BioGuard is Australia and New Zealand’s most trusted supplier of premium, innovative and affordable commercial water treatment systems and chemicals. BioGuard offers a comprehensive range of…read more
Extended closure announced for UAE theme parks
DXB Entertainments, operator of Dubai Parks and Resorts, has announced that Bollywood Parks, Legoland and Motiongate in Dubai, UAE, will be closed indefinitely until the situation is re-evaluated in the wake of COVID-19. The opening of Legoland Hotel, initially planned for June, has also been postponed until the fourth quarter of the year, while operations at Riverland Dubai and Lapita Hotel were suspended.
In the forthcoming period, which incorporates the holy month of Ramadan (historically experiencing lower demand), DXBE will take the opportunity to undertake its annual routine maintenance cycle, in readiness for re-opening.
DXB Entertainments PJSC Managing Director and Chief Executive, Mohamed Almulla, advised “the health and safety of our employees, guests and their families is our top priority, and accordingly and in support of both local and global efforts to reduce the spread of COVID-19, we have taken the decision to extend the temporary suspension of operations at our destination.
“Consequently, COVID-19 will have a material impact on our 2020 results. However, given the high level of uncertainty, it is too early to quantify this impact.
“Our liquidity position is robust and I am pleased to announce has been further improved by reaching agreement with our financing partners to defer a significant proportion of our interest over the next 15 months, significantly improving our near term liquidity.
As reported in the UAE’s The National, DXB Entertainments reached an agreement with banks to defer a "significant proportion" of the interest on a Dh4.2 billion syndicated loan which will improve the company's liquidity through the extension of its theme park suspension due to COVID-19.
DXB Entertainments implemented a cost efficiency and optimisation plan in 2019, delivering year-on-year savings of Dh172 million or 24%, with further savings expected in 2020.
It is currently in the process of implementing a number of additional temporary measures to mitigate the impact of the suspension of operations, including renegotiation of supplier agreements, an immediate reduction in marketing spend and a suspension of outsource arrangements.
2nd April 2020 - Expo 2020 Dubai considers postponement to next year
18th February 2020 - IAAPA shares resources on Coronavirus outbreak
5th February 2020 - Ferrari World Abu Dhabi to launch new experiences and family zone
24th January 2020 - Opening of world’s tallest observation wheel to coincide with Expo 2020 Dubai
7th January 2020 - World’s tallest indoor climbing wall opens in Abu Dhabi
17th December 2019 - Warner Bros World Abu Dhabi gains confirmation as world’s largest indoor theme park
14th November 2019 - Dubai’s Palm Jumeirah set to open new trampoline park
22nd October 2019 - Dubai Parks and Resorts report decline in resident visitor numbers
18th October 2019 - Work advances on Abu Dhabi’s Yas Bay entertainment and lifestyle precinct
5th August 2018 - New $1 billion Warner Bros. World Abu Dhabi attraction opens
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