DXB Entertainments, in which property developer Meraas holds a 52.3 per cent stake, reported a 45 per cent increase in visitor numbers in the first quarter as the Dubai Parks and Resorts operator seeks to reduce losses this year.
The Dubai-listed Legoland operator received 851,000 visits in the first quarter of the year, an increase of 55,000 visits over the last quarter, it said in a filing on Thursday. The various theme parks attracted close to 796,000 visitors in the last quarter of 2017, it said in the filing.
"Visitor numbers are steadily increasing as we continue to focus on our core markets of GCC residents, annual pass holders and international visitation,” said chief executive Mohamed Almulla.
“It is important to note that in a normal annual cycle the fourth quarter should deliver the highest visitor numbers as it is the peak tourist season for the city of Dubai and therefore quarter-on-quarter improvement is a further sign of our continued growth."
Mr Almulla cautioned that visitor numbers will taper during the warmer second quarter in comparison with the colder half of the year.
DXB Entertainments has yet to disclose its first quarter earnings, but estimates by Bahrain-based Sico Investment Bank suggest the entity made a net loss of Dh337.7m for the first quarter, while Cairo-based EFG Hermes has forecast a loss of Dh241.21m.
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DXBE, which began opening its attractions on a staggered basis in 2016, posted a wider-than-forecast loss of Dh1.11 billion for 2017, compared with a loss of Dh485m a year earlier. The company began cutting costs last year as its losses widened and reorganised its business along three lines encompassing theme parks, family entertainment centres, and retail and hospitality.
The theme park operator said last month it had no plans to cut costs further even as the company secured a Dh1.2bn instrument from its major shareholder and restructured its Dh4.2bn debt.
The company completed a restructuring during the third quarter of 2017, reducing staff numbers and marketing spend.
The company said earlier this year that it was targeting India, Saudi Arabia and the UK to bring in tourist numbers to its Dubai theme parks. The park operator said that upcoming quarters would be more indicative of the destination’s appeal to visitors around the world.
In its Thursday filing, DXBE said average occupancy at its Polynesian-themed The Lapita Hotel rose 62 per cent in the first quarter compared with 22 per cent for the same period last year, and 48 per cent for the previous quarter.
DXB has also been working with hotels to promote its parks.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
MATCH INFO
Manchester City 3
Danilo (16'), Bernardo Silva (34'), Fernandinho (72')
Brighton & Hove Albion 1
Ulloa (20')
The Sky Is Pink
Director: Shonali Bose
Cast: Priyanka Chopra Jonas, Farhan Akhtar, Zaira Wasim, Rohit Saraf
Three stars
Teaching in coronavirus times
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
Day 4, Dubai Test: At a glance
Moment of the day Lahiru Gamage appeared to have been hard done by when he had his dismissal of Sami Aslam chalked off for a no-ball. Replays suggested he had not overstepped. No matter. Two balls later, the exact same combination – Gamage the bowler and Kusal Mendis at second slip – combined again to send Aslam back.
Stat of the day Haris Sohail took three wickets for one run in the only over he bowled, to end the Sri Lanka second innings in a hurry. That was as many as he had managed in total in his 10-year, 58-match first-class career to date. It was also the first time a bowler had taken three wickets having bowled just one over in an innings in Tests.
The verdict Just 119 more and with five wickets remaining seems like a perfectly attainable target for Pakistan. Factor in the fact the pitch is worn, is turning prodigiously, and that Sri Lanka’s seam bowlers have also been finding the strip to their liking, it is apparent the task is still a tough one. Still, though, thanks to Asad Shafiq and Sarfraz Ahmed, it is possible.
Day 1, Abu Dhabi Test: At a glance
Moment of the day Dimuth Karunaratne had batted with plenty of pluck, and no little skill, in getting to within seven runs of a first-day century. Then, while he ran what he thought was a comfortable single to mid-on, his batting partner Dinesh Chandimal opted to stay at home. The opener was run out by the length of the pitch.
Stat of the day – 1 One six was hit on Day 1. The boundary was only breached 18 times in total over the course of the 90 overs. When it did arrive, the lone six was a thing of beauty, as Niroshan Dickwella effortlessly clipped Mohammed Amir over the square-leg boundary.
The verdict Three wickets down at lunch, on a featherbed wicket having won the toss, and Sri Lanka’s fragile confidence must have been waning. Then Karunaratne and Chandimal's alliance of precisely 100 gave them a foothold in the match. Dickwella’s free-spirited strokeplay meant the Sri Lankans were handily placed at 227-4 at the close.
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UAE squad
Ali Kashief, Salem Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdelrahman, Mohammed Al Attas (Al Jazira), Mohmmed Al Shamsi, Hamdan Al Kamali, Mohammad Barghash, Khalil Al Hammadi (Al Wahda), Khalid Eisa, Mohammed Shakir, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Adel Al Hosani, Al Hassan Saleh, Majid Suroor (Sharjah), Waleed Abbas, Ismail Al Hammadi, Ahmed Khalil (Shabab Al Ahli Dubai) Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Mahrami (Baniyas)
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now