‘Hotel and retail aspects are very important.’
picks up, people will take time to accept it; we have had a number of false dawns and numerous setbacks over the past five years. It will take time for people to believe the economy is picking up, for confidence to come back and for households to recover from the erosion of their savings. The long-term implications are important.
The good news is that we’re seeing continued and gradually increasing throughput. Revenues are still holding strong, because the sector of the market that goes to theme parks is continuing to do so despite the recession. So ongoing investment and strong marketing are very, very important to maintaining customer loyalty.
Are there many parks changing hands?
The ownership profile of the top 20 parks shows a lot more consolidation now than it did 10 years ago but much of this took place prior to the recession. We haven’t seen many sales in the past couple of years. PortAventura’s sale in 2010 and Parques Reunidos’s acquisition of Slagharen in early 2012 are the only recent deals that have taken place among the big parks.
When the economy picks up, we’ll see more activity, but until then, we expect that there will be only the odd deal here and there, and these are likely to be at modest valuations. The challenge in the market is that the frenzy of activity pre-recession drove prices up to higher multiples than are currently considered appropriate. For deals to start happening again some form of value correction may be needed.
46.4m
Merlin Entertainments total visitors across all properties in 2011
26.2m
Parques Reunidos total visitors across all properties in 2011
p45
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102