1. 188bet best bookmaker background: demand remains high

(1) The global 188bet best bookmaker industry shows stable growth

In 2015, the number of visitors to the top 10 188bet best bookmaker in the world reached 4.200 million，YoY growth of 7.2%；Judging from the performance of the top 20 188bet best bookmaker in each region，The year-on-year growth rate of tourists in North America is about 5.9%，Asia-Pacific region increased by 6% year-on-year.9%，Europe is 2.8%，188bet best bookmaker in the Asia-Pacific region have the best growth potential。

From a long-term perspective，The 188bet best bookmaker industry has maintained steady growth in the past two decades or so。According to international industry association statistics，The total number of visitors to more than 400 theme parks in the United States has continued to rise。The only two declines in numbers, in 1994 and 2003, were due to bad weather，Subsequently, there was a retaliatory rebound in operating data。

(2) Double explosion of demand and supply 188bet best bookmaker Chinese market

Domestic market，Driven by huge consumer demand，China’s domestic 188bet best bookmaker industry shows stronger growth。There are two reasons:

First, 188bet best bookmaker push，Domestic tourist arrivals have shown a compound growth rate of nearly 15% in the past five years，Domestic tourism demand completely ignores the cyclical fluctuations of the macro economy。And traveling around、Family travel is the core component of domestic tourism，188bet best bookmaker are the most popular destination options；

The second is the supply explosion，On the other hand, on the supply side, China’s 188bet best bookmaker construction entered its peak period around 2007，The construction speed is so fast、The amount of construction is huge，Even led to the State Council finally ordering a cooling down of the construction of large domestic theme parks。There are currently more than 2,500 theme parks in our country，According to the current rhythm，Total will exceed that of the United States in 2020。

The superposition of supply and demand factors presents complex results，First of all, there are a group of leading 188bet best bookmaker companies such as Huaqiang Fantawild、Songcheng Performing Arts、Chimelong and other high-quality companies continue to develop rapidly；Also Disney、Universal Studios and other international theme parks have successively competed for the Chinese market，Wanda and other domestic consortiums have invested heavily in the 188bet best bookmaker industry；Third，While developing rapidly, it also left behind a large number of useless projects。

(3) The development trend 188bet best bookmaker demand side is optimistic, the core is the supply side

The total number of 188bet best bookmaker visitors and average consumption per person are directly stimulated by the growth of per capita GDP。From a nominal perspective，my country’s per capita GDP in 2014 was equivalent to the United States’ level in 1981。1980 to 2000，The total number of visitors to the top large theme parks in the United States increased from 74.9 million to 1.4.8 billion people。The consumption environment in the United States at that time was that the proportion of personal consumption expenditures in GDP had reached 61.3%，Much higher than the current level in our country，If my country’s personal consumption expenditure growth rate remains higher than GDP growth rate in the next 20 years，Then the growth rate of the total number of domestic 188bet best bookmaker visitors will continue to maintain a steady growth。

In particular, parent-child demand directly stimulates the 188bet best bookmaker industry，Parent-child travel is very sticky、High frequency、High per capita spending，The implementation of the two-child policy also has long-term benefits for theme parks。The current mainstream prediction is，The number of visitors to China’s theme parks will be in 2020 respectively、2025、2 in 2030.200 million、3.200 million、4.200 million visitors。Therefore，The market’s stock demand and incremental demand are relatively sufficient，The key link that affects the pace of the domestic 188bet best bookmaker market is supply。

二、Classic business path: from “188bet best bookmaker” to “service consumption”

(1) 188bet best bookmaker, the core is “IP”

The core of the 188bet best bookmaker is in "theme"，Business logic is to cultivate IP，Recreate or interact with 188bet best bookmaker scenes，With tickets、Derivatives、Catering、Accommodation, etc. completed and realized。

Six foreign 188bet best bookmaker among the top ten 188bet best bookmaker in the world can be divided into amusement park categories according to "theme" (Six Flags、Cedar Club)、Zoo type (Ocean Park) and cultural technology type (Disneyland、Universal Studios、Merlin Legoland)。The operating profit margins of major companies are concentrated at the level of 20% to 23% (the average of the past five years)。

The profit margins among industry companies have reached equilibrium，Indicates that the business model of the 188bet best bookmaker industry has reached maturity、Consensus、The phased optimal state。The operation path of the 188bet best bookmaker is from "IP" to "service consumption"。

(2) Function of 188bet best bookmaker: attract traffic and stimulate secondary consumption

The factors that affect 188bet best bookmaker revenue are passenger flow and customer consumption，The core factor that affects passenger flow and customer order consumption is IP quality。

Strong IP has significant traffic drainage effect。In March 2014, Tokyo Disney took advantage of "Frozen" to launch "Anna and Elsa's Ice Fantasy"，The super effect has pushed Tokyo Disney to achieve the highest passenger traffic growth in recent years。A total of 6 Harry Potter films have entered the top 40 in Japanese film history at the box office。Opening of Harry Potter 188bet best bookmaker at Universal Studios Osaka in July 2014，Bringing to two consecutive years of high growth。The most typical example in China is the "Ten Years Agreement" in "Tomb Robbers Notes" which increased the passenger flow in Changbai Mountain by 50% in August 2015,The tourist flow limit of the scenic spot is instantly reached。

Strong IP increases unit price，Promote secondary consumption。Tickets account for only 40% to 43% of Tokyo Disney Park’s revenue，Secondary consumption contributes nearly 60% of income。Tourists visiting the 188bet best bookmaker，It is based on the spiritual pursuit of cultural identity，Strong IP reflects stronger cultural appeal，Can strengthen tourists’ willingness to spend，And generate more derivative value。Disneyland relies on Disney’s super IP，The unit price per customer and the proportion of secondary consumption are both ahead of other industry giants，Establishing the industry’s classic model。

(3) Self-built or outsourced 188bet best bookmaker

Disney is a typical example of self-built IP that completes the industrial chain。Disney’s entire industry chain，IP creation is the core，Other links revolve around IP，Monetize IP across the entire industry chain through media networks (television broadcasts) - film and television entertainment - 188bet best bookmaker - consumer goods (derivatives) - interactive media (games)。Disneyland accounted for 31% of overall revenue in 2015，It can be seen that the level of utilization of Disney IP is very rich。

Disney not only has a large number of existing IP，And still creating new IP。And Disney itself is powerful、Continuous IP creation、Promotion ability，What competitors in the same industry do not have。For enterprises solely engaged in 188bet best bookmaker business，Disney’s path is almost impossible to copy。

British Merlin Entertainment Group is the world’s second largest tourist attraction operating company after Disney。Merlin has three major product lines: Midway attractions (indoor venues，Including marine life museum、Madame Tussauds, etc.)；LEGOLAND；Resort 188bet best bookmaker。

Merlin acquired a large amount of 188bet best bookmaker through mergers and acquisitions expansion。2005，Merlin acquires Legoland，Acquisition of Gardaland in 2006，Acquisition of Tussaud Group in 2007。Acquired Lego during the three-year expansion period、Madame Tussauds and other strong IPs，Achieved rapid increase in revenue scale。After that, it acquired two major Australian tourism groups, SAG and LLA, from 2011 to 2012，Further strengthened scale。Another giant, Cedar Club Entertainment, adopts the same model。

(4) Technical 188bet best bookmaker

In addition to top-down generation of IP through cultural elements，Through 188bet best bookmaker attractions、Technology itself attracts tourists，It is also a way to create IP。

30 theme parks under Six Flags (including animal parks and water parks)，With its iconic tumbling roller coaster project，The IP that turned Six Flags itself into an adventure 188bet best bookmaker。Six Flags continues to combine technology applications，Create various roller coasters，Expand its influence。Six Flags nearly six years，Passenger traffic increased from 23.27 million to 28.56 million，The price per customer increased from about US to about US。

In addition, it is impossible to ignore the VR technology IP。VR is the focus of development of technical IP。VR can greatly improve or even subvert the existing 188bet best bookmaker experience。The most practical advantage of VR theme parks is low construction costs、Short cycle、High reuse rate、Easy to update content。At present, domestic companies have taken the lead in investing in VR theme parks，For example, Huayi Brothers invested in St. Vitus、Xinghe invested by Mili Pictures、The Void by Shanda Investment、Black Crystal Technology。

3. 188bet best bookmaker phenomena and patterns: off-balance sheet gameplay

(1) Insufficient IP and proliferation of 188bet best bookmaker

The classic logic from IP to service consumption cannot fully explain China’s 188bet best bookmaker industry。The business model of many 188bet best bookmaker projects，Not "IP diversion 188bet best bookmaker monetization"，But "188bet best bookmaker Diverts Real Estate into Real Estate"。The main profit of the 188bet best bookmaker project may be reflected outside the income statement of the 188bet best bookmaker itself,That is, off-balance sheet gameplay。

At the beginning of 2015, there were about 300 domestic 188bet best bookmaker investing more than 50 million yuan，There is a certain brand awareness among them、Only 10% of 188bet best bookmaker have good operating performance，70% of 188bet best bookmaker are losing money，20% flat。The development within the industry is uneven，The Matthew effect is obvious，A few leading companies such as Songcheng、Chimelong、Fangte and others continue to grow at a rapid rate，Remote expansion is very fast，These companies have developed their own IP systems，But at the same time, there are still a large number of failure cases of poor operation in the industry。

The 188bet best bookmaker industry is indeed a market share that is constantly concentrating、Industry with high barriers to entry。Once the industry structure is formed，New 188bet best bookmaker projects will become increasingly difficult to make a profit，So much so that there are no theme parks opened after 1990 among the top 15 in the United States。 Among the top 15 theme parks in the United States by attendance in 2014，The ranking of the top 8 has not changed compared with 2009，And the advantages of the top 3 are very significant，There is a huge gap with the lower-ranked parks。

But the construction of theme parks has not slowed down，The supply side continues to expand。The construction of theme parks in my country is still at the forefront，The construction speed accelerated significantly around 2008，So much so that in 2011, the National Development and Reform Commission halted the construction boom of large-scale theme parks in China。Until March 2013，The National Development and Reform Commission and 12 ministries and commissions implement hierarchical approval procedures for 188bet best bookmaker projects of different levels。But even under official control，As of the first half of 2014，There are 59 proposed 188bet best bookmaker projects in China，The number of construction projects still ranks first in the world。The settlement of Disney has further heated up the construction enthusiasm。

(2) The off-balance sheet model operates smoothly: 188bet best bookmaker + real estate

Domestic IP cultivation reserve capacity is not dominant，The number of 188bet best bookmaker constructions ranks first in the world，Therefore, the model from IP to consumption service monetization cannot completely summarize the existing business model。

Many evidences，In many cases in China, 188bet best bookmaker development and real estate are combined to form the "188bet best bookmaker + real estate" model，Real estate companies make large profits through the "small park, big real estate" model。

Specifically，Developers obtain land use rights at low cost through 188bet best bookmaker projects，Large-scale film development，Building a 188bet best bookmaker，Improve the surrounding business environment and increase land value，Quick cash return。

Because theme parks will form an economic linkage effect，Attracting a lot of popularity，Thus forming a consumption flow，Promote local real estate industry；And it can be used as a cultural tourism business card，Improve the local cultural image，Therefore，Local governments mostly focus on policies、Finance、Land and other aspects once provided preferential support to the 188bet best bookmaker project。

The average transaction price of first-hand housing in nearby plots before and after the start of Shanghai Disneyland increased from less than 20,000 to nearly 60,000，The economic benefits brought by the appreciation of 188bet best bookmaker are huge。

The 188bet best bookmaker itself does not generate profits but it drives popularity and increases land prices，The core profit is brought by the real estate business。Profit generated outside 188bet best bookmaker financial statements。Therefore, some real estate consortiums invest huge sums of money to develop multiple theme parks without operational experience，The main reason should be the support of the real estate business behind the park

“Tourism + real estate” may be the characteristic of Chinese-style theme parks，Has its reason for existence at a specific time，But it is not a sustainable profit model，In terms of the development purpose and direction of the 188bet best bookmaker itself，The reasonable path should be to drive consumption through high-quality IP，Monetization through theme parks，In turn, it will stimulate the surrounding economic environment。

IV. Summary

(1) The market’s stock demand and incremental demand are relatively sufficient，The key link that affects the pace of the domestic 188bet best bookmaker market is supply。

(2) Classic business path of supply-side development，It is a cultivation IP，Monetization through 188bet best bookmaker，IP quality ultimately determines profitability。

(3) Domestic 188bet best bookmaker + real estate model，It’s a 188bet best bookmaker that attracts traffic，Real estate business realization，Real estate business determines profitability。The essence of this model is that there is strong demand in 188bet best bookmaker、When the supply is relatively insufficient，Model to quickly obtain income through real estate business。Tracing to the source，The value increase of real estate business comes from IP，It’s just that the transmission of this chain is interfered by two factors: the real estate market and the imbalance of supply and demand，Conduction failure occurred，As a result, the business essence of many domestic 188bet best bookmaker is real estate business。

*This article is reproduced 188bet best bookmaker Zuoyu Capital.

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