Hong Kong Observation Wheel saved from demolition after deal struck with new operator
After several days of talks, current operator Swiss AEX agrees to hand over control to The Entertainment Corporation
Hong Kong’s waterfront Ferris wheel’s future is secure after a deal was struck between the current and new operator of the attraction on Wednesday evening.
The current operator, Swiss AEX, who lost the rights to operate the Hong Kong Observation Wheel in a retendering of the site to newcomers The Entertainment Corporation, settled its differences after several days of talks, steering the wheel away from the threat of being dismantled.
The Central Harbourfront attraction was closed last week without warning or explanation. It emerged in public statements from both companies that the pair were locked in a dispute over payment issues which caused the sudden shutdown.
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Officials had previously expected the wheel to be torn down.
“It’s been a tough day,” Hong Kong businessman Allan Zeman, who was helping mediate the dispute, said. “The good news is everybody wins. Both parties. The people of Hong Kong come out to be a winner now, and Hong Kong can keep its reputation in the world and the wheel will not have to be torn down.”
Zeman said the two companies started their final meeting on Wednesday afternoon and reached a consensus in the evening.
“It’s a win, win, win for everyone but it was not easy,” he added.
