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Ardent Leisure cuts losses, announces new Main Event Chief Executive

Ardent Leisure cuts losses, announces new Main Event Chief Executive
February 26, 2018

Ardent Leisure, the owner of Kingpin Bowling, Dreamworld and WhiteWater World along with the US-based Main Event entertainment business has announced a first-half financial year loss of $13 million.

The result is a significant improvement on its $49 million net loss from the same period last year.

Still recovering from the 2016 fatal incident on Dreamworld's Thunder Rapids River ride, the company's theme park revenue dropped 11%.

Earlier this month, Ardent wrote off $25 million from Dreamworld due to the lower-than-expected rate of recovery in visitor numbers.

However, the performance of the group’s US-based family entertainment centres division rose by 25%.

In a statement to the ASX, Ardent said it expects to "trade profitably" in the second half of the current financial year.

Ardent also announced that American Chris Morris to run its Main Event entertainment business as the group pushes on with its recovery.

Morris was previously President of California Pizza Kitchen (CPK), a leading casual dining brand operating 260 restaurants in 30 states in the USA and in 12 countries worldwide.

Speaking after the results briefing, Ardent Chairman Dr Gary Weiss stated “there will be a lot of focus on improving the underlying performance of Main Event and Dreamworld in the coming months.

“There are some improvements coming through the business and we are looking to reinvigorate the theme park and increase visitations to the Main Event operations."

Image: Dreamworld's The Claw ride by night.

18th February 2018 - ARDENT LEISURE CHAIRMAN EXCITED BY DREAMWORLD’S PROSPECTS THROUGH 2018

2nd February 2018 - ARDENT LEISURE REPORTS SLOWER THAN EXPECTED GROWTH IN DREAMWORLD VISITATION

25th January 2018 - DREAMWORLD REOPENS POPULAR WATER RIDE 

20th December 2017 - ARDENT LEISURE SELLS BOWLING CENTRES DIVISION FOR $160 MILLION

9th November 2017 - ARDENT LEISURE CHIEF EXECUTIVE SIMON KELLY TO LEAVE AFTER JUST FOUR MONTHS IN ROLE

9th November 2017 - DREAMWORLD REJECTS CRITICISM OF ANIMAL CARE AT TIGER ISLAND ATTRACTION

26th October 2017 - DREAMWORLD MARKS RIDE TRAGEDY ANNIVERSARY WITH QUIET STAFF COMMEMORATION

21st October 2017 - QUEENSLAND POLICE SAY NO STAFF SHOULD BE PROSECUTED OVER 2016 DREAMWORLD DEATHS 

16th October 2017 - QUEENSLAND PARLIAMENT PASSES INDUSTRIAL MANSLAUGHTER LAWS IN WAKE OF DREAMWORLD FATALITIES

29th September 2017 - GARY WEISS TAKES ON CHAIRMAN’S ROLE AT ARDENT LEISURE

14th September 2017 - DREAMWORLD TO REMOVE MOUNTAIN SURROUNDING ITS EUREKA MOUNTAIN MINE RIDE

4th September 2017 - ARDENT LEISURE INVITES REBEL SHAREHOLDERS TO JOIN BOARD

18th February 2016 - ARDENT LEISURE RECORDS 20% PROFIT RISE BACKED BY IMPROVED FEC AND THEME PARK VISITS

10th July 2013 - CHANGE OF LEADERSHIP AT ARDENT LEISURE THEME PARKS

15th December 2011 - DREAMWORLD CELEBRATES 30TH BIRTHDAY 

29th October 2011 - PRICE WAR HITS REVENUE AT ARDENT ATTRACTIONS 


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Asking a small favour
We hope that you value the news that we publish so while you're here can we ask for your support?

The news we publish at www.ausleisure.com.au is independent, credible (we hope) and free for you to access, with no pay walls and no annoying pop-up ads.

However, as an independent publisher, can we ask for you to support us by subscribing to the printed Australasian Leisure Management magazine - if you don't already do so.

Published bi-monthly since 1997, the printed Australasian Leisure Management differs from this website in that it publishes longer, in-depth and analytical features covering aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues management.

Subscriptions cost just $90 a year.

Click here to subscribe.

 

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