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| Mr. Theme Park at the Great Wall of China |
I keep reading in all of the industry publications about how over 65 theme parks are being planned in China. Will all of the parks really develop? And if so, will they all be successful?
Paul C. from Salt Lake City, Utah
Paul,
This is a great question and one I can address as ITPS has been working in China for over 30 years. We were the first American theme park company with “boots on the ground”, actually managing the Beijing Amusement Park in the 1980’s!
This is a great question and one I can address as ITPS has been working in China for over 30 years. We were the first American theme park company with “boots on the ground”, actually managing the Beijing Amusement Park in the 1980’s!
China is a huge market with great potential, but it can also be a volatile and unnerving market. Back in the late 1990’s and early 2000’s, we saw a lot of advancements in theme parks throughout China - projects all over the country. In fact, there were far too many parks being planned. The government stepped in after it was determined that many of the proposed parks were really land scams. The government placed a country wide moratorium on theme park development which lasted for quite a few years.
Paul, there are several operators in China who currently operate very successful theme parks like OCT, Wanda, and Chimelong. There are even more companies now joining the race to build parks in China. Six Flags has joined in partnership with Riverside Investment Group, a real estate developer in China, to build parks.
Of course, Disney and Universal are already underway with their parks. Certainly, China is large enough to support multiple theme parks throughout the country. Sixty-five (65) parks does seem like a lot of parks, but my bet is that less than half this number will develop.
As we are currently seeing, China’s strong economic turndown is changing global commerce as well as its own economy. The strong established operators as mentioned above will continue to be successful, although expansion plans may slow from current announcements.
Of course, Disney and Universal are already underway with their parks. Certainly, China is large enough to support multiple theme parks throughout the country. Sixty-five (65) parks does seem like a lot of parks, but my bet is that less than half this number will develop.
As we are currently seeing, China’s strong economic turndown is changing global commerce as well as its own economy. The strong established operators as mentioned above will continue to be successful, although expansion plans may slow from current announcements.
China is large and can be tumultuous in many ways. I think we will see continued growth in the Chinese leisure market, but at a much slower pace during the next 5 years than anticipated.
I'll leave you with some good articles regarding theme parks in China that should provide additional perspective.
In China, Developer Has New Theme: Parks
Thanks for the question Paul and keep up the great questions!
Thanks for the question Paul and keep up the great questions!
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