Bouncing back from the ordeal of bankruptcy over the past year due to the pandemic, the VR entertainment startup, SandboxVR is back in business. The COVID-19 pandemic forced the company to close its locations and lay off most of its staff after its entire LBE business was wiped out.
Now with vaccinations successfully rolling out across the US, the company has been able to emerge from a Chapter 11 bankruptcy through a debt restructure. The future prospects are looking bright, and the VR entertainment provider is opening up a new location at the Grand Canal Shoppes in The Venetian Resort, Las Vegas. The company plans to expand to another 15 locations across the world by the end of this year.
As per a release from the company, the new location is due to open “in the early summer of 2021”. With the announcement, it has joined the long list of companies that are now re-emerging from the economic implications of the pandemic as a result of the aggressive vaccination campaign. This is also good news for commercial real estate businesses, which oversaw a complete elimination of most of their businesses last year.
As opposed to its top competitor, THE VOID, SandboxVR benefits from being a lean company with the need for elaborate 4D sensorial gadgets. The former had to shut down its locations across the globe, including its flagship location at the Grand Canal Shoppes, and now even its website is down after it was entirely abandoned by Disney. The company is not showing a lot of positive signs of bouncing back.
Nevertheless, Sandbox VR is in a much more optimistic state and is showing signs of recovery. The company also stated that it is noting a 30% rise in demand from before the pandemic at their present operational locations in Chicago and Austin after the governments lifted the COVID-19 restrictions in these locations.
In spite of the setback, the future looks good for the industry, with some financially strong startups leading the way into recovery. The VR arcade business still has a ton of potential in terms of money to be made in the times to come.
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