As the company completes its negotiations with its creditors for the restructuring of some P1 billion loans, officials said Amtrust would continue operating the food stalls and other park-owned service facilities while opening Enchanted Kingdom to possible locators.
According to Amtrust chairman and president Mario Mamon, the company is already negotiating with at least four operators of popular food retail chains that would soon operate in the country’s biggest theme park in Sta. Rosa, Laguna.
Enchanted Kingdom has so far been an exclusive theme park where visitors are not allowed to bring in their own food or drinks. All food and drinks are sold by park-owned stalls although visitors are allowed to leave the facility to eat outside and come back later in the day.
Mamon said the decision was prompted both by the need to generate revenues as well as the demand of park visitors who prefer branded food chains over generic park food and drinks.
"Based on the exit surveys that we have been taking, we learned that Filipinos are still very brand-conscious," Mamon said. "Generic park food may work in other countries but in the Philippines, people prefer to eat in places they are familiar with."
Eventually, Mamon said Amtrust would also start negotiations with merchandise retailers interested in opening boutiques in the theme park. He said the plan was to set aside an area that could be developed into an outdoor mall where park visitors could also shop.
However, Mamon ruled out the possibility that any of the popular mall developers like SM and Robinsons would be interested since most of them have already purchased properties in the areas outside the theme park for future development.
Mamon said, however, that future locators would contribute to Amtrust’s revenue stream in terms of lease rentals. Although much of the park is already devoted to various rides and other uses, there are still over five hectares that could be developed for various uses.
Amtrust is now close to reaching an agreement with its 13 major creditor banks to give it between five to seven years to settle its debts. Mamon said earlier that the prospects for Enchanted Kingdom were good but the company needs breathing space within which to recover from the economic crunch and to improve its position when it starts negotiating with possible investors.
According to Mamon, Amtrust’s principal loans amount to less than P1 billion, excluding accumulated interests. He said the company has been in negotiation with its creditor banks and is nearing the end of the talks for the restructuring of its loans.
Over 51 percent of its loans, are from 13 major banks led by Development Bank of the Philippines, Land Bank of the Philippines, United Coconut Planters Bank, Equitable-PCI bank, International Exchange Bank, Development Bank of Singapore, Uni ted Overseas Bank and Bank of Philippine Islands.
Amtrust had just completed the construction of a new ride this month dubbed as the Rio Grande Rapids, a P100-million river rafting ride covering over one hectare of its 16-hectare theme park.