DXB Entertainments posts $39.2m as revenue in 2020
DUBAI, February 10, 2021 DXB Entertainments, the Dubai-based owner and operator of Dubai Parks and Resorts, has reported AED144 million ($39.2 million) in revenues, 802,121 visits and 36 per cent occupancy at the Lapita Hotel for the 12 months ended December 31, 2020. As part of the UAE’s Government efforts to curb the spread of the Covid-19 pandemic, the Company temporarily ceased operations for a period of approximately six months, from March 15 to September 23, 2020, when the operations partially reopened under the new social distancing and health and safety guidelines. Severe disruptions in global trade and tourism, and the city-wide lockdowns globally and locally, significantly impacted the Company’s operations and financial performance for the year 2020.
DXB Entertainments, the Dubai-based owner and operator of Dubai Parks and Resorts, has reported AED144 million ($39.2 million) in revenues, 802,121 visits and 36 per cent occupancy at the Lapita Hotel for the 12 months ended December 31, 2020.
Dubai: DXB Entertainments’ net loss widened in 2020, partly due to impairment charges related to property and equipment.
The company reported a net loss of Dh2.7 billion for the year ended December 31, 2020. It lost Dh855 million in the same period a year earlier.
“Severe disruptions in global trade and tourism, and the city-wide lockdowns globally and locally, significantly impacted the Company’s operations and financial performance for the year 2020,” DXB Entertainments said in a statement.
The firm, which owns theme parks and hotels, said its revenue in 2020 fell 71 per cent year-over-year to Dh144 million.
Cutting costs
The company was able to keep a tight lid on its expenses with operating costs falling 49 per cent to Dh285 million in 2020.