Six Flags Arabia? Saudi Arabia Seeks Amusement Parks To Boost Tourism
Six Flags Entertainment Corp (NYSE: SIX) is planning on opening a new theme park in Saudi Arabia. According to CEO John Duffey, Saudi Arabia and Six Flax have agreed to a partnership, but few details have been ironed out.
“We’re very honored to be provided with an opportunity to enter into a partnership to bring Six Flags to the kingdom,” Duffey said on Arabuya TV after meeting with Saudi deputy crown prince Mohammed bin Salman.
“Our parks can provide the entertainment to which Saudis aspire.”
It’s unclear how Six Flags will design its park in such a conservative country, especially when it comes to women. Six Flags' parks typically include rides like water slides. Saudi Arabia doesn’t allow women to drive or go to the movies and women’s sports are discouraged as well.
Just last week, Walt Disney Co (NYSE: DIS) opened its brand new Shanghai Disneyland. JPMorgan projects that Shanghai Disney will generate roughly $1 billion in revenue and $50 million in operating income in fiscal 2017. Numbers which will continue to grow in time.
Since Disney’s new park opened, the stock is up 0.6 percent. Six Flags’s stock has out-paced Disney’s stock and has more than tripled in the past five years. A major new presence in the wealthy nation of Saudi Arabia could provide a major boost to the company’s bottom line in coming years.
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