With Export Finance Australia’s multi-option facility supporting its multimedia attraction delivery in Dubai, Laservision has now established a strong presence in the Middle East region with opportunities for growth.
Laservision is a leading designer and producer of multimedia entertainment attractions creating sensory experiences. “We harness the power of light, water, fire and other high impact mediums to evoke the senses, immerse audiences in the experience creating enduring memories,” said Shannon Brooks, CEO at Laservision.
Established in 1984, Laservision‘s corporate office is located in Dural, New South Wales with satellite offices established in Singapore, Hong Kong, Macau and Dubai. Laservision offers a complete suite of services and products including conceptual development, creative production, technical engineering, research and development, project management, operational and maintenance support services.
Laservision has received several business and export awards for its work in developing permanent and special events across 27 countries.
“Around 95% of our business is export,” said Shannon, “as the markets overseas are more lucrative and have higher demand for our services.”
Some of Laservision’s most high-profile projects include the ‘Wonder Full’ spectacular at the Marina Bay Sands resort in Singapore, the Symphony of Lights over Hong Kong’s Victoria Harbour and the Pearl of Sochi in Russia’s Mandarin Mall.
Finance support lighting the way
Laservision was awarded the significant Dubai Festival City contract to design and install a permanent multi-media attraction, as part of a flagship store redevelopment.
While Laservision’s bank was supportive of its growth overseas, it wasn’t able to provide the working capital and bonding needed to deliver on the high-profile contract.
“Securing finance support from banks can be difficult when you don’t have a tangible product,” said Shannon. “The project wasn’t a comfortable fit for our bank’s lending criteria for overseas projects.”
In partnership with Laservision’s bank, we helped create a multi-option finance package that allowed Laservision to secure the contract.
“As a government agency, having Export Finance Australia’s support was very important to give our bank the level of comfort needed to provide the finance for the project,” said Shannon.
Our Export Working Capital Guarantee allowed Laservision’s bank to approve the finance needed to cover the upfront production costs of the installation.
The retail development company also required a performance bond to guarantee the contract’s delivery, which we provided on behalf of Laservision.
Growth opportunities in the Middle East
“We’ve now completed the project and have moved into a five-year maintenance and operation contract that includes running the show every night,” said Shannon.
“One of the value-adds that our Dubai client has achieved through our capabilities is commercialising the multimedia attraction through sponsorship and advertising rights. For example, we were engaged to produce and operate new shows for Chinese New Year, Game of Thrones season 7 launch, and the launch of Star Wars: The Last Jedi,” explained Shannon.
With a presence in Dubai, Laservision is now experiencing increasing interest for their services across the Middle East region.
“Having the flagship project in Dubai has set the benchmark for outdoor attractions in the region, it’s been a real stepping stone. If we hadn’t secured the project in Dubai Festival City then it would be very hard to secure ongoing business in the region.
“It has helped us elevate to a whole new level. Enquiries continue to come in as a result of people seeing our show,” said Shannon.