Cumulative spending on massive theme park project has touched $1.3 billion
Dubai Parks and Resorts says 73% of the project-structure works on its 25 million square feet Florida-style attraction is complete.
The Dubai Financial Market-listed company, which is building three theme parks and a water park in the emirate, reported a $7.9 million loss in the third quarter of 2015, although it does not expect revenues until the attraction opens next year.
Cumulative spending, including land acquisition, has touched $1.3 billion, an increase from the previous quarter’s $1 billion.
The attraction – set to include Legoland, Motiongate and Bollywood parks – is on course for completion in October, Dubai Parks and Resorts said. Around 11,000 workers and 34 contractors are currently working on site to ensure deadlines are met.
The company reported receiving 12 proposals from companies looking to take space in its planned 220,000 sq feet Riverland district shopping, dining and entertainment mall, accounting for 19 per cent of the space.
The park is expecting 6.7 million ticketed visits at the end of its first full year of operation in 2017, producing expected revenues of $653.3 million.
“We have reached a critical milestone in the construction of the region’s first integrated theme park resort and are now less than 12 months away from the official opening,” said Raed Al Nuami, the chief executive of Dubai Parks and Resorts. “With construction of the individual parks progressing rapidly, you can now truly begin to appreciate the size and diversity of offerings at our resort.”