Dubai DXB Entertainments posts losses in first half of 2019

DXB Entertainments announces revenue of $68.6 million for first half of 2019, 13% down from last year

DUBAI, United Arab Emirates -- DXB Entertainments, which runs Dubai Parks & Resorts, announced on Thursday revenue was down 13% from the same period last year, at $68.6 million for the first half of 2019, reflecting a wider slowdown across the emirate where tourism is a mainstay of the economy.

Revenue was down mainly because of a drop in visitors from 1.46 million for the first six months of last year to 1.4 million for the same period this year. Net loss for the first half of 2019 amounted to $122 million, about 4% less than the same period in 2018, in part because of cuts to operating costs.

As revenue continues to slide, the company announced a number of changes. DXB Entertainments said it would no longer manage Meraas' leisure and entertainment assets, which include gaming zone Hub Zero, indoor children's attraction Mattel Play Town, indoor vertical rain-forest Green Planet and children's waterpark Splash Pad.

DXB Entertainments is majority-owned by Meraas Holding, a development company owned by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum.

The company also said Chief Commercial Officer Paul Parker would be relieved of his post. A replacement has not been named.

The company, which operates Motiongate, Bollywood Parks and Legoland in Dubai, said last month it was paying $7.5 million to Six Flags after abandoning plans to build a $454 million version of the U.S. amusement park in the United Arab Emirates.

Meanwhile, the company said it is working on expanding its selection of rides with 10-12 rides purchased at the previously planned Six Flags to its existing theme parks.