(Alliance News) - Merlin Entertainments PLC on Friday said it has signed a partnership agreement with Global Zhongjun Cultural Tourism Development Co Ltd for a Legoland Resort in China's Sichuan Province.
Shares in Merlin, which owns a number attractions such as Madame Tussauds and Sea Life Aquariums, were flat at 452.10 pence in London in morning trade.
Global Zhongjun is to fund construction of the resort, along with the necessary infrastructure and commercial development. Merlin, meanwhile, is to "partner in the resort development and operate it under a management contract arrangement".
Legoland Sichuan is to open by 2023 and will include two Legoland Hotels with 500 room capacity.
Merlin Chief Executive Nick Varney said: "There's no doubt that China represents a great opportunity for strong global brands. Having been active in China for over a decade, Merlin has gained critical insights into Chinese consumers and built a broad portfolio of Midway attractions within key cities.
"Leveraging this position, we're delighted to be able to announce the development of a Legoland Park in Sichuan Province together with a strong partner in Global Zhongjun. It is an exciting prospect and a significant milestone in the expansion of the Legoland estate in China."
By Anna Farley; annafarley@alliancenews.com
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