Immotion Group (AIM:IMMO ) said it has reached agreement with Mandalay Bay Resort and Casino in Las Vegas to extend the contract for its 'Undersea Explorer Virtual Reality Theater'. 

The UK-based immersive entertainment group said that it would extend the VR attraction, which is created by Immotion’s Emmy Award-winning documentary team and features 360-degree stereoscopic VR, from 18 months to a term of 30 months from the site’s opening.  

The 36-seat VR theatre and immersive experience centre, which is included with any admission to the Shark Reef Aquarium, has been in operation since August 1, 2020.   

Under the revised agreement, the attraction will be extended until February 2023. 

"We couldn't be happier. It has been an absolute pleasure working with Mandalay Bay and the Shark Reef Aquarium team. Undersea Explorer is a ground-breaking new kind of attraction for aquariums and resorts and we look at the contract extension as a vote of confidence in our offering,” said Rod Findley, Group Commercial Director of Immotion. 

Shares in Immotion Group have traded within a range of 2.36p and 3.7p in the past two weeks to close at 2.42p on Monday afternoon trading. 

“From the business side, the extended contract will allow us the opportunity to perform to full potential for a good stretch of time once the pandemic has passed,” Findley said, adding that the guest reaction to the experience so far had been “so overwhelmingly positive.” 

In recent weeks, Immotion has launched its brand new 'in-home' product offering, the 'Let's Explore Oceans' Mega Pack, a fully immersive game that can be played at home. 

"Overall, where we are allowed to open, the uptake of our offering, even with reduced footfall, is very encouraging,” said Chairman, Robin Miller, in a recent trading update. 

Despite having been strongly affected by coronavirus lockdowns with four months of trading, in early September Immotion said trading had “continued to be encouraging” across its sites that have operated over the summer period since the lockdown was eased. 

Miller in the recent update, “Whilst many sites remain unopened, we are encouraged by the level of uptake, and the willingness of consumers to engage with our experiences. 

With our recovering revenues, tight control of costs and new revenue streams, we are confident in our ability to survive this crisis and put the business back on track to profitability." 

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