Collaboration Explores Bringing the Six Flags Experience to China
NEW YORK, April 15 /PRNewswire-FirstCall/ -- Six Flags, Inc. (NYSE: SIX), the world's largest regional theme park company, announced today it has entered into a one-year, multi-million dollar exclusivity agreement with Gulf Finance House B.S.C., a publicly traded Islamic Investment Bank in the Kingdom of Bahrain. Under the agreement, Gulf Finance will pay for the exclusive right to license the Six Flags brand and related intellectual property for theme park development in the People's Republic of China. Additionally, the two parties may collaborate on the future construction of a Six Flags-themed luxury resort. The deal was unveiled today by Six Flags President and CEO Mark Shapiro and Gulf Finance House Acting CEO Peter Panayiotou.
"This partnership underscores the renewed health of our brand and the opportunities that now lie ahead for our unique thrill park experience," said Shapiro. "We're excited about the potential of collaborating with Gulf Finance House to bring the new Six Flags and its recharged product to an entirely new audience."
"We were proud to facilitate Six Flags' introduction to Dubai and are now thrilled to be partnering with Six Flags ourselves," said Panayiotou. "Our goal is to create an exciting, state-of-the-art tourist destination in China that will draw travelers from around the globe. Six Flags is recognized as a world leader in the entertainment and theme park industry. The experience and brand loyalty they bring to the table is unmatched."
China is the world's largest and most populous country and quickly becoming a preeminent destination for international travelers. According to the World Travel and Tourism Council's 2006 Report on China, the country's travel and tourism industry generated $353.7 billion in 2006 and is expected to grow to $1.3 trillion in 2016. As China's economic and industrial expansion evolves, its need for imported goods and services also will increase. Welcoming the world as the host of the 2008 Olympic Games this summer, The People's Republic of China is poised for a Six Flags venture and offers a ground-breaking opportunity for the company to create a new generation of park-goers on a global stage.
About Six Flags, Inc:
Six Flags, Inc. is the world's largest regional theme park company with 21 parks across the United States, Mexico and Canada. Founded in 1961, Six Flags has provided world class entertainment for millions of families with cutting edge, record-shattering roller coasters and appointment programming with events like the popular Thursday and Sunday Night Concert Series. Now 47 years strong, Six Flags is recognized as the preeminent thrill innovator while reaching to all demographics -- families, teens, tweens and thrill seekers alike -- with themed attractions based on the Looney Tunes characters, the Justice League of America, skateboarding legend Tony Hawk, The Wiggles and Thomas the Tank Engine. Six Flags, Inc. is a publicly-traded corporation (NYSE: SIX) headquartered in New York City.
About Gulf House Finance:
Founded in 1999, Gulf Finance House (GFH) has grown rapidly to become one of the most respected investment banks in the Middle East region in terms of the quality and innovation of its product offerings. Over an eight-year period Gulf Finance House has successfully launched economic infrastructure development projects and investments with an aggregate end value exceeding US$20 billion and received numerous awards for its innovative approach to Islamic banking and finance. Its shares are actively traded on the London Stock Exchange (GDR), the Kuwait Stock Exchange, the Bahrain Stock Exchange and the Dubai Financial Market. 2007 was the most successful year in the banks' history, closing with a net profit of US$ 340 million, an increase of 61% compared to the previous year.
GFH is the first Islamic investment bank to be awarded an investment grade credit rating by Standard and Poor's, who have awarded the bank with an investment grade credit rating of BBB-. Moreover, Capital Intelligence (CI) has rated Gulf Finance House's Foreign Currency Long-Term and Financial Strength at BBB+.
In reflection of its international reputation, Gulf Finance House has won numerous local and international awards including "Best Investment Bank" for each of the past three years, awarded by The Banker Middle East, "Best Islamic Investment Bank" by World Finance in 2007, "Bank of the Year 2006" awarded by Arabian Business Magazine and "Best Islamic Real Estate Finance House" awarded by Euromoney.
SOURCE Six Flags, Inc.
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