The company looking to build a Six Flags theme park in Dubai has pulled the plug on the plan for now.
According to The National, DXB Entertainments announced Wednesday its plans to build the facility were off the table due to the other properties it operates, Legoland and a Bollywood-themed park, not meeting projections.
The resulting lack of funding for the Six Flags park comes as DXB Entertainments still had not posted a profit since it listed in 2014.
“In the intervening period, actions, including formal notification by Six Flags, resulted in funders’ concerns being raised specifically in relation to the revised projections for the Six Flags Dubai Project,” DXB Entertainments said in a statement.
“As a result, the syndicated finance facility intended for utilization as part of the development of the Six Flags branded theme park is no longer available, and the Six Flags Dubai project cannot proceed at this time,” the statement continued.
The slowing economy in Dubai over the last several years has also impacted plans, with the company announcing in November the Six Flags project was under review.
Despite the bad news, the number of visitors to DXB Entertainments parks was on the rise, with total visits jumping five percent to 501,394 during the third quarter of 2018 despite the summer heat that usually causes a drop in attendance.
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