The Generalitat of Valencia announced Aqualandia will pay €1.8 million (US$2.3 million) annually to lease the park for 10 years. The agreement also calls for the company to retain Terra Mítica’s current staff and pay additional fees based on attendance and income.
Aqualandia has an option to purchase the park for €75 million (US$97.6 million). Ten-year-old Terra Mítica entered bankruptcy protection in 2005 with €218 million (US$283.7 million) in debt and a loss of €120 million (US$156 million). The park was initially projected to attract 4 million annual visitors; however, attendance peaked at 1.5 million.
