DXB Entertainments (DXB) announced that Dubai Parks and Resorts had seen over 1.4mn visits in 1H18, recording a Y-o-Y increase of 46%. April was another peak month, with the theme parks attracting over 300,000 visits, driven by the influx of tourists during the international school holiday season. The second annual Big Day Out on 20 April set new records for single-day visitation, with over 36,000 visits. Dubai Parks and Resorts reported over 612,000 visits in 2Q18 (+38% Y-o-Y, -28% Q-o-Q). The Lapita Hotel occupancy averaged 55% in 1H18, up from 24% in 1H17. DXBE will report its financial results for 2Q18 in the week of 5 August. We estimate 2018 total visits of 3.5mn, which we think would be quite challenging, given visits YTD.
DXBE Entertainments (DU): AED0.34 as of 12 Jul 2018, Rating: Neutral, TP: AED0.60/share, MCap: USD750mn, DXBE UH/DXBE.DU
Mai Attia
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