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Village announces Chinese theme park deal

Village announces Chinese theme park deal
October 19, 2012

Less than a fortnight after announcing it had taken a 51% stake in waterpark development in Las Vegas, theme park operator Village Roadshow has struck an agreement to develop and operate a new theme and water park on the Chinese resort island of Hainan.

Village has struck a deal with Guangzhou R&F Properties Co. 2777.HK +3.85% Ltd. to recreate a 3.5 billion yuan (US$568 million) marine life-focused theme park, similar to its Sea World resort on the Gold Coast, as well as a new waterpark.

The two-part agreement will see the Melbourne-based company design, develop and construct Hainan R&F Ocean Paradise and Hainan Wet 'n' Wild, and then grant Village exclusive rights to operate it for two decades.

Explaining the deals, Guangzhou R&F Properties Chairman Li Sze Lim said in a statement "Village Roadshow's demonstrated capabilities in theme parks, combined with their commitment to this project, gives us every confidence that together we will deliver a truly wonderful theme park experience to the millions of tourists and residents.

"We have searched the world to find the best partner to work with to deliver on our commitment to establish an international standard theme park for the people of Hainan and China. We believe we have found this in Village Roadshow."

The deal comes after more than two years of negotiations, with Village having signalled its intent to operate a number of attractions in China during that time with the company also in negotiations to build and operate another theme park outside Beijing.

Village Executive Chairman Robert Kirby said the Hainan Island deal represented a "watershed" for the group in the region. The park has already been under construction for many months and is scheduled to open in 2015.

Kirby told The Australian newspaper "the theme park division is by far the biggest and most valuable part of our group. Being in this, the Asian century, and being in Asia ourselves and having our world-class expertise in theme parks, we are well set-up."

Kirby revealed the group was also looking at opportunities to build a movie theme park and a ride theme park on the site.

Images shows Atlantis Hainan.

12th October 2012 - VILLAGE ROADSHOW TAKES MAJORITY STAKE IN LAS VEGAS WATERPARK

12th July 2012 - WORK TO COMMENCE AT WET’N'WILD SYDNEY

14th June 2012 - SANDERSON AND VILLAGE PARTNER TO DELIVER TURNKEY ATTRACTIONS SOLUTIONS

20th June 2011 - ASIAN ATTRACTIONS BOUNCE BACK AMID MIXED GLOBAL THEME PARKS PERFORMANCE

1st April 2011 - VILLAGE ROADSHOW TO DEVELOP CHINA THEME PARKS 

19th November 2010 - FORGET LEISURE: FOCUS ON THE EXPERIENCE INDUSTRY 

13th September 2010 - VILLAGE ROADSHOW TO BUILD WET’N'WILD SYDNEY

29th April 2010 - GLOBAL STUDY SHOWS RESILIENCE IN THE THEME PARK INDUSTRY

10th September 2009 - WET’N'WILD IN TOP 10 OF WORLD WATERPARKS 

18th March 2008 - DISNEY CONSIDERS SYDNEY DEVELOPMENT


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However, as an independent publisher, can we ask for you to support us by subscribing to the printed Australasian Leisure Management magazine - if you don't already do so.

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