Travel news - attractions in Thailand

Siam Park to get B1.5bn facelift over five years

Amornphant Nakorn Siam Park, one of Thailand's oldest amusement and water park operators, plans to invest 1.5 billion baht in improvements over the next five years following the company's successful debt restructuring last month. The 25-year-old company last month restructured 1.7 billion baht in debt with Bangkok Bank. Under the deal, Bangkok Bank will cut the debt to 500 million baht, with 400 million paid through the transfer of a 14.3-rai land plot in Lat Phrao and the remaining 100 million in repayments scheduled over five years.

Chaiwat Luang-amornlert, the chairman of Amornphant Nakorn Siam Park Co, said Amornphant would pay Bangkok Bank 840,000 baht per month for the first 24 months, and 2.4 million per year for three years afterwards.

''The conclusion of the debt case now has allowed me to think about business expansion,'' Mr Chaiwat said.

The 70-year-old businessman said he planned to step down from day-to-day operations next year, with his three children taking a greater role in running the company.

A new investment plan worth 1.5 billion baht would be set up to develop Siam Park, located in Min Buri, as a leading amusement park in the region.

Financing would come from a 500- million-baht bank loan and a planned listing on the stock exchange in 2007.

Some 500 million baht would be spent on new rides and equipment to develop a history park, a haunted house and a marine-life library and aquarium, as well as a new park zone called Jurassic Adventure, set to be opened next month.

The second-phase expansion would start in 2007, and includes the development of new facilities modelled roughly on Universal Studios in Los Angeles.

''With these expansion plans, I hope Siam Park will become a popular amusement park once again, just like in our glory days in the 1980s,'' Mr Chaiwat said.

But he said Siam Park would not compete with a theme park on the scale of Hong Kong Disneyland.

''I prefer my park to be more like Six Flags in the US,'' he said.

''You can enjoy and have fun at Siam Park for just 200 baht, compared to perhaps 10,000 baht at Disneyland.''

Siam Park hopes to attract some two million visitors per year within five years, with annual turnover of approximately 300 million baht.

About 1.2 million people are projected to visit the park this year, with estimated 2005 sales of 164 million baht and profits of 20 million. About 80% of visitors are Thais.

''Siam Park can turn its business around and become more profitable. Last year we had sales of 140 million baht and profits of 10 million. Business has improved as more Thais look to travel locally,'' Mr Chaiwat said.
Bangkok Post 16 September 2005 www.bangkokpost.com