The prospect that DXB theme parks in the Middle East will change hands imminently looks more likely.
The Dubai-based theme park operator DXB Entertainment reported a net loss of 2.7bn dirhams for the year ending December 31, 2020. This was a loss of one third compared to the previous year.
The company is pinning its significant loss in revenue, which fell by 71% in 2020, on the tourism slump caused by the pandemic.
DXB Entertainment is the current name for Dubai Parks and Resorts. It constitutes the largest integrated leisure and attractions destination in the Middle East. Its three main theme parks are Motiongate, Bollywood Parks and Legoland Dubai.
Shareholders in DXB are looking at an offer from local developers Meraas Leisure and Entertainment to acquire 100% of the issued ordinary shares in DXB. According to DXB Entertainment, the offer is “fair and reasonable and it has urged shareholders to vote in favour of the deal at the AGM on March 9.”