The continuing impact of Covid-19 has forced the hand of DXB Entertainments, operator of Dubai Parks and Resorts, with the decision made to keep Bollywood Parks, Legoland and Motiongate closed “indefinitely”.
The company has also moved to postpone the opening of its new Legoland Hotel – which had been planned for June – until the fourth quarter of the year and operations at Riverland Dubai and Lapita Hotel have been suspended.
The upcoming holy month of Ramadan will be utilised in undertaking routine the annual maintenance cycle in readiness for reopening. According to a report in the UAE’s The National, DXB Entertainments has also reached an agreement to defer a significant portion of its bank interest on a AED4.2bn (£920m) syndicated loan, improving the company’s liquidity.
DXB Entertainments PJSC managing director and chief executive, Mohamed Almulla, said: “The health and safety of our employees, guests and their families is our top priority. Accordingly and in support of both local and global efforts to reduce the spread of Covid-19, we have taken the decision to extend the temporary suspension of operations at our destination.
“Consequently, Covid-19 will have a material impact on our 2020 results. However, given the high level of uncertainty, it is too early to quantify this impact.
“Our liquidity position is robust and I am pleased to announce has been further improved by reaching agreement with our financing partners to defer a significant proportion of our interest over the next 15 months, significantly improving our nearterm liquidity.”
