Paramount withdraws from London theme park resort plan
A plan to build a multi-billion-pound theme park just outside London, on the banks of the Thames, is in danger following the withdrawal of the park's top IP partner.
London Paramount was to be a £3.2 billion theme park resort on a 535-acre site on Swanscombe Peninsula, in North Kent. But today, developers announced that they and Paramount Licensing have discontinued the licensing agreement that would have permitted the use of Paramount Pictures IP — including Star Trek and Mission: Impossible — in the park.
Developers said that the project will go forward without Paramount, however. What's now being called the "London Resort" also has licensing agreements with Aardman Animations and the BBC, which would give it access to franchises including Wallace & Gromit, Shaun the Sheep, Doctor Who, and Top Gear. The developer, London Resort Company Holdings Limited, has said that it will seek addition IP partners for the resort though its CEO said "we are not looking for a new studio."
The resort is due to submit a fresh round of permit documents in November. Originally announced in 2012 and slated for opening by 2019, the project's opening date had been pushed back to 2022 even before this latest setback. In addition to the theme park, the resort is planned to include more than 4,000 hotel rooms, restaurants, and theaters.
I think that we might need to remove "London Resort actually opens" from trading on
Never going to happen.
I really hope it does still happen but at the moment it seems even more like a pipe dream. It will be great for the UK to get a theme park resort like this, but as disneyland paris is set to get expansions over the next few years I doubt the park will ever happen due to the better competion.
The park and its supporters are trying to spin this as a positive, inferring that the park was limited in the IPs it could add due to Paramount's insistence on the park not employing competitive franchises. (Which is totally standard in the business, BTW.)
A new theme park needs both strong IP and must do attractions in order to succeed.
>>>Genuine question. Brexit casualty?
Hard Rock Park has some great IP (Led Zeppelin, Eagles, limited use of The Beatles), but in the end their goals were far too lofty to meet investor expectations, just as what appears to be occurring here. The issue with new parks is they require a HUGE amount of capital investment just to open, and then if the first season or 2 don't meet financial projections, operators are left with diving further in debt to increase attendance by adding more attractions, or trying to survive on a shoestring operational budget, potentially causing the park's quality to decline shortly after opening.
This is Brexit. The UK just damaged itself. At least Trump will go in 4-8 years. We have messed our country up permanantly.
This has absolutely nothing to do with Brexit. How can it? People from Europe aren't now banned from visiting the UK. Brexit makes zero difference. However, when this was first announced I could never see a theme park in England being built for £3b ever getting the attendances needed to break even, let alone give a return to the investors. This project, as most new builds of this magnitude, has been constantly deferred and I would not bet too much on it ever breaking ground as I cannot see how it is commercially viable.
As someone who lives about 10minutes drive from the Swanscombe Peninsula, I can happily say that this project will never go ahead. The traffic in this area is the main issue. The roads can barely handle the current 9-5 working day, let alone adding a theme park.
I agree with prof plum, this has nothing to do with brexit and brexit has not hurt the uk economy (thus far) and brexit has nothing to do with tourism and visitors to the uk. 40k visitors a day or over 14 million per year is totally unrealistic, and I doubt the area could handle that volume of people for transport, everything is already very congested in the south east U.K. Add that fact to the uk weather and the whole project seemed unrealistic to me.
Can't see it going ahead now as it's clear from looking at other theme park's attendances what a difference good IP makes.
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