Terra Mítica, Benidorm theme park, faces bankrupcy.
Benidorm's large and controversial theme park Terra Mítica is on the verge of becoming bankrupt and auditors say that it may have to close.
Terra Mítica is one of the most controversial projects undertaken by the Valencian Regional Government during their 8 years in power. Political sectors opposing the project questioned the demand for and viability of a major theme park in this area - although Benidorm does fill up with families and young people in the high season, most of its tourists throughout the rest of the year are old age pensioners who are unlikely to get excited at the prospect of having a ride on Europe's largest roller coaster. Despite the negative results of feasibility studies commissioned by the Government, the project went ahead and was financed with enormous amounts of public money, some private investment, and massive loans from the two big regional savings banks. A company was formed to oversee the running of the Benidorm theme park with the participation of all investors, including the Valencian Government, and the banks.
Five years after opening, Terra Mítica has financial debts of 114 million Euros and liabilities of 387 million euros. Visitor numbers fall far below those required for the theme park to be a viable business venture and, according to the Levante, this year's audit (made public yesterday) warns that the financial state of Terra Mitica reflects uncertainty about the capacity of the company to continue in business.
Last year the theme park had losses of over 71 million euros, even worse than the losses registered each year ever since Terra Mitica was opened, and this year it is unable to keep up with payments of loans owing to 22 different banks.
Terra Mítica is one of the most controversial projects undertaken by the Valencian Regional Government during their 8 years in power. Political sectors opposing the project questioned the demand for and viability of a major theme park in this area - although Benidorm does fill up with families and young people in the high season, most of its tourists throughout the rest of the year are old age pensioners who are unlikely to get excited at the prospect of having a ride on Europe's largest roller coaster. Despite the negative results of feasibility studies commissioned by the Government, the project went ahead and was financed with enormous amounts of public money, some private investment, and massive loans from the two big regional savings banks. A company was formed to oversee the running of the Benidorm theme park with the participation of all investors, including the Valencian Government, and the banks.
Five years after opening, Terra Mítica has financial debts of 114 million Euros and liabilities of 387 million euros. Visitor numbers fall far below those required for the theme park to be a viable business venture and, according to the Levante, this year's audit (made public yesterday) warns that the financial state of Terra Mitica reflects uncertainty about the capacity of the company to continue in business.
Last year the theme park had losses of over 71 million euros, even worse than the losses registered each year ever since Terra Mitica was opened, and this year it is unable to keep up with payments of loans owing to 22 different banks.
21 Comments:
i bet you 1 million pounds that the theme park doesnt go bankrupt
when is the park supposed to be bankrupt roughly?
when was this statement made what date?
If you read the post properly, you will see that the statement was made based on an article from Levante in June last year, 2004: http://www.levante-emv.com/secciones/noticia.jsp?pIdNoticia=26428&pIdSeccion=19&
Será por que Zaplana y Julio Iglesias invertirán de nuevo en esa maravillosa idea social, imagen de la arroyadora vitalidad innovadora de la Comunidad Valenciana
If the prices were reduced they might get more people to go to the theme park - or is that to simple???
Very poor theme park when compared with Port Adventura, there is not enough to do - we bought a 2 day ticket and struggled to fill half a day.
Couldn't agree with you more. RUBBISH, apart from a few rides only suitable for daring teenagers, the park is overpriced, boring and there isn't enough shade. Also, families aren't allowed to take sandwiches into the park so you have to buy their horribly overpriced food. I recommend Terra Natura, which is just next door, opened this year and makes a lovely day out for all the family.
whatever. I went there and I really enjoyed it. I am quite young myself and as I am part of the crowd targeted by these theme parks I SHOULD KNOW!I hope it doesn't go bankrupt as I hope to visit it in the future!
We used the park last year for the first time and my children have raved about it ever since, so much so that my daughter (8) wants to go there for her birthday this year, which we are doing.
We have visited the park several times and always enjoy the day out.
I hope it does'nt close as it would be a sad loss for Benidorm.
I think the addmision price is very good value has once you are in the park you dont have to spend anymore money if you dont want to
We went there just a few weeks ago and it was brilliant one of the best aspects of the whole holiday me and my boyfriend completely loved it and I doubt it will close to bankrupcy as it is most definately one of the best theme parks I have ever been to! I never heard a single person in the park complaining.
Our kids preferred Terramitica over Disney-Paris. We had a good time; some of the rides were scary but the shows were wonderful! One never sees any advertising for Terramitica in Northern Europe and many people have never heard about it; maybe a good advertisment campaign might be a good idea to attract more visitors...what are you waiting for?
I think it is a wonderful park with something for all ages.We buy a season ticket each year so we can come and go as we please. Don't know why you don't really see it advertised in England, most people I speak to have never heard of it which is a great pity
Terra Mitica is a wonderful theme park! I was there every year since it opened its doors. It's fun for every age... and at least the prices for food are really cheap (I'm from Switzerland) for me. If you ever go to the costa blanca you have to see terra mitica.
Went last May, overpriced, and we were stopped at gate and had to bin all food and drink we had with us, not as good as Porta Ventura
The same happened to us!!! We were told to either consume all our food and drink before entering (my wife had prepared a full picnic for a family of six) or throw it away!!! If it hadn't been for our four kids, we would have left there and then.
Went May 2005 and due to go again July 2006. 2 adults one child age 8. Best theme park ever visited, plenty to do and see, rides excellent and so are the shows, particularly the stunt motor show. Themed areas are an excellent idea we thought it was fantastic and great value - we went 3 days running which really suprised my husband that he actually wanted to go again !!!! Bringing our son's friend this time and this is the highlight of the holiday he keeps telling his friend - I can't wait until you see it - it's amazing !!!! Please don't close - we love it - better than Disney !!
Maybe if it was open more they would take more money.
We went in August 2006 and all of the food outlets were closed.Drinks machines were empty.If this is to be the case let people bring in their own food and drink. My son was unwell on our vist and the doctor on duty was very good.I think to many fast rides and no food.
it is well not good. the park should have closed down ages ago. and I bet it will go bankrupt so ha! you just watch all you theme park lovers!!!!!
Very over-rated theme park in my family's opinion. Expensive, ridiculous no-food allowed policy (luckily we saw this article beforehand so we ate our lunch beforehand), endless queues.... We preferred Terra Natura which is just next door to Terra Mitica and is a much more child-friendly place. Also has the advantage of having a waterpark area where we could all cool down.
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