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Palace Parent Posts Gains, Pares Loss

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Palace Entertainment Holdings LLC in Newport Beach reported higher revenue in its most recent quarter, as part of a quarterly report by publicly traded parent Parques Reunidos Servicos Centrales SA in Madrid.

Palace revenue was up 1.6% year-over-year; Palace was 7.2% higher, the parent company said.

Parques’ earning before interest, taxes, depreciation, and amortization increased 45% in the quarter and its loss narrowed from $3.4 million last year to about $2 million in its most recent quarter.

Palace runs 22 leisure parks in 10 states—facilities smaller than Disneyland Resort or Knott’s Berry Farm that often focused on one main attraction such as water. Several are in Southern California, but none are in OC.

Parques’ portfolio includes 61 parks—amusement parks, animal parks, aquatic parks, family entertainment centers and other attractions—in 14 countries.

Fernando Eiroa serves as chief executive of both Palace and Parques.

Parques in the last year has completed a $600 million initial public offering, refinanced high-interest debt, seen its former owner, London private equity firm Arle Capital Partners, sell part of its stake in the company, and signed licensing deals for entertainment centers with media firms Lions Gate Entertainment Corp. and Nickelodeon, which is part of Viacom Media Networks.

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