourth Six Flags- branded park is under construction, but it seems operator DXB Entertainments is not about to rest on its laurels, with plans for a fifth park currently in the works.
MORE NEWS
The Everyday Heritage initiative celebrates and preserves working class histories
Off the back of the success of the first round of Everyday Heritage Grants in 2022, Historic England is funding 56 creative projects that honour the heritage of working-class England.
Universal announces long-awaited details of its Epic Universe, set to open in 2025
Universal has revealed it will be adding new Harry Potter attractions, alongside Super Nintendo and How to Train Your Dragon worlds to its Florida resort.
Heartbreak for Swedish theme park, Liseberg, as fire breaks out
A fire has destroyed part of the new water world, Oceana, at Liseberg in Sweden, and a construction worker has been reported missing.
Museum director apologises after comparing the city of Florence to a sex worker
Museum director Cecilie Hollberg has come under fire for comparing the city to a sex worker due to uncontrolled mass tourism.
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COMPANY PROFILES
Taylor Made Designs

Taylor Made Designs (TMD) has been supplying the Attractions, Holiday Park, Zoos and Theme Park mark [more...]
Holovis

Holovis is a privately owned company established in 2004 by CEO Stuart Hetherington. [more...]
TechnoAlpin

TechnoAlpin is the world leader for snowmaking systems. Our product portfolio includes all different [more...]
DJW

David & Lynn Willrich started the Company over thirty years ago, from the Audio Visual Department [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

08-08 May 2024

Hospitality Design Conference

Hotel Melià , Milano , Italy
10-12 May 2024

Asia Pool & Spa Expo

China Import & Export Fair Complex, Guangzhou, China
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2024

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