A Dubai firm will pay USD 7.5 million to Six Flags after abandoning plans to build a version of the US amusement park in the United Arab Emirates amid a slowdown in the economy.
DXB Entertainments, which runs Dubai Parks & Resorts, said Tuesday it agreed with Texas-based Six Flags Entertainment Corp. to pay the amount as "a right of first refusal."
In February, DXB Entertainments announced it was cancelling plans to build the USD 454 million Six Flags, citing financing constraints. The company, which owns other theme parks in Dubai, posted a first quarter net loss of USD 59 million and visits were down 11% over the same period.
DXB Entertainments is majority-owned by Meraas Holding, a development company owned by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum.
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