US theme park operator Six Flags is to receive US$7.5m from DXB Entertainments after the Dubai-based company pulled the plug on plans to buld a Six Flags park in the emirate.
DXB owns Dubai Parks and Resorts and its group of theme parks in Dubai. It pulled out of the plans for a Dubai Six Flags in February because the finance was no longer going to be available. The decision was confirmed at a shareholders’ meeting in April.
Yesterday DXB said it would pay compensation to Six Flags as part of a settlement agreement. Both sides have confirmed that there would be no further claims. DXB retains first refusal rights on the use of Six Flags intellectual property in the UAE for five years.
In May DXB showed an increased loss on its operations to $58.73m. Six Flags is planning a project in Saudi Arabia close to Riyadh.
