DXB Entertainments (DXBE), the Dubai-based theme park operators, have announced its preliminary results for 2018 showing failure to grow attendance and visitor spending figures.
The park operator reported a net loss of one billion dirhams ($272m) for 2018. Visitor attendance at DXB Entertainments’ parks was close to 2.8 million during the whole of 2018, a year-on-year increase of almost 22 percent.
These figures were however dampened by lower than expected attendance in the fourth quarter, which led to a reduction in revenue of $41million, a decrease of 5% on Q4 2017.
The company saved 21% on overall operating costs in 2018, having spent 925 million dirhams ($252m) in 2017 and 728 million dirhams ($198m) in 2018.
Ayub Ansari, a financial analyst at a Bahrain-based bank, spoke of DXB Entertainment’s lack of growth.
“[The] company continues to struggle with achieving meaningful growth in park arrivals, as well as visitor spending,” said Ansari.
The senior analyst also referred to the company’s theme park spend per visit of 123 dirhams ($33) as “weak and disappointing.”
In February 2019, DXBE announced its plans to build the Six Flags theme park in Dubai had been put on hold due to a lack of financing.
