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DUBAI / Reuters
DXB Entertainments is expecting an improved 2018 after reporting a 1.12 billion dirham ($305 million) loss for last year, the CEO of the Dubai-based theme park operator told Reuters on Monday. The company also announced it had reached a deal with banks to restructure 4.2 billion dirhams in debt and had received fresh funding from its majority shareholder, Meraas Holding, a Dubai government-linked developer.
DXB Entertainments owns Dubai Parks and Resorts, a group of theme-parks in the south of Dubai including the Hollywood-inspired theme park Motiongate and a Lego-themed water park. After years of few entertainment options in the Gulf, the vacuum is being filled with a spate of new theme parks and attractions, but some have had teething problems.