The third Ferrari [NYSE:RACE] theme park has been confirmed for China.
The new park will join existing Ferrari-themed parks in Abu Dhabi (Ferrari World) and Barcelona, Spain (Ferrari Land). A location is yet to be announced, though we can confirm it will be one of the “primary cities" in Mainland China.
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The parks aren’t actually owned or operated by Ferrari but rather by outside firms under license. For the new park, Ferrari has entered a non-binding agreement with state-owned Chinese automaker BAIC.
Licensing its brand has been a growing source of income for Ferrari which has tended to limit production of cars in the interest of exclusivity, although that is starting to change. Seeking avenues of growth are now more important than ever for Ferrari which has seen its share price slide since its IPO late last year. One of the reasons for the slide was concerns about lower sales growth forecasts for the coming years.