Riga Ferris Wheel Operator Ends Year With €381,002 Net Loss
The "Riga Rise" Ferris wheel in Victory Park, Riga, does not lack visitors, yet its operating company posted a net loss of €381,002 for the year. The news portal TVNET+ examined its financial reports and its ties with the city.
The company operating the "Riga Rise" Ferris wheel in Victory Park in Riga closed its latest financial year with a net loss of €381,002. The wheel is one of the newest tourist attractions in the Latvian capital, so its financial health draws attention from residents and visitors alike. The details were reported by the news portal TVNET.
Visitors are not lacking
According to a ticket office employee, one full rotation takes roughly twenty minutes, which is why the huge structure looks almost motionless from a passing car. She says tourist buses stop at the wheel regularly, including groups of seniors, and local residents visit it too.
Long queues are rare, she said, but she sees that more as an advantage, since visitors do not have to wait long for a ride.
Losses despite interest
Nevertheless, the company's figures show a loss for the year. To find out how this attraction is faring, TVNET+ journalists studied the firm's financial statements, the history of how the wheel was built, and the company's relationship with the Riga city municipality.
The facts cited in the source show that the attraction draws people, but it has not yet turned a profit.
