F1-X, a theme park under construction in Dubai, has delayed its opening to 2010. F1-X, which is owned by Union Properties, was originally expected to open in 2009. The $460million Park was to be the first F1 themed park in the world. It is also a part of Union Properties’ MotorCity project. This comes not to long after F1-X announced that it would be delaying its opening.

© GERSTLAUER Gerstlauer is building a Eurofighter with 2X3 tains for the park

The reason for this park’s delayed opening had been blamed on poor credit due to financial looses. Union Properties reported a loose of 37.6 million dirhams, or 10 million US Dollars in the Fourth Quarter of 2008. Also, the bank’s liquidity has been damaged, affecting the parks themselves.

Dubai’s theme parks have been greatly affected by the current Financial Crisis. Busch Entertainment corp. recently announced that it was suspending all of its four theme park projects in Dubai. As well, Universal Studios announced that its park would continue construction despite the current economic downturn. F1-X stated that the project will continue because

Dubai is not alone in loosing parks due to the economy. Hard Rock Park in Myrtle Beach, South Carolina, went bankrupt after a season due to financial difficulties. However FPI MB Entertainment LLC has saved the park by buying it for $25million. Hard Rock Park will be open for the 2009 season. However, Geauga Lake Water Park, after closing its “dry park” in 2006, will not open in 2009 due to financial difficulties.

This current economic downturn has also affected Formula One itself. The Honda F1 team went up for sale due to financial difficulty from Honda. As well, the Williams F1 team lost RBS and Levono as sponsors, leading to speculation that Williams will drop out of F1. Other companies have stated their intension to stay in F1.

F1-X was the first park to be officially sponsored by F1. Bernie Ecclestone, head of F1, signed a deal in 2005 to allow the park to be F1 themed. Work begun on the park in December 2006 and is currently 50% complete. Among the attracted being built include a Gerstlauer Eurofighter, which is currently unnamed. Other attractions being built for the park are currently unknown.