{"id":22628,"date":"2016-08-11T17:41:51","date_gmt":"2016-08-11T10:41:51","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-parks-and-resorts-financial-loss-widens\/"},"modified":"2016-08-11T18:09:38","modified_gmt":"2016-08-11T11:09:38","slug":"dubai-parks-and-resorts-financial-loss-widens","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-parks-and-resorts-financial-loss-widens\/","title":{"rendered":"Dubai Parks and Resorts financial loss widens"},"content":{"rendered":"


\nDubai Parks and Resorts loss widened owing to expenditure rising in the run-up to the park’s partial opening on October 31, the theme park operator said.The company said it expects to generate about Dh297 million in income this year, when it anticipates 900,000 visitors within the two months it will operate. Dubai Parks and Resorts’ loss in the three months to June 30 reached Dh59.5m, compared with a loss of Dh15.5m a year earlier, it said in a statement. The company, which is building a Dh10.5 billion theme park, is projecting Dh2.4bn in revenue in its first full year of operation next year, rising to nearly Dh3.1bn by 2019. It expects to declare a net loss of Dh36m in its first full year of operation, then a Dh108m profit in 2018 and a Dh249m profit in 2019.The company said that it intends to open its gates for phase one of the project to the public on October 31.”Construction of the destination is now moving into the final stage as we move into our pre-launch phase,” said chief executive Raed Al Nuaimi in the statement. By the end of June, 93 per cent of the site’s infrastructure had been completed, 84 per cent of the ride systems were built and 80 per cent of the site’s overall facilities were completed.Dubai Parks and Resorts sold shares to the public in November 2014 to help pay for its construction, raising more than Dh2.5bn. Some 60 per cent of its shares are held by developer Meraas Holding, with the remainder in the hands of institutional and retail investors. A further Dh1.68bn was raised in May this year for a second phase of development, which will contain a Six Flags-branded theme park. Work started on that project last month and is due to be completed in late 2019.The first phase of the park opening in October will include a Legoland theme park and water park, a Bollywood Parks Dubai and a Motiongate Dubai theme park, as well as a Marriott-operated Lapita hotel and a Riverland area with retail and dining outlets. This initial phase has cost just over Dh10.5bn to build \u2014 Dh6.3bn of which has been provided by its shareholders and Dh4.2bn through debt financing. Dubai Parks and Resorts said that the total value of its assets now stands at Dh11.6bn.Ayub Ansari, a senior analyst at Securities & Investment Company in Bahrain, said that it is “very comendable” that park bosses had largely stuck to the ambitious time frame announced in 2014. However, his target price for the com\u00adpany’s shares remains at Dh1.25, which is considerably below the Dh1.74 it was trading at by midday yesterday.”Once the park opens, the thing to watch out for is the footfall – whether it is in line with what they have projected, or much better. Because the current market price seems to be implying a very high growth rate for park arrivals. I’d like to see those numbers first before committing to a higher value or revising my estimates.”mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Dubai Parks and Resorts financial loss widens<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai Parks and Resorts loss widened owing to expenditure rising in the run-up to the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-22628","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-5SY","jetpack-related-posts":[{"id":22606,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-parks-and-resorts-reduces-revenue-forecast-as-financial-loss-widens\/","url_meta":{"origin":22628,"position":0},"title":"Dubai Parks and Resorts reduces revenue forecast as financial loss widens","date":"August 11, 2016","format":false,"excerpt":"\r Dubai Parks and Resorts reduced this year's revenue forecast as its second-quarter loss widened due to expenditure rising in the run-up to the park's partial opening on October 31, the theme park operator said.The company said it expects to generate about Dh297 million in income this year, when it\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4446,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-parks-and-resorts-spend-hits-dh5-8-billion\/","url_meta":{"origin":22628,"position":1},"title":"Dubai Parks and Resorts' spend hits Dh5.8 billion","date":"February 12, 2016","format":false,"excerpt":"\r \r Dubai Parks and Resorts has said that it remains \"firmly focused on monthly milestones\" to ensure that it meets its proposed opening date in October.The management company behind the Dh10 billion resort said that it has 13,500 workers and 41 different contractors on site working to meet the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4454,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-parks-and-resorts-spend-hits-dh5-8-billion-2\/","url_meta":{"origin":22628,"position":2},"title":"Dubai Parks and Resorts' spend hits Dh5.8 billion","date":"February 12, 2016","format":false,"excerpt":"\r \r Dubai Parks and Resorts has said that it remains \"firmly focused on monthly milestones\" to ensure that it meets its proposed opening date in October.The management company behind the Dh10 billion resort said that it has 13,500 workers and 41 different contractors on site working to meet the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4920,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emaar-to-open-a-rove-hotel-next-to-dubai-parks-and-resorts\/","url_meta":{"origin":22628,"position":3},"title":"Emaar to open a Rove hotel next to Dubai Parks and Resorts","date":"February 17, 2016","format":false,"excerpt":"\r \r Developer Emaar expects to open its first Rove hotel near the massive theme park under construction on the outskirts of Dubai. The 458-room, mid-market Rove At The Park will open adjacent to Dubai Parks and Resorts in Jebel Ali. The company did not announce an opening date. Rove\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1863,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-parks-and-resorts-leases-nearly-two-thirds-of-riverland-part-of-theme-park\/","url_meta":{"origin":22628,"position":4},"title":"Dubai Parks and Resorts leases nearly two thirds of Riverland part of theme park","date":"January 18, 2016","format":false,"excerpt":"\r \r Dubai Parks and Resorts has let almost two-thirds of the available space at the Riverland element of its multi-theme park site.The company \u2014 a spin-off from Meraas Holding which raised Dh2.5 billion via a flotation on the Dubai Financial Market in December 2014 \u2014 said that it exceeded\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18422,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/building-begins-at-six-flags-theme-park-in-dubai\/","url_meta":{"origin":22628,"position":5},"title":"Building begins at Six Flags theme park in Dubai","date":"July 3, 2016","format":false,"excerpt":"\r Dubai Parks and Resorts on Sunday started work on the \u00adconstruction of its Six Flags theme park. The company said a ground-\u00adbreaking ceremony was held to mark the second phase of the development of Dubai Parks and Resorts and what will be the fourth theme park on the site.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/22628"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=22628"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/22628\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=22628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=22628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=22628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}