Six Flags, the US theme operator, is to be given $7.5 million from DXB Entertainment, the Dubai-based operator of leisure and entertainment destinations and experiences.
The pay-out has been arranged after DXB pulled out of plans for a Dubai Six Flags site due to financing for the project no longer being available. The decision was made during a meeting with shareholders in April this year.
DXB agreed to pay compensation to Six Flags for pulling out of the project, with DXB retaining first refusal rights for the use of Six Flags’ intellectual property in the UAE for five years.
In May 2019, DXB Entertainments revealed a $58.73 million loss on its operations.
Six Flags is planning for a project to go ahead in Saudi Arabia.