Disney is still the king of the theme park world, but over the last couple of years it has to be said that Universal Destinations & Experiences has been making up some major ground. The other big theme park properties are in a major period of expansion, with four different themed entertainment projects (including Epic Universe opening later this month) in development. But Disney isn't being left behind.
On this morning's Walt Disney Company earnings call, Disney's CEO Bob Iger announced a new theme park destination is on the way to the Yas Island area of Abu Dhabi. The Middle East has been a popular destination for theme parks over the last few years, but Disney's new endeavor is a little different than most of its parks.
The Catch? Disney's Abu Dhabi Park Will Be A Lot Like Tokyo Disney Resort
The big twist in the new Abu Dhabi park is that The Walt Disney Company isn't actually spending any money to build it. Instead, Miral Group, an immersive entertainment company based in Abu Dhabi, will build the park. Disney's investment will be in the characters, IP, and design, a scenario that is different from most other Disney Parks, save one, Tokyo Disney Resort.
Miral will own and operate the new park, with Disney receiving licensing fees and royalties from Miral for the use of its characters. Walt Disney Imagineering will handle the design of the park's attractions under a contract with Miral.
This appears to be a very similar arrangement to the one that Disney has with the Oriental Land Company in Japan. Up to now, Tokyo Disney Resort was the only Disney Park that Disney didn't own, but now it will be two.
Disney Not Owning The Park Is A Good Deal For Disney, And Often Fans Too
There are some obvious benefits to The Walt Disney Company not owning the new Abu Dhabi resort. First and foremost, the massive cost of building the park falls on somebody else. As the multi-billion-dollar Epic Universe shows, the cost of building a state-of-the-art theme park today is quite high, and no company wants to spend that sort of money. In the end, Disney really only makes money in this deal.
But there's an argument to be made that this is a great deal for the guests as well. It's long been argued by Disney Parks fans that Tokyo Disney Resort gets all the best attractions from Disney, and there's some truth to that idea. In Japan, the Oriental Land Company's almost entire business focus is TDR, so they seem to spare no expense, when Disney's own parks often see budget cuts.
The Miral Group isn't solely focused on Disney; two of the other existing Yas Island theme parks, SeaWorld and Warner Bros. World, are also Miral projects. However, the group is focused on a single industry. There isn't a movie studio to distract them, and so it's in the company's best interest to spend whatever money is needed to make its resorts as good as they can be.
Details, including an estimate on when all this will open, are all TBD. Still, it's the first new theme park with a Disney name on it in years. It will be interesting to follow and see what happens.
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