A US $8 million third-quarter loss reported by the Dubai-listed theme park company, Dubai Parks and Resorts, which is behind the plans for three theme parks due to open next year.
Dubai Parks and Resorts said that losses for the three months to the end of September widened from $8 million in the second quarter as work on the $2.85 billion project progressed, adding that the development is now 73% complete.
“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 of Dubai Parks and Resorts,” said Dubai Parks and Resorts chief executive Raed Al Nuami.
The theme park operator did not give a comparable figure for the third quarter of last year because it was listed only last December. Because the park is under construction, it did not have revenue to report.
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Dubai Parks & Resorts said that spending on the project had now reached $1.3 billion, an increase from $1 billion at the end of the previous quarter.
Structural work is reported to be 73% complete of the 2.3 million m2 park, rising from 57% in the second quarter.
Dubai Parks and Resorts remains on course to open on Sheikh Zayed Road in October 2016, and is forecasting 6.7 million ticketed visits in 2017, the first full year of operation.
Expected revenue generated by the attraction is anticipated to reach $650 million in its first full year of operation.
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