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Land sale completion eases pressure at cash-strapped theme park
There was a palpable sigh of relief last night inside the offices of the Terra Mitica theme park in Benidorm after Enrique Ortiz appeared at a Notary's office with a cheque for 85 million euros, that corresponded to the price his company had agreed to pay for the land adjacent to the complex, and which would allow it to step away from bankruptcy.
The negotiations had been fraught with anxiety ever since Mr Ortiz's company, after signing an agreement to pay the money on September 15, let the date slip by with no comment.
The payment registered yesterday will now enable the theme park to throw off the mantle of bankruptcy that has been hovering over it for the last two years.
Now, the Ortiz Company will begin construction on an hotel and tourist apartments on the 139,000 square metre plot of land.
First profit forecast for struggling theme park
Friday, November 17, 2006
It was announced at a shareholders' meeting at Benidorm's Terra Mitica theme park yesterday that for the first time since it opened six years ago the park would close this year by showing a profit.
Sources inside the park have revealed that this is due to several factors: the increase in the number of visitors, a quite severe cost reduction programme, the acquisition of new attractions, improving income and generally redefining the park in order that it become more attractive to visitors.
It is now expected this year that Terra Mitica will show a profit of some 700,000 euros, mainly due to a 4.26% increase in visitors over last year and a 10.26% increase in income.
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