Dynamic Attractions, a leading creator of cutting-edge theme park rides, has been contracted to provide a 39 seat, patented flying theatre attraction in The Island in Pigeon Forge, in the Smoky Mountains of Tennessee.
Empire Industries Limited, the parent company of Dynamic Attractions, has provided an update on the planned attraction in The Island in Pigeon Forge. A long term operating agreement has been signed, the flying theatre has been financed, and Dynamic Attractions has been contracted to provide the attraction. It is set to open in March 2021.
With all these agreements in place, work on the Tennessee Flying Theatre co-venture can begin. Island Flyers LLC and High Express Holdings (US) Inc. have signed a long-term operating agreement for the development and operation of the attraction. The agreement specifies an equal investment from each partner, totalling $4 million. This will go into a single purpose co-venture entity, called Smoky Mountain Flyers, LLC.
The first step for a new co-venture
Smoky Mountain Flyers, LLC closed an $11 million debt financing with a Tennessee Bank. This completed the financing needed to develop the flying theatre. Dynamic Entertainment Group Ltd. (DEGL) is a 74% owned subsidiary of Empire and has entered in a pure option agreement with a term of 30 months to purchase all of the shares of High Express Holdings.
Dynamic Attractions, a wholly owned subsidiary of Empire, has been contracted by Smoky Mountain Flyers to provide a 39 seat, patented flying theatre attraction.
“We are very excited about the co-venture project in the Smoky Mountains region of Tennessee,” said Guy Nelson, Executive Chairman and Chief Executive Officer of Empire. “The Island in Pigeon Forge has been ranked as the sixth most popular theme park in the US. Island Flyers, LLC, the co-venture local partner, is an experienced attraction operator and their expertise dovetails perfectly with Dynamic’s provision of a world-class attraction at this world-class site.
“The Option agreement positions DEGL to step into an equal partnership role in the co-venture partnership at the appropriate time. This is the first exciting step for our new co-venture model – a model intended to provide Empire with long-term, stable, recurring revenue. We expect to execute on more partnerships with best-in-class tourist sites in the months and years ahead.”
Empire focuses on designing, supplying, and installing iconic media-based attractions and ride systems for the global theme park industry.
Dynamic Attractions recently announced that Jialong Parks signed a Letter of Intent at IAAPA Expo Asia 2019. This states that Dynamic Attractions will design and manufacture high tech rides for the Chinese theme park provider. They are intended for several Jialong Parks locations, including Chengdu, Beijing, Qin Huangdao, Fujian and Hainan,
