DXB Entertainments is preparing to welcome back its annual pass holders and guests from 23rd September.
They remain committed to ensuring that it breaks even though this may be delayed as a result of the COVID-19 pandemic, leading to a 95 percent decline in revenue in the second quarter.
Movement restrictions put in place to prevent the spread of coronavirus led to the closure of Dubai Parks and Resorts theme park on March 15, which reduced revenue from $29.8 million last year to $1.million this year for the same quarter, the company said in a statement to Dubai Financial Market, where its shares are trading.
However, the company was able to maintain its net loss for the year, which increased to $70.2 million by widening 11 percent.
Mohammed Almulla CEO & MD, DXB Entertainments.
“We had a good start to the year and were on track to deliver another profitable quarter. However, the global pandemic and subsequent temporary closure of our operations from 15 March 2020 adversely affected our performance.”
“Operationally, we are preparing to welcome back our annual pass holders and guests on September 23 with additional health and safety measures implemented in preparation for the gradual reopening of our destination,” Mr. Almulla said.
According to market reports, DXB Entertainments is majorly owned by Meraas Leisure and Entertainment, which owns about 52 percent of its shares.
DXB Entertainments owns and operates Dubai Parks and Resorts, a property that includes theme parks like Dubai Bollywood Parks, Motiongate and Legoland Dubai, as well as a hotel and other attractions.
For much of the second quarter, the park’s closure meant visitor numbers fell 57 percent to 596,000 in H1 2020. Revenue for the six-month period dropped to $28.9 million by 58 percent and losses increased to $235.9 million by 69 percent, which included a one-off, non-cash impairment cost of $106 million linked to the pandemic.
The company said it had used the closure of the park to focus on improvements, with twelve new attractions and a Legoland hotel set to be completed by year-end.
It expects visits to be dominated by residents in the foreseeable future, adding “we expect the number of international visitors to gradually increase as the global travel and tourism industry recovers from the COVID-19 pandemic’s effects.”
