International Expansion Continues with Six Flags-Branded Park in Saudi Arabia
New Park Slated for 2022 Debut Will Be Part of Qiddiya, the Kingdom’s
New Entertainment Destination
GRAND PRAIRIE, Texas--(BUSINESS WIRE)--
Six Flags Entertainment Corporation (NYSE: SIX), the world’s largest
regional theme park company, and the Public Investment Fund (PIF), Saudi
Arabia’s sovereign wealth fund, today announced plans to develop a Six
Flags-branded theme park in the city of Riyadh. Six Flags has entered
into an arrangement with the PIF to develop, design and license the Six
Flags brand for Qiddiya—Saudi Arabia’s first entertainment, sports and
cultural destination—which is expected to open in 2022.
“Innovation is synonymous with the Six Flags brand, and our
international licensing business provides a unique opportunity to
continue our strong global growth,” said David McKillips, President of
Six Flags International Development Company. “We see great potential in
the Saudi Arabian market and look forward to collaborating with the PIF
to create a world-class entertainment destination for Saudi’s young and
dynamic population.”
Located 40km from downtown Riyadh, Qiddiya will provide an unprecedented
leisure option for the seven million plus residents of the Saudi capital.
The Public Investment Fund of the Kingdom of Saudi Arabia said, “The
entertainment sector has an important role to play in the transformation
of Saudi Arabia’s economy. The Six Flags-branded theme park in Riyadh
and other similar developments will create new employment opportunities
and harness the talent, energy and imagination of Saudi youth. Our
investment in this sector is in line with our mission and delivers on a
key element of Vision 2030.”
Michael Reininger, Chief Executive of Qiddiya, commented, “Our goal is
to create an exciting one-of-a-kind destination that will draw visitors
from throughout Saudi Arabia to experience record-breaking roller
coasters, innovative rides and attractions, as well as the sporting and
cultural facilities that Qiddiya will offer. By partnering with a global
leader, we know that we are going to deliver something exceptional.”
Terms of the arrangement were not disclosed.
About Six Flags Entertainment Corporation
Six Flags Entertainment Corporation is the world’s largest regional
theme park company with $1.4 billion in revenue and 20 parks across the
United States, Mexico and Canada. For 57 years, Six Flags has
entertained millions of families with world-class coasters, themed
rides, thrilling waterparks and unique attractions. For more
information, visit www.sixflags.com.
Follow us on Twitter @SixFlags
Like us on Facebook at facebook.com/sixflags
About the Public Investment Fund:
The Public Investment Fund (PIF) seeks to become one of the largest and
most impactful sovereign wealth funds in the world, enabling the
creation of new sectors and opportunities that will shape the future
global economy, while driving the economic transformation of Saudi
Arabia.
To achieve this, the PIF is building a world-class, diversified
portfolio through investments in attractive, long-term opportunities
across sectors and asset classes at both the domestic and international
level. Working alongside global strategic partners and renowned
investment managers, the PIF acts as the Kingdom’s main investment arm
to deliver a strategy focused on achieving attractive financial returns
and long-term value for the Kingdom of Saudi Arabia, in line with Vision
2030.
About Qiddiya
The vision of Qiddiya is to be the iconic entertainment destination of
the Kingdom, the home of activity, discovery and engagement. Backed by
the Saudi Arabian Public Investment Fund, Qiddiya will be built 40km
from downtown Riyadh. Visitors will have access to ground breaking
recreational and educational facilities across six innovatively designed
clusters: Theme Parks; Wheels and Wings; Scenic and Animal Encounters;
Water and Snow; Sports; Events, Culture and Education. Groundbreaking
will be in 2018, and the first phase of the development will be launched
in 2022.
Twitter: @Qiddiya
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Six Flags Entertainment Corporation
Media Relations:
Sandra
Daniels, 972-595-5178
sdaniels@sftp.com
or
Investor
Relations:
Stephen Purtell, 972-595-5180
spurtell@sftp.com
Source: Six Flags Entertainment Corporation