China’s Wanda Forecasts 30% Leap in Entertainment Revenues
Dalian Wanda is forecasting a 30% growth in its revenues following the recently agreed deal to buy Legendary Entertainment for $3.5 billion.
For 2016 the company said that target revenue from its cultural sector businesses is $10.2 billion (RMB66.6 billion). That follows a year in which the cultural sector expanded by 45% and revenue hit $7.83 billion (RMB51.3 billion). it said that Legendary ‘s revenues in 2016 are forecast to be $613 million (RMB4.02 billion.)
The privately held parent group, which controls a mixture of private and publicly-listed companies, announced details of its yearly performance and new year targets at a corporate retreat in Xishuangbanna, Yunnan Province, site of Wanda’s newest full-scale theme park.
The group as a whole is expected to see growth in net asset value and profits in 2016. But it is forecasting a 12% drop in revenues, which reflects the slowdown in the Chinese property markets.