Six Flags over Dubai

For more on this story, check tomorrow’s editions of The Washington Times or www.washingtontimes.com.

Six Flags Inc., the struggling theme park operator whose chairman is Washington Redskins owner Daniel Snyder, announced a partnership today with a Middle Eastern entertainment company to develop theme parks in Arab nations.

Their first venture will be Six Flags DubaiLand, a 5 million-square-foot theme park in the oil-rich emirate of Dubai.

The theme park, expected to open next year, will feature standard Six Flags thrill rides as well as entertainment franchises such as the Wiggles children’s musical group and professional skateboarder Tony Hawk, the New York-based company said.

It would be Six Flags’ first theme park outside North America, where the company already operates 21 parks including one in Largo, Md.

The overseas expansion comes amid a three-year domestic turnaround effort that has yet to impress investors. Net income for its third quarter ended Sept. 30 fell 46 percent and park attendance slipped 3 percent, Six Flags said Nov. 9.

Although the results were affected by bad weather and a June accident at a Six Flags park in Louisville, Ky., Six Flags shares plunged 16 percent on that news to a 12-year-low of $2.25.

Even after a 2.4 percent gain today on the Dubai announcement, Six Flags shares closed at $1.74, near a record low.

Six Flags is partnering with Tatweer, a subsidiary of government-owned Dubai Holding, a diversified company with investments in health care, energy and real estate. Dubai is one of the seven emirates that constitute the United Arab Emirates.

The park would be Tatweer’s contribution to the “Dubai Strategic Plan 2015,” which aims to develop the emirate into a global hub for tourism and leisure.

The Six Flags park would be only one part of a 3 billion-square-foot DubaiLand entertainment and hospitality complex that includes ventures with Universal Studios and a golf course designed by Tiger Woods.

Construction on Six Flags DubaiLand is scheduled to begin in 2009. Six Flags officials declined to disclose the size of its investment in the park until the company’s fourth-quarter earnings are released Monday. They said they are likely to announce other park projects in Arab countries soon.

“We’ve got a lot coming down the pike,” said spokeswoman Sandra Daniels. Tatweer and Six Flags also are developing water parks, restaurants, hotels and retail outlets.

Six Flags is just the latest company to develop entertainment ventures in Dubai. Last week, the entertainment division of brewer Anheuser-Busch Cos. Inc. said it would open four theme parks in Dubai. Busch Entertainment Corp. plans to partner with Dubai developer Nakheel to create a Worlds of Discovery complex would include SeaWorld, Aquatica, Busch Gardens and Discovery Cove. William Ehart contributed to this article. For more on this story, check tomorrow’s editions of The Washington Times or www.washingtontimes.com.