DUBAI, United Arab Emirates (CBSDFW.COM/AP) — A massive amusement park in Dubai says it is abandoning plans to build a $454-million Six Flags.

DXB Entertainments Dubai Parks & Resorts, which holds the franchises for Legoland and Motiongate, said in a statement filed on Thursday on the local stock market that a planned financial instrument was “no longer available and the Six Flags Dubai project cannot proceed at this time.”

Photo Credit: Six Flags (FB)

Plans for a Six Flags park long have circulated in Dubai.

In 2016, Dubai officials say they planned to add the park chain, owned by the Grand Prairie, Texas-based Six Flags Entertainment Corp.

The park near the site of Dubai’s 2020 World Expo, or world’s fair, has struggled since opening.

Meraas Holding, a firm backed by Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, is the majority-owner of DXB Entertainments.

Several theme parks and entertainment destinations have opened in the UAE in recent years, but there are reports that some are struggling because of high costs and low visitor numbers.

(© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)