Business / #ForbesBusiness

February 7, 2019,   10:58 AM

Dubai’s $707M Six Flags Theme Park Project Put On Hold

Mary Sophia

At Forbes Middle East, I write about some of the most successful entrepreneurs and companies that... FULL BIO

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Credit: Jeremy Thompson/Flickr

Theme park operator, DXB Entertainments PJSC, has put plans on hold for a new Six Flags Theme Park in Dubai after citing financing issues. The announcement comes as the company's board reviewed its future plans, which included opening the theme park in 2019.

"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,” DXB Entertainments said in a statement. 

“As a result, the syndicated finance facility intended for utilization 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 company added that the scope of the strategic review will be adjusted, and it will provide an update on its revised plans in due course.

The $707.8 million Six Flags Theme Park was initially planned to be an addition to the company’s massive Dubai Parks and Resorts project off Sheikh Zayed Road. The newest attraction also had plans to feature the world’s largest roller coaster along with a number of other record-breaking rides.

However, sluggish visitor growth rate among its existing parks has forced the company to review its strategy and revamp its senior executive team.

Increasing competition has also impacted the parks’ performance, diluting its market share. Neighbouring Abu Dhabi has major parks such as Warner Bros World Abu Dhabi, Ferrari World Abu Dhabi and Yas Waterworld. Meanwhile another indoor park project called IMG World has also chipped away at visitor numbers.

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