#Dubai theme parks owner writes down value of assets by over $400mln | ZAWYA MENA Edition

Dubai theme parks owner writes down value of assets by over $400mln | ZAWYA MENA Edition:

The owner of the Dubai Parks and Resorts theme parks has written down the value of its assets by more than 1.54 billion ($419.3 million), newly-filed accounts show.

DXB Entertainments declared a 991 million-dirhams impairment in the value of the Dubai Parks and Resorts complex of theme parks, comprising the Bollywood Parks Dubai, Motiongate Dubai and Legoland Dubai theme parks, among other assets, which it attributed to a “delayed ramp-up of international visitation”.

Dubai Parks and Resorts attracted almost 2.8 million visitors last year, which was a 22 percent year-on-year increase. However, its initial target for visitor numbers for 2018 was 6.6 million visits.