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


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.

 

supplier directory

The Complete Guide to Leisure Industry Products & Services.

See the directory see all

Anti Wave International

Anti Wave International is the original suppliers of top performance swim, aquatic sports, leisure and pool programming equipment. Founded in 1971, Anti Wave International is proud of its…

read more

Aquatics / Play / Sport

 
 

SGL GROUP

SGL is an innovative and progressive lifestyle, leisure and community consulting practice, operated by Phillip Gray and active since 1988. SGL has undertaken an extensive range of sport,…

read more

Aquatics / Consultants / Fitness / Recreation / Sport

 
 

Altitude Training Systems

Also at 3 Squill Place, Arndell Park NSW 2148 ATS are global leaders in altitude training and research. From mask systems and inflatable tents to simulated altitude facilities, we help…

read more

Fitness / Sport / Technology

 
 

HIDROPLAY

Hidroplay welcomes you to the exciting world of children's Playscapes, waterslide's and Water Attractions. Appealing to families, Hidroplay increases patronage in your facility during those…

read more

Aquatics / Play / Recreation

 
 

MYZONE

Myzone is the industry’s leading wearable technology solution. Myzone’s wearable products show and reward effort when you work out. It displays accurate real-time heart rate, calories, and…

read more

Fitness / Sport / Technology / Wellness

 
 

REGUPOL

Regupol Australia Pty Ltd offers a comprehensive range of recycled rubber fitness and leisure flooring surfaces. Their range of products include everroll rubber flooring, Regupol elastic…

read more

Fitness / Recreation / Safety / Surfaces

 
 

GEOFF NINNES FONG AND PARTNERS

Geoff Ninnes Fong & Partners (GNFP) is a structural, aquatic and civil engineering consultancy with broad experience in the design of new municipal and institutional swimming pools, hydrotherapy…

read more

Aquatics / Consultants / Design / Venues

 
 

EventPro

At EventPro Software, we are proudly different from our industry competitors. We have a development-driven culture and 20 years’ experience in event, venue, and catering management software,…

read more

Events / Hospitality / Technology / Ticketing / Venues

 
 
 
 

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