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Immotion shares surge as partner sites begin to re-open

By Iain Gilbert

Date: Wednesday 29 Jul 2020

Immotion shares surge as partner sites begin to re-open

(Sharecast News) - Immersive entertainment group Immotion said on Wednesday that a growing number of its partner sites were starting to re-open, with many already operating its VR installations.
While Immotion acknowledged many partners were still "working their way through the social distancing rules" and operating at reduced capacity, the group said it was starting to see "encouraging levels" of revenue being generated.

The AIM-listed group added that at this stage it was right to remain cautious, but said it was "enthused" by early trading in sites that were fully open, with both Oklahoma Aquarium and Mystic Aquarium in Connecticut operating at almost full capacity.

In the UK, although operating on reduced opening hours, both bookings and revenue were "very encouraging" at its ImmotionVR centres.

Elsewhere, Immotion's largest installation to date, the Ocean Explorer Immersive Theatre at the Mandalay Bay Resort and Casino in Las Vegas, was expected to open "within the next seven days".

Chief executive Martin Higginson said: "We are thrilled to see sites re-opening and to see our booking system spring back to life. We are delighted that consumers appear to have appetite for our experiences with a number of sites showing very high levels of utilisation.

"The imminent opening of our flagship installation at Mandalay Bay along with numerous other sites gives us a great deal of confidence. We continue to tread with caution, but we are quietly pleased by the uptake. New installations are moving forward with both Oklahoma and Mystic, our first installs since the pandemic, operating at almost full capacity."

As of 1115 BST, Immotion shares had surged 46.31% to 2.78p.

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