AM2 26th July 2017 issue 83

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26 JULY 2017 ISSUE 83

Wanda reshapes multi-billion theme park and hotel sale Following a shock move by Wanda to CN¥43.8bn (US$6.47bn, to first sell off the majority of its €5.62bn, £4.99bn), while its hotel theme park and hotel portfolio and sale lowers from CN¥33.6bn then loan its purchaser billions (US$4.94bn, €4.33bn, £3.84bn) to of dollars to finance the sale, the CN¥19.9bn (US$2.93bn, €2.55bn, landmark property deal has taken £2.27bn). Wanda will also no another twist, with the addition of longer arrange vendor financing a second buyer to the sale. to assist Sunac with its purchase. Earlier this month, Wanda The total value of the transaction announced the sale of 91 per cent will now be CN¥63.75bn of its physical assets to property (US$9.41bn, €8.18bn, £7.26bn). developer Sunac China Holdings in a Wanda’s massive theme park deal worth CN¥63.18bn (US$9.3bn, expansion – three of which €8.15bn, £7.22bn). Following the opened within the last year – had Wang Jianlin’s plans have attracted Chinese regulator attention announcement, it emerged that originally been developed to Wanda was part-financing its own compete with Disney’s attractions acquiring Wanda’s portfolio of 77 hotels sale, lending the buyer CN¥29.6bn (US$4.3bn, portfolio, with Wanda chair Wang Jianlin instead of Sunac. As a result, the sale price €3.76bn, £3.32bn) to push the deal through. boldly declaring that Disney’s “one tiger” The terms of sale have now been changed, of Wanda’s parks portfolio increases from was no match for Wanda’s “pack of wolves.” More: http://lei.sr?a=k7z2r_A with Guangzhou-based R&F Properties CN¥29.6bn (US$4.3bn, €3.76bn, £3.32bn)

Jim Reid-Anderson takes back reins as president of Six Flags Six Flags has announced the surprise retirement of its president and CEO John Duffey just 17 months after he initially took up the position in February 2016. Effective immediately, Six Flags executive chair Jim Reid-Anderson will take up the position of president and CEO, a role he held between 2010 and 2016 prior to Duffey’s appointment. Previously under Reid-Anderson’s leadership, Six Flags achieved record guest and employee satisfaction ratings, also making significant operations improvements, according to the operator. Speaking to AM2, Sandra Daniels, vice president of corporate communications for Six Flags said that Duffey’s decision to leave the company was due to personal reasons.

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“Once John made his decision, the board moved quickly and asked Jim if he would lead the company again,” she said. “We are fortunate to have Jim leading our team – he is a world-class CEO – and our board and employees are excited to have him back leading the company.” Commenting on his reappointment, Reid-Anderson thanked Duffey for his contributions, and highlighted significant global growth opportunities in the short, medium and long term for Six Flags. “I am very proud and excited to rejoin the operating team and look forward to executing our business strategy,” he said. “We have had seven record years in a row and I believe that the best is yet to come.” Reid-Anderson held the same role for six years