Millenium Dome,Uk Essay

1053 words - 4 pages

Introduction:The UK government established the Millennium Experience Company (MEC) in 1996 to build and run the Millennium Dome. The Millennium Experience is a limited company governed by the companies' acts and wholly owned by the government.The dome was built on the Greenwich site, which was proclaimed as home of time to celebrate the new Millennium. It was also intended to go back into the history books alongside the great exhibition of 1851 which heralded the industrialization of Britain, and the festival of British of 1951, which captured the mood of national revival after the Second World War .The Dome is the largest structure of its kind in the world, over one kilometre in circumference, 50 meter high at the centre and covering over 20 acres of ground space. Though it was designed as a one year temporary structure, its life span could be extended to around 20 years by maintaining and replacing roof panels. The Millennium Experience Company roped in £750 million from national lottery money, private companies and other sponsorships.The dome was built to hold the millennium exhibition till the end of Dec 2000 and then to be sold to a private investor.The current Problem:Since the Millennium Dome was closed for visitors from 31st Dec, 2000, the Millennium Experience Company has been facing financial crisis in running the empty Dome. This is due to the reason that the MEC did not manage to find an appropriate buyer the end of year 2000 as it had planned.The MEC has been constantly under criticism form the opposition party and the general public for its mismanagement. The company has been spending huge amounts of taxpayer's funds into the maintenance of the Dome. The maintenance cost for the dome have significantly increased over a period of time and at present its costs £250 000 per month to maintain the empty Dome.Reasons for problem:The MEC had initially planned to sell the Dome after the exhibition but it lacked sufficient back up strategy. It was thought that by 2001 the Greenwich site will be bought by the 'Dome Europe & its Financial backers Normura International' for £106m to create an 'urban entertainment resort', however the Company didn't sign the contract as the financial projections of the dome was questioned.The other major reasons that made investors hesitate were:Life span of the structureThe Short life span of 20 years of the Dome has led investors to rethink of the revenues that could be generated from their projects.Additional InvestmentsTo run any project, the investor has to make additional investments in terms of maintaining the Dome or even building an additional structure.Compounding Business Factors:The investors have to consider other factors, such as the surrounding environment and Government conditions that would affect the profitability of the projects.Surrounding environment:The environment surrounding the Dome is not conducive for business activities such as building a sport arena, office...

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