Latest News

Back to Latest News back

 

Ardent Leisure losses rise as guests fail to return to Dreamworld

Ardent Leisure losses rise as guests fail to return to Dreamworld
February 22, 2019

Ardent Leisure's has announced that its losses for the first-half of the financial year rose to $21.8 million as guest numbers remain stagnant at its flagship Dreamworld attraction.

With damaging revelations about the Gold Coast theme park emerging during the trading period at the Coronial inquest into the deaths of four guests at Dreamworld in October 2016, Ardent's first-half net loss blew out by 40% to $21.8 million.

With total group revenue down 14.6% to $226.7 million the company said while theme park visitor numbers stagnated during the inquest hearings, higher per-person spending was recorded.

Ardent's sell-off of its marinas and ten-pin bowling businesses meant $75 million less revenue flowed into company during the July to December period, while another $22.8 million writedown was made against the value of Dreamworld, following a $75 million impairment against the theme park in last financial year.

A further $5.3 million in incident-related costs were booked for the half as well as $2 million in restructuring costs.

Ardent also said it was pleased with performance of its US-based Main Event business, where revenue rose by 14.3% to $US139.1 million, though the like-for-like sales growth of 0.7% was nearly half the rate from a year ago.

The company also maintained that the much delayed opening of its new $17 million Sky Voyager flying theatre ride will happen before July, having previously flagged a summer 2018 opening. However, Ardent said there are no further major attractions planned at Dreamworld despite previous plans to expand.

In a statement, the company advised “we are in the advanced stages of establishing increased funding that the board believes will provide the capital required to execute on the medium term growth strategies of both the Main Event and theme parks businesses.”

The board has declared there will be no interim dividend, having paid 2.0 cents per share a year ago, in line with its intention to invest in theme parks and Main Event.

Ardent reported a net loss of $90.7 million in the 2018 financial year, and a $63 million loss in 2017.

Related Articles

22nd February 2019 - Village Roadshow report rising earnings and record-breaking January period for theme parks while writing off Dreamworld as competition

15th January 2019 - No sign of opening for Dreamworld’s Sky Voyager

17th December 2018 - Activists target Dreamworld in ongoing animal rights protest

22nd November 2018 - Ardent Leisure reveals theme park investment strategy

23rd October 2018 - Ardent Leisure names casino and hospitality professional as new Dreamworld Chief Executive

19th October 2018 - Coroner seeks proof that all Dreamworld rides had safety certification

26th September 2018 - Ardent Leisure facing naming challenges with new Dreamworld simulator ride

5th September 2018 - Dreamworld partners with Canberra’s National Zoo to aid Wild Tiger Conservation

27th August 2018 - Dreamworld looks to attract visitors with entry fee drop and LEGO exhibition

23rd August 2018 - Village Roadshow blames Commonwealth Games and Dreamworld deaths for disappointing results

22nd August 2018 - Ardent Leisure losses grow as Dreamworld’s value declines by $75 million

2nd August 2018 - Queensland Government set to enforce tough safety rules for amusement rides

1st July 2018 - Coronial inquest claims Dreamworld Chief Executive

25th June 2018 - Inquest evidence causing ‘irretrievable’ damage to Dreamworld’s reputation

18th May 2018 - Historic levels of growth in global theme park industry in 2017

20th June 2011 - Asian attractions bounce back amid mixed global theme parks performance


Support our industry news service
We hope that you value the news that we publish so while you're here can we ask for your support?

As an independent publisher, we need reader support for our industry news gathering so ask that - if you don't already do so - you back us by subscribing to the printed Australasian Leisure Management magazine and/or our online news.

 

supplier directory

The Complete Guide to Leisure Industry Products & Services.

See the directory see all

ICP

ICP is an Australian-based company focused on indoor climbing. ICP will manage your project from initial design to completion and beyond, whether you're building an international-level climbing…

read more

Attractions / Fitness / Recreation

 
 

PaySmart

Headquartered in Brisbane with an Australia-wide network of satellite offices, PaySmart is one of Australia’s largest and longest-standing direct debit billing companies. In 1996 we began…

read more

Access / Billing / Fitness / Technology

 
 

AUSTRALIAN WATERSLIDES AND LEISURE

A leading designer and manufacturer of innovative waterslides and attractions, Australian Waterslides and Leisure (AWL) is also able to advise clients in the areas of concept and design, feasibility…

read more

Aquatics / Attractions / Play / Waterparks

 
 

SeatGeek Asia Pacific

SeatGeek is a search engine and mobile-focused ticket marketplace that allows fans to buy and sell tickets for live events. As of August 2018, SeatGeek has exited the Australian, New…

read more

Entertainment / Sport / Technology / Ticketing / Venues

 
 

AAC

Welcome to AAC – makers of the world’s best wristbands, lanyards, tickets, tokens and full-service print solutions. We are Australia’s premier global manufacturer and supplier of…

read more

Access / Marketing / Safety / Ticketing

 
 

Quayclean

Quayclean are a national cleaning and waste services partner with proven results in the understanding and delivery of cleaning needs and challenges faced by facilities including; major venues and…

read more

Aquatics / Hospitality / Surfaces / Venues

 
 

Momentus Technologies

About: Momentus Technologies is a global provider of industry-leading venue and event management solutions that empower organizations to create extraordinary moments. With over 50,000 users in more…

read more

Entertainment / Events / Hospitality / Technology / Venues

 
 

CENTAMAN

Centaman has been a market leader in Enterprise Software Solutions for the leisure and recreation industry and both profit and not-for-profit attractions since 1991. It offers a wide range of software…

read more

Access / Billing / Fitness / Technology / Ticketing

 
 
 
 

get listed with our suppliers directory

Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!

list your business