Dubai Parks & Resorts Discussion Thread! Motiongate, Lego...

P. 16: Six Flags Dubai on hold as funding is withdrawn
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Re: Dubai Parks & Resorts Discussion Thread! Motiongate, Leg

Postby ytterbiumanalyst » Fri Jul 07, 2017 11:05 am

This looks really great! My girls are big fans of this movie, and we all just watched the video. They now want to go to Dubai. :lol:
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Re: Dubai Parks & Resorts Discussion Thread! Motiongate, Leg

Postby dubaidave » Fri Jul 07, 2017 11:06 am

Honestly the ride is stunning. So pleased that it ha s turned out so well. Love it


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Re: Dubai Parks & Resorts Discussion Thread! Motiongate, Leg

Postby jedimaster1227 » Fri Feb 15, 2019 2:42 pm

DXB Entertainments (previously Dubai Parks & Resorts) has announced that Six Flags Dubai is on hold as the project no longer has funding.

https://www.reuters.com/article/emirates-six-flags/update-1-six-flags-dubai-theme-park-put-on-hold-as-funding-withdrawn-idUSL5N20167T

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DXB Entertainments PJSC said on Wednesday that the Six Flags theme park in Dubai had been put on hold as the financing for the project was no longer available. The move is the latest sign that the Gulf’s leading tourism and commerce hotspot is being buffeted by the impact of an economic slowdown in the region triggered by lower oil prices and geopolitical tensions.

DXB Entertainments said the decision came after its board in August 2018 mandated a strategic review of its future development plans and capital deployment. That included Six Flags Dubai, once slated to open later this year. “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,” the firm said in a statement.

As a result, the syndicated financing intended to help pay for the park is no longer available and the project cannot proceed, it added.

A flurry of theme parks and other entertainment offerings have emerged in the United Arab Emirates in recent years, with some struggling due to low visitor numbers and high costs.

The company last year said it had restructured 4.2 billion dirhams ($1.1 billion) in bank debt and received fresh funding from its majority shareholder, Meraas Holding, a Dubai government-linked developer. Its most recent third-quarter financial results showed a narrowing of losses compared to the year earlier and a rise in visitor numbers for the period.

DXB Entertainments said the scope of its strategic review will be adjusted and an update will be provided in due course.

In neighbouring Saudi Arabia, theme park operator Six Flags is involved in a park in a project being built on a 334 square km (8,400 acre) site, making it 2-1/2 times the size of Disney World. ($1 = 3.6726 UAE dirham) (Reporting by Tom Arnold and Asma Alsharif Editing by Alexander Smith)
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Re: Dubai Parks & Resorts Discussion Thread! Motiongate, Leg

Postby robbalvey » Fri Feb 15, 2019 2:53 pm

Let me put on my best shocked face.... hang on a second....

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Re: Dubai Parks & Resorts Discussion Thread! Motiongate, Leg

Postby SharkTums » Fri Feb 15, 2019 3:13 pm

Bummer, but certainly not surprising.

I'm throwing my support to the parks that are already in the region as they're all pretty awesome in their own ways. Let's focus on those and stop building new ones!

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Re: Dubai Parks & Resorts Discussion Thread! Motiongate, Leg

Postby Canobie Coaster » Fri Feb 15, 2019 3:34 pm

Was there ever any vertical construction on this park?
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Re: Dubai Parks & Resorts Discussion Thread! Motiongate, Leg

Postby ytterbiumanalyst » Fri Feb 15, 2019 8:00 pm

This is soooooo 2010.
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Re: Dubai Parks & Resorts Discussion Thread! Motiongate, Leg

Postby Joe Schwartz » Sat Feb 16, 2019 3:54 pm

Has there been any news about IMG Worlds of Legends? That project sounded amazing, but I'll be happily surprised if it actually gets built.

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Re: Dubai Parks & Resorts Discussion Thread! Motiongate, Leg

Postby Jew » Sat Feb 16, 2019 5:08 pm

Joe Schwartz wrote:Has there been any news about IMG Worlds of Legends? That project sounded amazing, but I'll be happily surprised if it actually gets built.


The last news I could find was a news article on them restructuring their debt in 2018, so I'm guessing there hasn't been much going on...
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Re: Dubai Parks & Resorts Discussion Thread! Motiongate, Leg

Postby dubaidave » Sun Feb 24, 2019 9:32 am

The official line in worlds of legends is that is still happening, just not yet.
The word on the street is that a lot of the rides for six flags are already in Dubai and they could be incorporated into a future expansion of motiongate.


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