UAE: Dubai Parks & Resorts Announces Preliminary Financial Results for 2018

With a total of almost 2.8 million guests in 2018, the Dubai Parks & Resorts (DPR) theme park complex has recorded an increase of 22 percent in visitors compared to the last year (cp. EAP news f. 5 Feb 2018), as reported by operating group DXB Entertainments earlier this year. The operator attributes the growth to the successful integration of the annual pass program, increased occupancy and therefore visitation from the belonging Lapita™ Hotel and increased footfall from international tourists. The overall number of international tourists accounts for 40 percent. “We are pleased to announce solid growth in visitor numbers during 2018, as Dubai Parks and Resorts establishes itself as the leading leisure and entertainment destination for the region,” says Mohamed Almulla, CEO & Managing Director of DXB Entertainments.

Nevertheless, a closer look to the preliminary (unaudited) 2018 financial results published last week shows that despite increased visitor numbers, the operating group recorded a net loss for the year of one billion AED (approx. 240 million EUR). The group also saw a marginal decrease of two percent compared to the prior year on total revenues (to 541 million AED, approx. 129.7 EUR). In addition, the Six Flags Dubai park project announced years ago has recently come to a standstill (cp. EAP news f. 8 Feb 2019). It remains to be seen what the current year will bring for the DPR complex consisting of four theme parks, a shopping and dining district and a hotel. (eap)