Dubai Park & Resorts (DPR) management (Raed Al Nuaimi, CEO; Sandesh Pandhare, CF&IO; Paul La France, CPO) held a conference call to discuss 1Q16 results and give an update on the latest developments. Main highlights from the call were: i) DPR is on track to open in October 2016, with 42 contractors and 14,700 workers on site. The following has been completed as of end of March 2016: procurement is 93% complete, ride systems: 76%, show systems: 41%, overall construction 85%. Management confirmed that they are on target and on budget; ii) 65% of Riverland lease space is signed, with 39 lease proposals signed. Those brought in more than 100% of the projected revenue; iii) annual passes have been released. Management indicated that the launch is still at a preliminary stage, so could not yet gauge interest. Revenue will be accumulated in a liability account (deferred revenue) until the first visit is made; and iv) fixed costs represents 60% of cost structure, which implies higher margins in case of higher-than-budgeted visits. (Company conference call, Mai Attia, Sara Boutros)