A Mega Resort Tidal Wave – Ferrari World

Posted: July 22, 2010 in Uncategorized

Commentary on the future of mega resorts

22 July 2010      Thur

 

Information:

“Opening in 2010, Ferrari World Abu Dhabi is set to be the world’s largest indoor theme park, sitting under a roof designed in the style of a classic double-curve body shell of a Ferrari GT car. There is energy, excitement and passion for the entire family at Ferrari World Abu Dhabi. With over 20 rides and attractions, including the world’s fastest rollercoaster, Ferrari World is more than a theme park – it is where Ferrari’s legendary story is unveiled.”
It was told that one of the fast rides has a speed of 240km/hour! 
According to Abu Dhabi authority: “Ferrari World Abu Dhabi will captivate the whole family with its array of engaging activities. Couple this with its extremely innovative architecture, a dash of Italian spirit, and you will surely live an experience like nothing else you have before.”
The Ferrari World is built next to the Abu Dhabi F1 circuit.

 

PROFESSIONAL GROUND PANELISTS COMMENTARY:

This piece of innovation frontier in Abu Dhabi will be a “value-destruction” for conventional Asian theme park and mega resorts including the two Integrated Resorts in Singapore.  It will also set some Asian countries to rethink about their “build it & they will come” tourism mentality.  The time has come, you got to build things at the innovation frontier.

The out-molded 3,000 hotel rooms + huge casino space + fine dining concept will soon be replaced by a completely new frontier of innovation, such as the soon to open Ferrari World in Abu Dhabi. Those who still do not believe that a new tidal wave (of innovation) is coming just need to look at the Macau Studio City project that may not be built at all due to out-dated concept. Similarly, recreating of Palace or Lost World themes but without real innovation has a greater risk exposure in the watershed time.

Cost of capital in investment of mega projects such as theme park remains a major consideration. Going forward, two significant projects on-going now will define the “boundary” of creativity and innovation for theme park. They are, World’s largest Universal Studios theme park in South Korea (due in 2014) and world’s first Ferrari World in Abu Dhabi.

Why is that so?

* The world of tourism needs more than just hotel inventory (& casinos) to reinvent itself in the face of technology floods.

* The golden rule of cusumer demand is driven by content, content, content still works its magic. Both the world’s lagest (Universal Studios in S. Korea) and World’s first (Ferrari World in Abu Dhabi) will break the old mold and set new standards for mega resorts. Those who do not beleive in this, just look at how Apple conquers the world.

* The project of MGM City Center in the heart of Las Vegas is an example of struggling to make changes in the otherwise out-molded entertainment landscape. But, still lacking in new innovation.

* The equation of successful mega resorts:

New capital Investment + New Ideas + Innovation Frontier

* Just creating more of the same is not sustainable.

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