Tags: APFN | ML | Dubai | Six Flags Cancelled

Dubai Firm Pays $7.5M for Cancelling Six Flags Park Plans

Wednesday, 03 July 2019 01:42 PM

DUBAI, United Arab Emirates (AP) — A Dubai firm will pay $7.5 million to Six Flags after abandoning plans to build a version of the U.S. amusement park in the United Arab Emirates amid a slowdown in the economy.

DXB Entertainments, which runs Dubai Parks & Resorts, said Tuesday it agreed with Texas-based Six Flags Entertainment Corp. to pay the amount as "a right of first refusal."

In February, DXB Entertainments announced it was cancelling plans to build the $454 million Six Flags, citing financing constraints. The company, which owns other theme parks in Dubai, posted a first quarter net loss of $59 million and visits were down 11% over the same period.

DXB Entertainments is majority-owned by Meraas Holding, a development company owned by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum.

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
A Dubai firm will pay $7.5 million to Six Flags after abandoning plans to build a version of the U.S. amusement park in the United Arab Emirates amid a slowdown in the economy.DXB Entertainments, which runs Dubai Parks & Resorts, said Tuesday it agreed with Texas-based Six...
APFN,ML,Dubai,Six Flags Cancelled
132
2019-42-03
Wednesday, 03 July 2019 01:42 PM
Newsmax Media, Inc.
 
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved