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Dreamworld closure drags Ardent Leisure to $49 million half year loss

Dreamworld closure drags Ardent Leisure to $49 million half year loss
February 23, 2017

Ardent Leisure, the operator of Gold Coast theme park Dreamworld, has reported a half-year financial loss of $49.3 million, largely as a result of the ride incident that led to the deaths of four people last October.

The results were impacted by the 45-day closure of the park following the tragedy and $95.2 million property, plant and equipment write-down, goodwill impairment and incident costs associated with the incident.

Ardent Leisure, the operator of the Gold Coast's Dreamworld theme park, has reported half year core earnings at $12.8 million compared to $30.5 million in the prior period.

Ardent Leisure Chief Executive Deborah Thomas said in a statement to the ASX  “the effects of this tragedy will be felt for some time and there is much healing still to take place.

"During the shutdown the [company] commissioned and commenced a comprehensive park-wide operations and safety review process."

Attendance dropped 27.1%, with 906,378 people attending, compared to 1,243,832 in the prior period.

Other one-off events that affected Ardent's earnings included a five-month closure for refurbishment of Kingpin Crown, and the loss of two months worth of earnings from its Goodlife Health Clubs division after its sale in October.

Ardent said its theme park division recorded total revenues of $41.8 million while its Main Event Entertainment arm recorded revenues of $US102.1 million.

14th February 2017 - DREAMWORLD BACKS KOALA CONSERVATION WITH NEW BREEDING PROGRAM

9th February 2017 - DREAMWORLD TRAGEDY CAUSES DIVE IN ARDENT LEISURE REVENUE

28th January 2017 - DREAMWORLD OPENS AUSTRALIA’S FIRST LEGO CERTIFIED STORE

12th January 2017 - DREAMWORLD REOPENS TWO FURTHER RIDES AFTER SAFETY CHECKS 

6th January 2017 - DREAMWORLD REVENUES DIP BY $6 MILLION SINCE REOPENING

4th January 2017 - DREAMWORLD LOOKS TO OFFERS AND EXTENDED OPENING HOURS TO ENCOURAGE VISITS 

14th December 2016 - NON-COMPLIANCE IN ATTRACTIONS AND ENTERTAINMENT HAS ITS COSTS

10th December 2016 - GUESTS TRICKLE BACK AS DREAMWORLD REOPENS 

9th November 2016 - DREAMWORLD ANNOUNCE ‘PERMANENT CLOSURE’ OF RIDE INVOLVED IN FATAL INCIDENT

29th October 2016 - QUEENSLAND GOVERNMENT TO UNDERTAKE ‘SAFETY BLITZ’ ON THEME PARKS

1st August 2011 - DREAMWORLD HIGHLIGHTS PERILOUS STATE OF KOALA COLONIES


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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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