NEWS
DXB reshapes business following poor second quarter
POSTED 11 Aug 2017 . BY Tom Anstey
Almost a year on from the launch of its multi-billion pound theme park and resort development in Dubai, operator DXB Entertainments has announced a significant losses for the second quarter of 2017.

Losses for the second quarter grew by almost six times, with AED286.2m (US$77.9m, €66.3m, £55.9m) losses compared to AED41.3m (US$11.2m, €9.6m, £8.6m) for the same period in 2016.

Revenue for the quarter was AED119.6m (US$32.6m, €27.7m, £25m), down from AED159.9m (US$43.5m, €37m, £33.5m) in the first quarter of the year shortly after the staggered launch of Dubai Parks and Resorts.

As a result, DXB has announced a new business strategy, introducing three new business units to better manage its existing assets.

Divided into theme parks, family entertainment centres (FECs), and retail and hospitality, the company says each division will be led by a regional industry specialist “with proven management experience”.

According to DXB, a similar third quarter is expected thanks to the extremely hot weather during the period, though it expects growth in the final three months of the year when temperatures lower.

As part of its reorganisation, DXB has also announced a deal with Meraas Leisure and Entertainment to manage assets including Hub Zero, Mattel Play Town and Roxy Cinemas among others, with the operator intending to “seek further opportunities to manage contemporary leisure and entertainment offerings in the UAE.”

“We are re-organising the business into three operating business units which aligns DXB with our strategic growth objectives,” said DXB chief executive, Mohamed Almulla. “The new structure and the industry specific talent we are bringing on board will help to drive value across DXB’s leisure and entertainment portfolio.

“We already own a great asset in the form of Dubai Parks and Resorts. With the addition of Meraas’ leisure and entertainment portfolio, DXBE will be able to identify and build significant cross-marketing synergies and additional revenue from the coordinated management of our diversified portfolio of assets.”
 


ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2018

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS
 
Leisure Management - DXB reshapes business following poor second quarter...
21 May 2018 Leisure Management: daily news and jobs
 
 
HOME
JOBS
NEWS
FEATURES
PRODUCTS
FREE DIGITAL SUBSCRIPTION
PRINT SUBSCRIPTION
ADVERTISE
CONTACT US
Sign up for FREE ezine
Latest news

11 Aug 2017

DXB reshapes business following poor second quarter
BY Tom Anstey

Motiongate Dubai is one of three theme parks included in Dubai Parks and Resorts, owned by DXB Entertainments

Motiongate Dubai is one of three theme parks included in Dubai Parks and Resorts, owned by DXB Entertainments

Almost a year on from the launch of its multi-billion pound theme park and resort development in Dubai, operator DXB Entertainments has announced a significant losses for the second quarter of 2017.

Losses for the second quarter grew by almost six times, with AED286.2m (US$77.9m, €66.3m, £55.9m) losses compared to AED41.3m (US$11.2m, €9.6m, £8.6m) for the same period in 2016.

Revenue for the quarter was AED119.6m (US$32.6m, €27.7m, £25m), down from AED159.9m (US$43.5m, €37m, £33.5m) in the first quarter of the year shortly after the staggered launch of Dubai Parks and Resorts.

As a result, DXB has announced a new business strategy, introducing three new business units to better manage its existing assets.

Divided into theme parks, family entertainment centres (FECs), and retail and hospitality, the company says each division will be led by a regional industry specialist “with proven management experience”.

According to DXB, a similar third quarter is expected thanks to the extremely hot weather during the period, though it expects growth in the final three months of the year when temperatures lower.

As part of its reorganisation, DXB has also announced a deal with Meraas Leisure and Entertainment to manage assets including Hub Zero, Mattel Play Town and Roxy Cinemas among others, with the operator intending to “seek further opportunities to manage contemporary leisure and entertainment offerings in the UAE.”

“We are re-organising the business into three operating business units which aligns DXB with our strategic growth objectives,” said DXB chief executive, Mohamed Almulla. “The new structure and the industry specific talent we are bringing on board will help to drive value across DXB’s leisure and entertainment portfolio.

“We already own a great asset in the form of Dubai Parks and Resorts. With the addition of Meraas’ leisure and entertainment portfolio, DXBE will be able to identify and build significant cross-marketing synergies and additional revenue from the coordinated management of our diversified portfolio of assets.”



Connect with
Leisure Management
Magazine:
View issue contents
Sign up:
Instant Alerts/zines

Print edition
 

News headlines
Poor ticket sales force closure of Portland Science Center
Poor ticket sales force closure of Portland Science Center   18 May 2018

The city of Portland in Maine, US, has lost its science centre after just three years of operation, owing to poor ticket sales. The Portland .... more>>
Kamaishi Recovery Memorial Stadium completed for Japan's Rugby World Cup, in city devastated by 2011 tsunami
Kamaishi Recovery Memorial Stadium completed for Japan's Rugby World Cup, in city devastated by 2011 tsunami   18 May 2018

Construction is nearing completion on the only new stadium being built for the 2019 Rugby World Cup in Japan. The 16,000-capacity Kamaishi Recovery .... more>>
Fairmont Maldives opens with 2,000sq m wellness area
Fairmont Maldives opens with 2,000sq m wellness area   18 May 2018

The all-villa Fairmont Maldives Dirru Fen Fushi has opened on the Shaviyani Atoll in the North Maldives, complete with a Willow Stream Spa nestled in .... more>>
National Museums Liverpool names Laura Pye as its new director
National Museums Liverpool names Laura Pye as its new director   18 May 2018

Laura Pye has been named director of National Museums Liverpool (NML), with the current head of culture for Bristol City Council to take up her new .... more>>
Museum Index: Louvre regains top spot as Paris recovers and London dips
Museum Index: Louvre regains top spot as Paris recovers and London dips   18 May 2018

France's museums have shown significant recovery following a tumultuous 2016, with the Louvre reclaiming top spot as the world's most visited museum .... more>>
Six Senses appoints Dominic Smith as regional director of UK sales
Six Senses appoints Dominic Smith as regional director of UK sales   18 May 2018

Dominic Smith has been named as the regional director of Sales UK, Ireland and Scandinavia for Six Senses Hotels Resorts Spa. Smith, a key player in .... more>>
Company profile


FaulknerBrowns Architects

FaulknerBrowns is renowned for outstanding performance in the delivery of innovative, award-winning and record-breaking buildings.

View full profile>>

Catalogue gallery


Featured Supplier

Getting a fitness business up and running is no sweat with Portman

Getting a fitness business up and running is no sweat with Portman

When setting up a new gym or expanding an existing business, the purchasing of fitness equipment is a significant outlay that often requires a six-figure sum. More>>




in this issue

• Spending on fitness and sport on the up
• Xponential Fitness to enter UK market
• IHG moves in on UK luxury market



Latest jobs

Jobs Search



Personal Trainer
Salary: £20,000 - £45,000
Location: Winchester, UK
Company: énergie fitness
Club Promoter - New Gym Opening
Location: Winchester, UK
Company: énergie fitness
Sales Manager
Salary: Competitive
Location: Winchester, UK
Company: énergie fitness
Diary dates
Powered by leisurediary.com




24 Apr - 26 Nov 2018

MAPIC Russia

Expocentre, Moscow, Russia



Leisure Management magazine 2016 issue 1
Leisure Management
2016 issue 1

View issue contents
View on turning pages
Download PDF
  Thermal Spa: Taking the waters
Magali Robathan met the key people behind the Gainsborough Bath Spa More>>
  Community: Bright Hart Lane
Grant Cornwell on the Tottenham Hotspur Foundation’s community work More>>


Leisure Management magazine 2015 issue 1

Leisure Management
2015 issue 1

View issue contents
View turning pages
Download PDF
  Sport: Pitch perfect
The first ever UK city of football More>>
  Top Team: All work, all play
As Kidzania opens its latest educational play ‘city’ in London, we speak to the team behind the concept More>>


Published by The Leisure Media Company Ltd Portmill House, Portmill Lane, Hitchin, Herts SG5 1DJ. Tel: +44 (0)1462 431385 | Contact us | About us | © Cybertrek Ltd