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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: Meraas Leisure and Entertainment LLC (Meraas), a holding company with multiple landmark projects across Dubai, Sunday announced its intention to undertake a capital restructuring of DXB Entertainments PJSC (DXBE). The proposal also includes a conditional cash offer to acquire 100 per cent of the issued and paid up ordinary share capital of the DXBE. “As the majority shareholder of DXBE, Meraas intends to launch the proposed offer to support DXBE’s prospects given its financial condition,” Meraas said in a statement. The proposed transaction intends to provide DXBE with a sustainable capital structure, by reducing debt, amidst a challenging market environment. Under the terms of the proposed offer, DXBE’s shareholders will be entitled to receive Dh0.08 in cash for each share held through participation in a tender offer which, subject to the satisfaction of certain conditions, is expected to be launched in January 2021. ....