‘Who in South Africa is going to spend R1 000 or more for a day at an amusement park?’ asks the man who knows the business and the local market. Picture: Supplied The former operator of Durban’s iconic Funworld has expressed significant scepticism regarding the sustainability and financial viability of eThekwini Municipality’s recently announced R1 billion theme park development, planned for the same beachfront site. Nic Steyn, whose family ran the original Funworld for decades, describes the project as “possibly another big mistake in the making”, citing concerns over the massive capital expenditure, profitability, and the challenge of attracting international-level spending in the local economy.
The project, which is set to open in 2027, is being undertaken by Masithu Consulting and Project Managers (MCPM) under a long-term 45-year lease granted by the city. It is seen as a major leisure and entertainment development for the South Beach and central parts of the Durban beachfront. In aninterview with Moneyweb editor Ryk van Niekerkon RSG Geldsake, Steyn outlined his reservations about the financial scope and strategy behind the investment: Steyn’s family-run Funworld operations came to an end in May 2023.
Asked why it closed, he said the lease expired in 2017 and the business had been operating on a month-to-month basis. Despite attempts to sell the park to new owners, he claims the municipality “didn’t really play ball” in granting a long-term lease, eventually making it too difficult to carry on. The veteran operator confirmed he has no involvement in the new project.
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