NEWS
IMG CEO denies sale rumours as Middle East feels economic pressure
POSTED 15 Mar 2019 . BY Tom Anstey
We are not planning to sell IMG in any form, neither partial and wholly. IMG is in advanced talks with banks on our syndicate-loan restructuring to support the business
– Leonard Otto
IMG Worlds of Adventure CEO Leonard Otto has said there are no plans to sell the record-breaking indoor theme park, following rumours of a takeover published by the media.

According to a Bloomberg report, the Ilyas & Mustafa Galadari Group – which owns Worlds of Adventure – is "exploring options for the business, including a possible sale".

IMG is currently working on a plan to restructure an AED1.2bn (US$327m, €289m, £247m) loan used to part-finance the AED3.7bn (US$1bn, €883m, £755m) attraction Otto said in a statement the talks were at an advanced stage.

"We are not planning to sell IMG in any form, neither partial and wholly. IMG is in advanced talks with banks on our syndicate-loan restructuring to support the business," said the statement.

A number of theme parks have come to the UAE in recent years as part of the country's efforts to reduce its dependence on oil and improve its tourism standing.

In 2017, Otto told Attractions Management that Dubai was on target to achieve the status of ‘Orlando 2.0’, with competition in the region priming Dubai to act as an attractions hub in the Middle East and further afield.

Although a target of 20 million visitors by 2020 was set for the country, low oil prices and lower visitor figures than expected has hampered a number of tourism projects, delaying new openings.

DXB Entertainments, which operates the rival Dubai Parks and Resorts, has been struggling to turn a profit since launch in December 2016. Its latest figures showing an AED1bn (US$272m, €240m, £209m) loss for 2018, though this figure was lower than the AED1.1bn (US$305m, €269m, £234m) loss declared for 2017. As a result of its financial struggles, the operator recently suspended development of its latest venture – a Six Flags theme park.

A major Fox theme park was also planned for the region but was put on hold in April last year, after its developer the Al Ahli Group revealed concerns that there was already a "serious supply" of theme parks in Dubai.

In 2017, IMG set out a five-year plan, announcing a second theme park opposite its existing site and plans to take the concept overseas in a global expansion. The indoor theme park, which covers 1.5 million sq ft, holds the record as the world's largest indoor theme park. It opened in 2016 and features IPs from brands including Marvel and Cartoon Network.
 


CONTACT US

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

©Cybertrek 2019

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS
 
Leisure Management - IMG CEO denies sale rumours as Middle East feels economic pressure...
15 Jul 2019 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

15 Mar 2019

IMG CEO denies sale rumours as Middle East feels economic pressure
BY Tom Anstey

A number of theme parks have come to the UAE in recent years as part of the country's efforts to reduce its dependence on oil and improve its tourism standing

A number of theme parks have come to the UAE in recent years as part of the country's efforts to reduce its dependence on oil and improve its tourism standing

IMG Worlds of Adventure CEO Leonard Otto has said there are no plans to sell the record-breaking indoor theme park, following rumours of a takeover published by the media.

According to a Bloomberg report, the Ilyas & Mustafa Galadari Group – which owns Worlds of Adventure – is "exploring options for the business, including a possible sale".

IMG is currently working on a plan to restructure an AED1.2bn (US$327m, €289m, £247m) loan used to part-finance the AED3.7bn (US$1bn, €883m, £755m) attraction Otto said in a statement the talks were at an advanced stage.

"We are not planning to sell IMG in any form, neither partial and wholly. IMG is in advanced talks with banks on our syndicate-loan restructuring to support the business," said the statement.

A number of theme parks have come to the UAE in recent years as part of the country's efforts to reduce its dependence on oil and improve its tourism standing.

In 2017, Otto told Attractions Management that Dubai was on target to achieve the status of ‘Orlando 2.0’, with competition in the region priming Dubai to act as an attractions hub in the Middle East and further afield.

Although a target of 20 million visitors by 2020 was set for the country, low oil prices and lower visitor figures than expected has hampered a number of tourism projects, delaying new openings.

DXB Entertainments, which operates the rival Dubai Parks and Resorts, has been struggling to turn a profit since launch in December 2016. Its latest figures showing an AED1bn (US$272m, €240m, £209m) loss for 2018, though this figure was lower than the AED1.1bn (US$305m, €269m, £234m) loss declared for 2017. As a result of its financial struggles, the operator recently suspended development of its latest venture – a Six Flags theme park.

A major Fox theme park was also planned for the region but was put on hold in April last year, after its developer the Al Ahli Group revealed concerns that there was already a "serious supply" of theme parks in Dubai.

In 2017, IMG set out a five-year plan, announcing a second theme park opposite its existing site and plans to take the concept overseas in a global expansion. The indoor theme park, which covers 1.5 million sq ft, holds the record as the world's largest indoor theme park. It opened in 2016 and features IPs from brands including Marvel and Cartoon Network.



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

Print edition
 

News headlines
Rollercoaster dedicated to Pittsburgh Steelers opens at Kennywood
Rollercoaster dedicated to Pittsburgh Steelers opens at Kennywood   15 Jul 2019

A new record-breaking ride dedicated to American Football team the Pittsburgh Steelers has come to Kennywood in Pennsylvania, US. Named after the .... more>>
Jurassic World - The Ride opens at Universal Hollywood
Jurassic World - The Ride opens at Universal Hollywood   15 Jul 2019

Revamped and completely reimagined, Universal's popular Jurassic Park thrill ride has undergone a full rebranding and retheming as Jurassic World – .... more>>
2020 opening schedule announced for new jungle habitats at Auckland Zoo
2020 opening schedule announced for new jungle habitats at Auckland Zoo   15 Jul 2019

New Zealand's Auckland Zoo has revealed a timetable for opening each part of its new South East Asia Jungle Track project ‒ a NZ$58m (US$39m, €34.6m, .... more>>
ClassPass accelerates European growth plans – appoints UK GM
ClassPass accelerates European growth plans – appoints UK GM   15 Jul 2019

Fitness subscription platform ClassPass has appointed a UK general manager as it looks to grow its presence on the British market. The appointment .... more>>
Borgo Egnazia partners with Blue Zones for retreats
Borgo Egnazia partners with Blue Zones for retreats   15 Jul 2019

Italy’s Borgo Egnazia has become the first hospitality partner to offer Blue Zones Retreats certified by the Blue Zones Institute. Founded by Dan .... more>>
Fivelements Habitat opens in Hong Kong
Fivelements Habitat opens in Hong Kong   15 Jul 2019

Integrated wellness lifestyle company Fivelements has officially launched its new urban wellness concept, Fivelements Habitat, with the opening of the .... more>>
Company profile


QubicaAMF UK

QubicaAMF is the largest and most innovative bowling equipment provider with 600 employees worldwide.

View full profile>>

Catalogue gallery


Featured Supplier

Moving with ease and style

Moving with ease and style

Beauty therapists getting dressed for work in the morning need a quick, hassle-free comfortable uniform solution. More>>




in this issue

• Merlin sold in US$7.49bn mega deal
• Rathbone Boxing Club opens in London
• Serpentine Pavilion opens to thje public



Latest jobs

Jobs Search



Personal Trainer
Location: Dundee
Company: énergie group
Lifeguards
Salary: Competitive
Location: Vauxhall Bridge Road, London, UK
Company: Everyone Active
Leisure Centre Manager
Salary: Grade J £32,878 - £36,876 a year pro rata
Location: Derby, UK
Company: Derby City Council
Diary dates
Powered by leisurediary.com




15-17 Jul 2019

IAAPA Institute for Attractions Managers

tbc, Manila, Philippines



Leisure Management magazine 2018 issue 1
Leisure Management
2018 issue 1

View issue contents
View on turning pages
Download PDF
  Trends: Introducing Gen Z
How will this tech-savvy, social media-driven generation affect your business? More>>
  Profile: Aaron Simpson
Quintessentially is an exclusive concierge service for some of the world’s richest people. Co-founder Aaron Simpson reveals what wealthy people want More>>


Leisure Management magazine 2016 issue 1

Leisure Management
2016 issue 1

View issue contents
View turning pages
Download PDF
  Editor’s letter: Failing the elderly
Liz Terry shares her thoughts More>>
  Green space: Space age
With land at a premium, the definition of public parks and green space is evolving 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