Latest News
- Saudi Entertainment Ventures (SEVEN) returns to IAAPA Expo with expanded vision
- ProSlide wins IMPACT Award for PIPElineBLAST/FlyingSAUCER Water Coaster at IAAPA Expo 2019
- RealMotion servers bring the story of the Statue of Liberty to life in new interactive museum
- WhiteWater receives IAAPA Brass Ring Award for Over/Under
- SeaWorld Orlando unveils Ice Breaker car
- Hersheypark and MajorMega partnering on on virtual reality Hyperdeck for park’s Chocolatetown expansion
- First fully interactive Ancient Lore Village from Infinite Kingdoms and Weber Group to open in Tennessee
- IAAPA kickoff
Parques Reunidos cancels plans for fourth Nickelodeon entertainment center and flagship Lionsgate entertainment centers in Times Square and Madrid
As part of its strategy to roll out indoor entertainment centers, Parques Reunidos opened 3 centers in Spain in 2017 and 2018 -Atlantis Aquarium in Madrid’s Intu Xanadú shopping mall and two Nickelodeon Adventure centers in Murcia’s Thader shopping mall and Madrid’s Intu Xanadú shopping mall. The Company also reached agreements to develop four additional centers in Madrid, London, Lisbon and New York.
The results obtained so far in the three operating centers are below the expected return objectives. Therefore, the Company is implementing measures to save costs and improve efficiency aimed at increasing its profitability.
In addition, the Company has reviewed its strategy to roll out indoor entertainment centers and the main investment hypotheses. As a result, it has decided to pursue its Nickelodeon Lakeside project in London, which is expected to open in the second half of 2019, and to terminate the agreements relating to the opening of a Nickelodeon center in Lisbon and Lionsgate-themed centers in Príncipe Pío in Madrid and Times Square in New York (pictured above). The estimated cost of such termination amounts to €42 million.
This review is consistent with the Company’s pursuit of a strict financial discipline, creation of value for shareholders and achievement of profitable and sustainable growth.
Parques Reunidos will continue to explore opportunities to increase its diversification, mitigate the seasonality nature of the business and limit the impact of external factors in our business, such as the weather.
Related articles
More in this category
Current Issue
IPM Interviews
-
#80 – IAAPA 2019 Table of contents -
Meet Amanda Thompson IAAPA’s incoming chair has deep roots in the attractions... -
TEA 2020 A chat with Michael Blau - incoming TEA International Board... -
IAAPA 2019 Chair David Rosenberg: The aqua-man Rosenberg serves as the 2019 Chair of the IAAPA Board of... -
CircusTrix CEO Fernando Eiroa: Leaps and bounds InPark spoke with Eiroa about the unique business of... -
InPark exclusive: Interviews with Jeremy Railton and... Themed entertainment design veterans Jeremy Railton and... -
ISE 2020 The annual Integrated Systems Europe (ISE) trade show for... -
IAAPA: “Wear comfortable shoes!” "If this is your first Expo, attend the First Time... -
Netflix and thrill: Greg Lombardo joins the content... Lombardo brings with him more than a decade experience in... -
Transitions: Leaps and bounds Industry professionals are making moves and creating waves -
Exploring IAAPA Europe Meet recent additions to IAAPA’s European team -
IPM Interview: Jennifer Lee Hackett, Sinking Ship... Giant screen veteran Jennifer Lee Hackett has joined... -
John Miceli and the new DE-ŹYN Studios Throughout his career, John Miceli has worked in feature... -
Meet Lionsgate Entertainment World’s new general... Meet the new GM of Lionsgate Entertainment World, scheduled... -
ECA2: All eyes on Lanzhou ECA2's latest spectacle, a permanent installation in a... -
IAAPA Expo Asia "Establishing a presence in both Hong Kong and Shanghai... -
Vekoma: Coasting around Asia InPark spoke to Jason Pan, Vekoma’s regional director of... -
Lisa Passamonte Green The Thea Awards Nominating Committee annually reviews and... -
Infinite Kingdoms: Planet playology We recently connected with founder Denise Chapman Weston... -
The French connection: Meet Michel Linet-Frion "Since I typically rely on contracted expertise and talent... -
Andrew O’Rourke: Google THIS In late 2018, Andrew became an employee of Adecco working... -
Mad Systems: The future is now InPark reported on the launch and revisited with Ensing for... -
Time for a change InPark checks in with industry leaders who are heading back... -
Michael Mercadante: Giving back Michael Mercadante, President of Main Street Design, Inc.... -
JCO: Theming beyond the theme park JCO, based in St. Louis, MO, specializes in master planning...
