The company, which counts on museums and travelling exhibits for revenue, has tried to sell its artifacts for years without success. A newly announced RMS Titanic theme park in China could be just the ticket Premier shareholders have been waiting for.
In a questionable move, China is building the Romandisea Seven Star International Cultural Tourism Resort, a theme park whose centerpiece will be a life-size replica of the Titanic. The landlocked theme park will build a replica of the "unsinkable ship" that took 1,500 lives with it on April 15, 1912. The theme park is set to open in 2016 and promises a simulation that will show what a shipwreck was like. The boat will use sound and light effects to simulate hitting an iceberg and sinking.
Before you criticize whether this theme park or boat should be constructed, think about the possible winner in Premier Exhibitions. Premier has more than 5,500 artifacts from the actual Titanic that it has been trying to sell for years.
Last year, the company called off a possible deal to sell its Titanic artifacts. Premier executives should be on the phone with Seven Star Energy Investment Group CEO Su Shaojun to make a deal happen. Imagine a life-size Titanic with real artifacts and authentic items from the maiden voyage.
Premier's revenue for its fiscal year ending next month is projected to rise to $39.5 million from $31.7 million a year earlier, mostly from museum exhibits. The company also has self-operated venues in Atlanta, Las Vegas, Orlando and California.