Send your construction pics to content_at_themeparxdotcom

Post an Update
Page 2 of 4 FirstFirst 1 2 3 4 LastLast
Posts 11 - 20 of 37
  1. Michael is offline themeparX Top Investigator
    Join Date
    Mar 2016
    Posts
    4,256
    We finally have an official statement from Six Flags acknowledging the issues that Riverside is experiencing:

    The development of the Six Flags-branded parks in China has encountered continued challenges and has not progressed as Six Flags Entertainment Corporation (the 'Company') had expected. The Company's partner in China, Riverside Investment Group ('Riverside'), continues to face severe challenges due to the macroeconomic environment and the declining real estate market in China. This has led Riverside to default on its payment obligations to the Company and, as such, the Company has delivered formal notices of default under its agreements. While the Company continues to work with Riverside and each of Riverside's governmental partners, the eventual outcome is unknown and could range from the continuation of one or more projects to the termination of all the Six Flags-branded projects in China.
    Source: https://otp.tools.investis.com/clients/us/sixflags1/SEC/sec-show.aspx?Type=html&FilingId=13839504&CIK=0000701374&Index=10000

    This situation which has been building up throughout 2019 does not only affect Six Flags and Riverside Group but also many ride suppliers. In the future, there is potential for other Chinese developers to take over the in development parks from Riverside and rebrand them to something without Six Flags.

  2. Michael is offline themeparX Top Investigator
    Join Date
    Mar 2016
    Posts
    4,256
    Trading of Riverside Group's stock has been frozen. This is in the midst of major layoffs, lawsuits and construction shut downs. Remember the play area built next to Six Flag Zhejiang's preview center (http://www.themeparx.com/six-flags-china-parks/?p=12358#post12358)? It seems that in another recent lawsuit against Riverside, the company that manufactured and installed that play area was not sufficiently paid for more than half a year so that case is now in court.

    Source: https://ihouse.ifeng.com/news/2019_12_23-52499222_0.shtml

  3. Michael is offline themeparX Top Investigator
    Join Date
    Mar 2016
    Posts
    4,256
    Things seem to not be going so well with Riverside Group, the Chinese developer behind all of these Six Flags parks. Last week, Riverside released a statement addressing the company's status. To paraphrase the statement in English, they first blame a "depressed" real estate market. Then they talk about how some of their upcoming tourism projects are a light asset model, which will benefit Riverside Group long term and help with stability. Next they address the mass layoffs in which they talk about a "transformation" in which they begin to realize that the company has had some problems regarding the staff and management organizational structure. To deal with this they over the course of the past year have been "gradually" "optimizing and adjusting" the company's employee structure which includes "streamlining" which employees are at the headquarters. At the end of the statement Riverside Group expresses optimism for a "bright future".

    According to a new article, which is also paraphrased to English here, up to 90% of Riverside Group's employees are or will be laid off and according to tourism industry "experts", Riverside Group is "dying". Riverside Group is facing legal troubles. Among the issues, the company is being taken to court constantly, for instance, a media company hired to make promotional material for the upcoming Six Flags park in Zhejiang was not properly compensated for their services and have taken Riverside Group to court seven times. Former employees of Riverside Group are complaining to reporters about not being fully paid while working there. Executives at Riverside Group are being accused of spending frivolous amounts of money on extravagant ski trips and parties while meanwhile the company has a large loan due for payment next month which will go unpaid and become overdue.

    Sources: https://mp.weixin.qq.com/s/Mm1lHIrgMdS5c-RrwEUsjw and https://mp.weixin.qq.com/s/K0zhFEf-NIKSAs6Jxwunzw and https://tech.sina.com.cn/roll/2019-12-17/doc-iihnzhfz6435833.shtml

  4. Michael is offline themeparX Top Investigator
    Join Date
    Mar 2016
    Posts
    4,256
    According to a recent article, Riverside Group, the Chinese company developing the Six Flags parks in China is laying off a large amount of its staff, for instance going from 754 staff at their headquarters office to soon just 65 staff at the headquarters office. Regarding the Six Flags parks planned for Nanjing, the project has been delayed. Construction is still happening but at a very slow pace. The first part to open, the preview center, is still under construction with no clear opening date.









    Source: https://xw.qq.com/cmsid/20191208A0BU1Y00?f=newdc

  5. Michael is offline themeparX Top Investigator
    Join Date
    Mar 2016
    Posts
    4,256
    Additional Six Flags parks potentially in the works for Beijing and Tianjin

    Source: http://www.mcc.com.cn/mcc/_132154/_132564/614100/index.html

  6. Here's an update for the first 2 Six Flags theme parks in China:

    Six Flags’ shares fell nearly 13% to $54.87 on Thursday, with analysts attributing the decline to the delays in China, as well tepid attendance growth. Shares are down nearly 19% in the past 12 months.

    The company said one Chinese amusement park set to open this year is now scheduled to open in 2020, while another set to open in 2020 has been pushed back to mid-to-late 2021.

    In addition to a slower domestic economy, Six Flags attributed the delays to global trade tensions and more hurdles to doing business there.

    The effects of the delays to revenue are likely to persist.

    “We anticipate the quarterly revenue from our international agreement may be lumpy in 2019 and possibly 2020 as our China partner works through these economic issues,” said Chief Executive Jim Reid-Anderson in a call with analysts.
    Source: https://www.wsj.com/articles/six-flags-shares-fall-as-company-delays-new-parks-in-china-11550178563

  7. Michael is offline themeparX Top Investigator
    Join Date
    Mar 2016
    Posts
    4,256
    This past week the ground breaking ceremony took place for Fuzhou Mawei District Langqi International Cultural Tourism Project, which in part will include three Six Flags-branded parks - Six Flags Theme Park, Six Flags Hurricane Harbor, and Six Flags Adventure Park.















    Source: https://mp.weixin.qq.com/s/x6MqQpkO7ZbYMnbaSMQUuw

  8. Michael is offline themeparX Top Investigator
    Join Date
    Mar 2016
    Posts
    4,256
    The fourth Six Flags was just announced - this theme park will be located on a little island called Langqidao, which is near Fuzhou. In addition to the Six Flags park this tourism resort will include something themed to Paramount (likely a hotel like at Six Flags Zhejiang) and a waterpark being built in partnership between Pierre & Vacances-Center Parcs Group and HNA Tourism.

    Sources: http://www.fuzhou.gov.cn/gzdt/rcyw/201811/t20181110_2673189.htm and http://animation.corporate.groupepvcp.com/doc/groupe_projets_en_chine/CP_PVCP_DevChine_160617_UK.pdf

  9. Michael is offline themeparX Top Investigator
    Join Date
    Mar 2016
    Posts
    4,256
    Last week construction began on Six Flags' 37 acre waterpark in Chongqing.





    http://v.qq.com/x/page/o0753l7x1f3.html

    Source: http://www.cnepaper.com/bsb/html/2018-06/25/content_1_3.htm

  10. Six Flags Kids World is also coming to Six Flags Nanjing.

    Source: http://investors.sixflags.com/news-and-events/press-releases/2018/05-29-2018-120131700

Page 2 of 4 FirstFirst 1 2 3 4 LastLast

Posting Permissions

  • You may not post new threads
  • You may post replies
  • You may post attachments
  • You may not edit your posts