Developer pulls plug on finance for Dubai Six Flags theme park
A Six Flags theme park project in Dubai has been abruptly halted after the developer pulled the plug on financing.
DXB Entertainments says the project is now on hold.
The decision to halt it came after DXB conducted a strategic review of its future development plans and deployment of capital.
"Actions, including formal notification by Six Flags, resulted in funders’ concerns being raised specifically in relation to the revised projections for the Six Flags Dubai project," the company said in a statement.
"As a result, the syndicated finance facility intended for utilization as part of the development of the Six Flags-branded theme park is no longer available, and the Six Flags Dubai project cannot proceed at this time."
The park was to be the latest addition to the region’s largest integrated theme park development, known as Dubai Parks and Resorts, which already houses Legoland, a Bollywood themed park and Motiongate, a movie based park.
Opened in 2016, it has pretentions of rivaling Orlando as one of the world’s theme park capitals.
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