Dubai Parks and Resorts operator reports $232mln net loss | ZAWYA MENA Edition:
DXB Entertainments, the company behind Dubai Parks and Resorts, has reported a net loss of 855 million UAE dirhams ($232 million) for 2019, citing falling attendance and visitor spend.
The company’s revenues for the full year also fell 9 percent to 491 million UAE, but it remains bullish for 2020, as it plans to go ahead with its expansion strategy by deploying 12 more rides at two of its parks and opening a 250-room hotel before the end of the year.
The Dubai Parks and Resorts is home to Legoland, Motiongate and Riverland.
The company has been incurring profit losses since its listing on the Dubai Stock Exchange in 2014. Last year, DXB Entertainments cancelled plans to build a Six Flags theme park due to financing constraints.
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