In just five years，The largest theme park in the Middle East - Dubai Theme Park Resort is about to be "ruined"。

Dubai Theme Park Resort can be said to be “born with a golden key in its mouth”。Investment of US$3.3 billion，covering an area of ​​over 230 hectares，The size is about 2 Hong Kong Disneyland，Government developers (similar to domestic central enterprises) holding shares，Many well-known IPs from Hollywood and the world are gathered in the park，Like The Hunger Games、Kung Fu Panda、Hotel Transylvania、Smurf、Legoland, etc.。But the IP “gathering” did not bring ideal results to Dubai Theme Park Resort。

On the eve of opening in 2016，It targets the goal of “receiving 6.7 million tourists in the first year”，Only about one-third is actually completed，Passenger flow has not increased effectively from 2018 to 2020；As of the end of 2020，Its operator DXB Entertainment (hereinafter referred to as DXBE) still has approximately US$100 million in debt related to the construction of the first phase project to be repaid；The original plan to expand the Six Flags theme park died on time......

As of September 2020，The accumulated losses have reached 78% of DXBE’s total capital，Among them，New losses in the third quarter 2.3.8 billion，Being a heavy blow that caused DXBE to go from listing to privatization。

December 2020，The major shareholder issued a takeover offer to DXBE，0 per share.Acquisition of DXBE circulating shares at an ultra-low price of US$02，If privatization fails，Bankruptcy liquidation will be considered。

The Dubai World Expo, which DXBE hopes will attract traffic, has been postponed to October this year，While the epidemic is not over yet，Dubai theme park resorts have to wait for a large number of international tourists to return，It also depends on whether the company can survive the current losses and debt crisis。

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No other choice?

2014，Middle East theme park giant DXBE goes public amid booming tourism in Dubai，This confident local tycoon company，Set a goal for 188bet Online Sports Betting and Casino the Dubai theme park resort it operates - to receive 6.7 million tourists in the first year of operation。

The ideal is full，Reality gave DXBE a cruel blow。Dubai theme park resort visitor numbers in 2017、Revenue is far below expectations，Loss higher than expected。

DXBE financial report display，2017，Dubai theme park resorts welcomed 2.3 million visitors，Failed to reach the target of 6.7 million tourists；Full year revenue 1.USD 500 million，Well below 6.US$6.6 billion expected；Full year loss 3.USD 0.4 billion，Higher than analysts expected 2.US$4.3 billion。Since launch in 2014，The company has not distributed any dividends。

The performance of the first year was like a huge shadow，Haunted DXBE for the next four years。The resort has been losing money for more than four years since its opening，The shareholders and creditors behind the scenes can’t wait，DXBE forced to cut costs、Reduce tickets and restructure debt，Even changing CEOs in turn。Not only has it signed three-year 11.USD 400 million principal deferred payment agreement，Also reached an agreement with major shareholders 3.USD 2.7 billion debt-for-equity swap agreement。 

Continuous losses、High debt，Causing DXBE funds to dry up，The park expansion plan was also scrapped。

The Six Flags theme park originally planned as a second-phase project was terminated in 2019，DXBE pays Six Flags Entertainment $7.5 million to reach settlement，Within the next five years，DXBE has the preferred purchasing rights for Six Flags brand licensing in the Middle East。From this perspective，DXBE still has hope for the Six Flags project，DXBE stated during the early planning of the project，At least three world record-breaking rides must be built at Six Flags。

By 2024，Will DXBE restart the construction of the Six Flags Park project，Still an unknown number。But at least not now，Debt-ridden DXBE has been overwhelmed。

DXBE financial report display，As of the end of 2020，DXBE still has AED 300 million in debt related to the construction of the first phase of the project to be repaid，Management continues to negotiate with creditors to repay in installments of up to four years，The existing funds mentioned above are mainly used to support the daily operations of the resort。Also，The company also reached an agreement with a lending consortium，Cash interest reduced to 1%，15 months period，Until June 2021。

The earlier epidemic exacerbated DXBE’s losses，Financial report display，Dubai theme parks will receive only 800,188bet app 000 visitors in 2020，Realized revenue 1.AED 4.4 billion，With 4 in 2019.A decrease of more than 70% compared with AED 9.9 billion。Total loss in 2020 26.5.8 billion dirhams (approximately 7.US$2.4 billion)，More than three times that of 2019，Cash flow is -1.AED 9.8 billion，And the remaining bank debt is as high as 41.AED 4.8 billion (11.US$3.2 billion)。

Under heavy pressure，Major shareholder Meraas intends to take DXBE out of the stock market，Towards privatization。

December 2020，Meraas makes acquisition offer to DXBE，0 per share.08 dirhams (approximately 0 per share.02 USD)，The offer also includes the conversion of US$1.6 billion of debt into equity，4 of them.US$0.3 billion in bonds。March 2021，DXBE shareholders urged to accept Meraas takeover offer。

Privatization is not the only option for DXBE，But it may be the best choice at the moment。If privatization is successful，At least it will reduce listing maintenance costs，Improve strategic flexibility。mentioned in a report submitted to the Dubai Financial Market，If privatization fails，Bankruptcy and liquidation will be considered。

How did you "play bad"? 

Acquired multiple world-class film and television IP resources，There is full support from government-led investment developers，Why is the largest comprehensive theme park resort in the Middle East going up and down，Towards privatization？

Dubai theme park resort opened in October 2016，Is the largest comprehensive theme park in the Middle East。The resort covers an area of ​​over 230 hectares，Tokyo Disney with an area of ​​over 201 hectares，Total investment exceeds US$3.3 billion，Including Hollywood Movie Park Dubai、The only Bollywood paradise in the world、LEGOLAND Dubai、Lego Water Park and other attractions。

The park gathers Hollywood film and television companies and world-renowned IP，Includes Lionsgate’s The Hunger Games、DreamWorks’ Kung Fu Panda、Columbia/Sony Pictures’ Hotel Transylvania，And the Smurfs、Legoland, etc.。

DXBE creates such an “IP hodgepodge” resort，First of all, a big background is，Dubai relies on oil to complete primitive accumulation of capital，But its oil reserves are not rich，Only 5% of the UAE，And tourism is the focus of Dubai’s industrial transformation，Objectively promotes investment in theme parks，There was even a phenomenon of overheated investment。

Previously announced that the 2020 World Expo is planned to be held in Dubai，Expected to attract 20 million international tourists，This time，Dubai wants 188bet sports betting app download theme parks to ride on this bandwagon，Take the opportunity to attract approximately 2.5 million tourists to major theme parks。

Movie、Animation and other popular culture，It is the entertainment industry that can “bind” the largest number of people，Use this to attract tourists，This is the logic behind Dubai’s vigorous development of theme parks。Said theme park research consultant John Nagle，"A theme park was going to be built in the past，Usually choose a theme that fits the unique local elements；But now it’s just the opposite，Need to make a concept globally famous，Such as Marvel animation, etc.。”

simultaneously，The theme park market in the Middle East has been extremely hot in recent years，Except Dubai Theme Park Resort，The UAE currently has many world-renowned theme parks，For example，Ferrari World Abu Dhabi、Warner Bros. Movie World Abu Dhabi、IMG Adventure World Dubai, etc.，It was previously announced that a Six Flags theme park in Saudi Arabia is under construction、The world’s largest indoor ice and snow park in Dubai、Yas Island Ocean World, Abu Dhabi, etc.。

Gather more IPs to attract more tourists，And use the gimmick of "IP diversity" to create differentiation from theme parks in the region，Or DXBE’s consideration in building such a large-scale resort。

But，The hodgepodge of IP gameplay also leads to a lack of highlights in the resort。Although Dubai Theme Park introduces DreamWorks、LEGO、Colombia and other world-renowned IPs，But except for Bollywood Parks for Indian tourists，There are few special attractions in other parks that can attract fans from all over the world。There is no interoperability between multiple IPs，These themed attractions are much less attractive to other tourists who have seen such attractions，The attractiveness of each IP is far less than that of powerful IPs such as Disney。

For example，The United Kingdom is the top country for inbound tourism to Dubai，But Britain has the most popular and most visited parks in the world，Presumably British tourists will not choose to go to Dubai Theme Park to see the Legoland attractions or stay in a Legoland hotel。The same principle applies to Hollywoodland’s appeal to American tourists，And the area’s appeal to Warner Bros. Movie World, which already has similar parks in Spain and Germany。

While the highlights are lacking，Ticket prices are too high。Dubai Theme Park Resort official pricing for two parks per day，AED 295，Converted to RMB 188bet Online Sports Betting and Casino 545 according to the current exchange rate，Visit all four parks in two days，Requires AED 525，equivalent to RMB 971。Tokyo Disney ticket price is 458 yuan，The ticket price for IMG World of Adventures in Dubai is 527 yuan。

Except for the lack of features，Hot weather、Poor transportation accessibility、Problems such as insufficient regional supporting facilities，Becoming a hindrance to the growth of tourists，Barriers to low secondary consumption。

Poor transportation accessibility:

Dubai Theme Park Resort is located in the westernmost suburb of Dubai，GPS location is shown as Abu Dhabi，It takes about 50 minutes to drive from downtown Dubai，But for most tourists，Public transportation is the first choice。It is reported，There is no direct subway to the local area，Need to transfer to a scheduled shuttle，Every hour，Total duration exceeds two hours。Although the operator actively understands tourists’ transportation preferences，With Emirates、Dubai Airport、The Transportation Bureau and others cooperate to solve traffic problems，But if it’s too far away，International tourists arriving from the airport or elsewhere may prefer to visit elsewhere。

Hot weather:

Most facilities at Dubai Theme Park Resort are outdoors，Although it is beneficial to reduce construction costs and has enough space to express creativity，Although it is beneficial to reduce construction costs and has enough space to express creativity。Dubai is one of the most popular tourist destinations in the world，International tourists may prefer to go to more famous landmarks such as Burj Al Arab，without choosing，A theme park that is far away and exposed to the sun。Also，The best indoor theme park in the world compared to Warner Bros. Movie World and IMG Adventure World，The outdoor projects in Dubai theme parks will make tourists more cautious in making decisions about visiting。

Insufficient regional supporting facilities:

Located in the suburbs，There are few facilities surrounding the park，Only one outlet shopping center，Internal supporting small-scale commercial and hotel，Not enough to achieve the effect of gathering popularity。Businesses are not very enthusiastic，Very few occupancy，There are relatively few tourists and businesses，This is the main reason why the second wave is low。

More than 80% of Riverland Dubai, the retail and dining center in the resort, is sold to merchants，But due to the off-season or hot weather, there are few tourists，Many businesses are not open。These are a circular relationship，188bet app Visitors were unable to enter the park due to various reasons，Low tourist volume makes merchants less attractive，This makes visitors to the park feel that there are no more places for dining or entertainment。

Financial report display，The three major business incomes in the Disney theme park resort in 2020 are: theme park AED 97 million、Hotel AED 38 million、AED 7 million for dining and shopping，Except for hotel accommodation, secondary consumption such as dining and shopping is so small that it is almost negligible。

For Dubai Theme Park Resort，The top priority is to attract international tourists to theme parks。International tourists can not only increase the reception volume of the park，It can also greatly improve hotel accommodation、Income from secondary consumption such as dining and shopping。

According to public information，Number of overnight foreign tourists visiting Dubai increased by 5 in 2019.1%，Reached 16.7 million people，The number of tourists from India, the largest source of tourists, is nearly 2 million，Down from more than 2 million in 2018，The number of Chinese overnight tourists entering Dubai increased by 15% in 2019.5% to 98.90,000 people。The information is also displayed，Dubai’s top six tourist source countries in 2019 are India、Saudi Arabia、UK、Oman、China and Russia，The total number of tourists from these countries exceeds 7 million。

But how to get these tourists into Dubai theme parks，This is still an area where operators need to make significant improvements。The 2020 World Expo was previously planned to be held in Dubai，Expected to attract 20 million international tourists，Dubai also wants to take this opportunity to attract about 2.5 million tourists to major theme parks。As the epidemic spreads around the world，This can be said to be a fatal blow to Dubai, which relies heavily on tourism。

IMF forecast，The UAE economy may shrink due to the epidemic in 20209.8%。Although the Dubai Expo is postponed to October 2021，While the current epidemic prevention and control tasks have not yet been completely completed，Dubai theme parks have to wait until a large number of international tourists return，It also depends on whether the company can survive the current losses and debt crisis。