DYNAMIC ATTRACTIONS LAUNCHES FOR SPACE
Coquitlam-based Dynamic Attractions Ltd., which has made a name for itself by designing and building amusement park attractions around the world, this week made a bid to be a bigger player in the theme park-business by signing on to help build the propose
Q What’s the deal?
A Dynamic, a subsidiary of Empire Industries Ltd., signed a strategic co-operation agreement with the Chinese firm Altair (Shanghai) Space Technology Ltd., Co. to jointly design and build a $600-million space-themed Space Park in Hangzhou.
Dynamic CEO Guy Nelson signed the agreement with Altair in Shanghai on Thursday (Wednesday in Canada) as part of Prime Minister Justin Trudeau’s trade mission to China.
Q What is Dynamic Attractions’ role in the project?
A Nelson told The Sun that Dynamic worked with Altair to develop the master plan for Space Park, which would include six Dynamic-designed rides and attractions, that Altair is proposing for a site in Hangzhou. The two companies would co-own and operate the theme park.
Nelson said Altair has put in a reserve bid on the 19.3-hectare site in Hangzhou, which is owned by the Hangzhou Zhijiang National Tourist Resort. The owner has called an open competition and if no other bidder can top Altair’s proposal, they will win the right to build the project. If successful, their plan is to open Space Park in late 2020.
Q How is Dynamic Attractions buying into the proposal?
A The park would include a $150-million contract to design and build the attractions. Nelson said the company has the option to use the profits from that portion to secure a 20 per cent equity stake in Space Park. And the companies have agreed to share revenue from their joint operation of the facility.
Q Why does Dynamic Attractions want to get into theme-park development?
A Dynamic has designed and built 50 unique amusement-park attractions for customers, from roller-coasters to special-effects flying-theatre rides, but Nelson said the company sees a bigger market in the development of such attractions, and has opened an Orlando, Fla. office for that purpose.
“Nobody seems to be doing it, other than Disney and Universal for their own parks,” Nelson said. Dynamic wants to be able to provide such services on an independent basis. He added that even if Space Park doesn’t go ahead, his company will have demonstrated “we’re not just a ride vendor, we’re a potential equity partner to build big parks.”
Q What else is Dynamic involved in?
A Within the parent company of Empire, the company also engineers and fabricates precision structures, such as the enclosures for observatory telescopes and components for the energy sector.
Nelson noted that the company recently won a $10-million contract for completion work on the $1.4-billion Thirty Meter Telescope observatory in Hawaii.
Nelson said the company has been able to “hold our own” in its energy-sector work during the downturn, but other precision fabrication work is becoming increasingly competitive.
As for observatories, Nelson said that after the Thirty Meter Telescope job, there are no new big projects in the works.