Hence, in addition for being a leisure getaway for the locals, it is also a tourist attraction directly competing with the above mentioned attractions. The idea conceived by a husband and wife architecture team in 1989 and with the backing of British Airways it took them one and half year to complete the project. The London Eye in particular under the operation of the Tussauds Group that is in charge of other popular attractions mentioned earlier. The London Eye had outdone other London attractions in visitors number, which is at around 3.5 million a year (Barfield, 2007). As the tallest Ferris wheel in Europe and worldwide, it has few competitors that are taller. The tallest Ferris wheel is located in Singapore and it stands 165 meters, while the London Eye stands at 135 meters making it the third tallest Ferris wheel after Star of Nanchang at 160 meters. The 32 sealed and air-conditioned capsules can hold 25 people and allow them enough room to walk around. One complete round takes around 30 minutes and because of the involved slow speed, passengers can walk on and off the capsules without it stopping to accommodate them. The current owner as mentioned earlier is the Tussauds Group that was able to buy out British Airways and Marks Barfield, the family who were among the lead architects. The Tussauds Group after its purchase in 2007 by Merlin Entertainment and currently London Eye is officially knows as the Merlin Entertainment London Eye and the British Airways brand name is slowly giving way to the new brand name (Mann et. al, 2001) (BBC News). It is a successful attraction attested by the fact that since its opening around 30 million people had ridden in its capsules. The new owner is also leaving its print on the Ferris wheel by opening 4D theatre. It does not mean London Eyes did not have financial problems since it was besieged financially in the outset and later on, since some of the land it stands on belonged to other sources that had demanded a huge amount of rent, from 64.000 pound a year to 2.5 million pounds a year (Reece, 2001). However, the mayor of London had intervened and was able to obtain a 25 year lease on behalf of the Ferris wheel that will cost it around 500.000 pounds a year. Arena Leisure Plc Arena Leisure Plc is also another UK company based in London and it operates seven of the UK’s horse racing tracks. The company that started in 1997 also has under its wings golf courses, hotels and an interest of at least 47% stake At The Races making is in charge of at least 25 % of the horse racing business in the UK. The company claims that it has three main divisions namely racing, it operates the known UK race tracks, catering, it creates its own events and cater for others’ events, and At The Races is broadcasting what takes place in the UK and Irish horse racing. Its racing divisions consists of seven tracks and it is from this ownership the 25% share of the racetrack control comes from. In addition, the company is involved in leisure activity that it avails through Lingfield Park Marriott Hotel and a country club with an 18-hole golf club. Its catering division is in charge of catering at the seven horse racing tracks. While its catering division is in charge of catering at the seven horseracing tracks, it has successfully won the bid to provide catering at some of the 2012 Olympic games. The company’
TWO COMPANIES IN THE LEISIURE INDUSTRY London Eye is an attraction in London that competes with other popular attractions such as Madame Tussaud’s in London and other locations in Europe, the London Planetarium, Warwick Castle, Alton Towers, Chessington World of Adventures and Thorpe Park…
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10 pages (2500 words)Coursework
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