Dubai: DXB Entertainments (DXBE), the company behind Dubai Parks and Resorts, reported on Thursday Dh268 million in losses for the third quarter of 2019, narrowing from the Dh275 million in losses in the same period last year.
The figure brings losses in the first nine months of this year to Dh717 million, an improvement from the Dh744 million in the same nine months of 2018. According to a statement from DXBE, the company has so far accumulated Dh5.02 billion in losses, equivalent to 63 per cent of its capital.
DXBE said it plans to put strategies in place to increase international visitors and to reduce costs even further to address its losses.
Revenues for the third quarter dropped 24 per cent to Dh78 million, bringing revenues for the January-to-September period down 16 per cent to Dh330 million. The company attributed the decline in revenues to lower visitation from the resident market.
Total visits in the first nine months of the year were 1.8 million, down from 1.96 million in the same period of 2018. International visitors represented 42 per cent of the visitor mix, the company said.
DXBE said it benefited from cost optimisation initiatives, with operating costs dropping to Dh449 million in the first nine months of this year from Dh530 million.
“We are on track with the enhancement works at Motiongate Dubai and Bollywood Parks Dubai, which are expected to be completed in the first half of 2020,” said Mohammed Almulla, chief executive officer and managing director of DXBE.
“The enhancements will benefit our visitors by offering a broader choice of entertainment and thrill rides, and are expected to increase dwell times and drive repeat visitation.”