DUBAI, UAE: DXB Entertainments PJSC announced its interim financial results for the quarter ended 31 March 2019, reporting AED 142 million in revenues, 760 thousand visits and 72% occupancy at Lapita Hotel. [the_ad id=”32940″]EBITDA losses increase marginally to AED 21 million, while adjusted EBITDA loss shows an improvement of 10% to AED 19 million.Q1 2019 revenue stood at AED 142 million, compared to AED 173 million in Q1 2018, mainly due to a decrease in visitation. Total visits in Q1 2019 were 760 thousand compared to 851 thousand in the same period last year; with growth in international visitors, now representing 45% of visitor mix.
“Ladies’ Free Day Out” on March 8th, 2019, set a new daily visitation record, attracting more than 53 thousand visits to the parks.
Shareholders have approved expansion plan for MOTIONGATE Dubai and Bollywood Parks Dubai, utilising rides and proceeds originally intended for the Six Flags Dubai Project.
Commenting on the Q1 2019 interim financial results, Mohamed Almulla, CEO and Managing Director, DXB Entertainments, said, “Our cost optimisation initiatives continue to deliver and as a result I am pleased to report a 10% improvement in adjusted EBITDA loss.
“In line with our stated strategy, we saw a healthy increase in international visitors, now representing 45% of the total visitor mix, and an increase in our Lapita Hotel occupancy to 72%, up from 62% in Q1 2018.
“Not unexpectedly we have seen a reduction in this quarter’s visitor numbers compared to last year, a typical pattern for a theme park in its second year as the domestic target market consolidates to a core of repeat visitors. Our job now is to maximize the revenue potential of our established domestic base whilst growing our international visitor numbers”.