Viad Corp. will expand its high-margin virtual flight ride theater concept into Iceland’s capital city of Reykjavik. Modeled after Pursuit’s highly successful FlyOver Canada attraction from Brogent/Vekoma, FlyOver Iceland will provide guests an exhilarating virtual flight experience over some of Iceland’s most spectacular scenery and natural wonders. The new attraction is expected to open in 2019.
Steve Moster, Viad’s president and chief executive officer, said “Our acquisition of FlyOver Canada in December 2016 has proven to be a great success with strong margins and financial returns. We are very excited to expand that concept into a new iconic market. Reykjavik, Iceland is a perfect location for a FlyOver attraction as the region is enjoying robust tourism growth with visitation expected to reach 2.7 million by 2019.”
In connection with this planned expansion, Viad acquired a 54.5 percent majority stake in an Icelandic entity, Esja Attractions ehf. (“Esja”), which has already secured an ideal location in Reykjavik to construct FlyOver Iceland. Viad’s majority investment completes Esja’s equity fundraising for the attraction.
David Barry, president of Pursuit, said, “With this acquisition, we achieve another strategic milestone for Pursuit by growing the FlyOver concept into a new iconic destination. We are excited to partner with Esja’s team of seasoned professionals who bring deep experience in the Icelandic market, which is quickly rising in popularity as a global tourism destination. Through our collective expertise, we are well-positioned to drive strong growth and profitability from this investment while enhancing Pursuit’s high-margin attractions portfolio.”