DXB Entertainments PJSC (DFM: DXBE) held its Annual General Meeting, where its shareholders discussed and approved the enhancement of two of its flagship assets MOTIONGATETM Dubai and Bollywood ParksTM Dubai through the reutilisation of rights issue assets and proceeds originally intended for the Six Flags Dubai project.
Through the approved enhancement plan, select rides, including thrill rides and rides which at this time are world-record will be added to MOTIONGATETM Dubai and Bollywood ParksTM Dubai, further enhancing the visitor experience and broadening the appeal of the destination, ultimately increasing dwell times, driving per capita spend and encouraging both new and repeat visitation. The enhancement will be funded through the reutilisation of rights issue proceeds and assets from the 2016 rights issue and therefore requires no additional financing. Consequently the Six Flags Dubai Project is no longer proceeding.
All other resolutions were discussed and passed by the Shareholders at the Annual General Meeting.
Mohamed Almulla, CEO and Managing Director, DXB Entertainments, said: “In Dubai Parks and Resorts we have a market leading asset. With the addition of the new rides, including world record rides, we will further cement our position as the leading integrated theme park destination in the region”
“In addition, the expansion offsets part of the existing capital commitment for the already approved Bollywood ParksTM Dubai enhancement plan which we started at the end of last year.
“The expansion complements our hotel strategy designed to grow international visitation by positioning Dubai Parks and Resorts as a world class holiday destination with over 1,300 hotel rooms expected to be delivered by 2020, with the third party owned and operated Rove Hotel opening later this year and the LEGOLAND Hotel opening in 2020.”
For further information, please contact:
Abdulrahman Alsuwaidi, Investor Relations Manager, DXB Entertainments PJSC
Jon Earl, Managing Director, FTI Consulting
Anca Cighi, Senior Director, FTI Consulting
DXB Entertainments PJSC
DXB Entertainments PJSC (previously Dubai Parks and Resorts PJSC) is a Dubai-based operator of leisure and entertainment destinations and experiences. The Company is traded on the Dubai Financial Market (DFM) under the trading symbol “DXBE”. We bring together a diverse portfolio of world-class brands to offer entertainment in the areas of theme parks, family entertainment centres and retail and hospitality.
For more information, go to: www.dxbentertainments.com