L.A. co. sets sights on expansion
A Los-Angeles based corporation is making a $30 million commitment to the growing amusement park business in China.
Intra-Asia Entertainment Corp. will acquire a controlling interest in Chongqing Amusement Park in Chongqing City, which has a population of 30 million.
The park will be renamed Chongqing Fuhua Park to reflect the company’s choice of Fuhua as the brand name for its parks.
The company also owns Fuhua Park, which opened in 1993 in the city of Weifang. Intra-Asia will pour $15 million into each park to upgrade facilities and to add new rides and attractions.
Intra-Asia intends to acquire controlling interests in a total of five such Chinese parks within five years.
“We plan to focus our resources on the regional parks of China to create beautiful, fun and exciting family entertainment,” said Roy Aaron, Intra-Asia’s chairman.
Aaron said Chongqing offered “enormous attendance potential among the region’s 80 million residents.”
The park opened in 1991 and had 831,000 visitors in its first full year of operation. By 1997 the figure had declined to 700,000, primarily because it had no new attractions. Intra-Asia is counting on its investment in new rides and attractions and sharper operating procedures to spur faster growth.
In contrast, attendance at Fuhua Park rose from 420,000 in 1994, its first year in business, to just over 1 million last year.
Headquartered in downtown L.A., Intra-Asia was formed in 1996 when it purchased Fuhua Park. The company is owned by both American and Chinese investors.
An attorney with experience in finance and real estate law, Aaron was brought into Intra-Asia in 1996.