AusLeisure

Gold Coast attractions owner Coast Entertainment Holdings Limited has announced a 9.6% increase in revenue from ordinary activities for the half-year ending 24th December 2024 - reaching $47.7 million.

The operator of Dreamworld, the SkyPoint Observation Deck and WhiteWater World reported a significant improvement in net profit after tax of $3.1 million, marking a 140% turnaround from the prior period.

Operating revenue grew by 9.6% to $47.7 billion, the highest first-half revenue since the 2016 financial year, driven by a 7.1% increase in ticket sales and 10.8% growth in visitation.

A statement from the company advised that the results had been “achieved despite ongoing economic headwinds which have tempered consumer discretionary spending”, also noting that “SkyPoint continued to deliver record revenue in the period.”

It went on to advise “the uplift in ticket sales was partly driven by increased promotional activity, including a highly successful Black Friday campaign which boosted annual pass sales.”

The company also commented on the successful opening of Dreamworld’s Rivertown precinct including the new Jane’s Rivertown Restaurant, stating “the guest response has been overwhelmingly positive, and this investment is expected to drive attendance and deliver economic benefits.”

Coast Entertainment Holdings also advised that claims related to the to the severe storms which impacted Southeast Queensland during the 2023/24 Christmas and New Year period had progressed with insurers, generating $5.4 million insurance income during the period.

Speaking about the results, Group Chief Executive, Greg Yong explained “we are delighted to announce the successful completion of Rivertown and Jane’s Rivertown Restaurant, delivered on time and within budget despite the challenging construction environment on the Gold Coast.

“The dedication and hard work of our team and stakeholders were pivotal in achieving this milestone.

“This new precinct, featuring Dreamworld’s most immersive and thematic attractions to date, will be a key driver of increased attendance. It is designed to provide an intergenerational experience, offering attractions that appeal to the entire family.

“With this launch, as well as the construction of our exciting new King Claw attraction, and the continued recovery of international visitation - particularly with China’s visitation still representing a small fraction of the previous performance, we see considerable growth potential for the business.”

The company also advised that it maintains a strong debt-free balance sheet with $59.9 million in cash and a new $10 million bank credit facility for enhanced liquidity and funding flexibility.

However, despite the positive results, media outlets, including Yahoo Finance, have suggested there is scepticism in the market regarding the valuation of Dreamworld, with concerns about the sustainability of growth following the Rivertown launch.

Click here to view Coast Entertainment Holdings full report presentation.

Images: Dreamworld's new attractions in the Rivertown precinct including the Jungle Rush rollercoaster (top and middle) and the new Jane’s Rivertown Restaurant (below).

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