Okay, I know. This is Universal and not Disney, but I thought I'd post it as it does deal with a Disney competitor in an area of the world they both seem to be fighting over. Now, if Universal pulls out of Shanghai, will Disney pull out as well? I remember reading a rumor that Shanghai was next on Disney's target of future park sites. With Universal out of the way, it might give Disney some breathing room and focus on the HK park.
---------------------------------------------------------------------------------
ORLANDO, Fla. - Vivendi Universal's parks and resorts division has laid off two dozen people hired to work on a theme park planned for Shanghai, China.
They were the latest cutbacks in the Orlando-based design group, which has seen its ranks dwindle from 100 to less than half that number during the past five months, the Orlando Sentinel reported Wednesday.
The layoffs follow reservations expressed by Universal's new corporate owner, General Electric-owned NBC, that leave the once-heralded China expansion in doubt, sources familiar with the project told the Sentinel.
NBC's deal to acquire Universal was completed Wednesday.
Universal executives, however, said that the project was still alive and that the layoffs merely stemmed from bureaucratic delays in China.
"They haven't approved this as quickly as we thought they would," said Wyman Roberts, chief marketing officer for Universal Parks and Resorts. "We're moving forward."
A Universal spokesman didn't return a phone call from The Associated Press on Wednesday.
Universal has completed early design work for the park. Although a site has been cleared, no construction has begun.
The delay in the project comes more than a year after Universal executives heralded a preliminary deal to open a $1 billion park in Shanghai, besting rival Walt Disney Co. in the race to open a theme park in China's largest city.
Universal was expected to invest about $75 million in the park, estimated to cost about $1 billion. Its quasi-government partners, Shanghai Waigaoqiao Group Co. and Jinjiang Group would finance the balance. Universal would get a stake of about one-third and a management fee for running the park.
---------------------------------------------------------------------------------
ORLANDO, Fla. - Vivendi Universal's parks and resorts division has laid off two dozen people hired to work on a theme park planned for Shanghai, China.
They were the latest cutbacks in the Orlando-based design group, which has seen its ranks dwindle from 100 to less than half that number during the past five months, the Orlando Sentinel reported Wednesday.
The layoffs follow reservations expressed by Universal's new corporate owner, General Electric-owned NBC, that leave the once-heralded China expansion in doubt, sources familiar with the project told the Sentinel.
NBC's deal to acquire Universal was completed Wednesday.
Universal executives, however, said that the project was still alive and that the layoffs merely stemmed from bureaucratic delays in China.
"They haven't approved this as quickly as we thought they would," said Wyman Roberts, chief marketing officer for Universal Parks and Resorts. "We're moving forward."
A Universal spokesman didn't return a phone call from The Associated Press on Wednesday.
Universal has completed early design work for the park. Although a site has been cleared, no construction has begun.
The delay in the project comes more than a year after Universal executives heralded a preliminary deal to open a $1 billion park in Shanghai, besting rival Walt Disney Co. in the race to open a theme park in China's largest city.
Universal was expected to invest about $75 million in the park, estimated to cost about $1 billion. Its quasi-government partners, Shanghai Waigaoqiao Group Co. and Jinjiang Group would finance the balance. Universal would get a stake of about one-third and a management fee for running the park.
)