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Dreamworld revenues dip by $6 million since reopening

Dreamworld revenues dip by $6 million since reopening
January 6, 2017

Ticket sales at Dreamworld have dropped by $6 million since the Gold Coast theme park reopened on 10th December.

Ardent Leisure's latest trading report to the Australian Stock Exchange (ASX) advised that Dreamworld and WhiteWater World took $3.66 million in revenue from 10th to 31st December 2016, down 63% ($6.23 million) from the $9.89 million it took in the same period in 2015.

The statement to the ASX advised "the progressive re-opening of Dreamworld's thrill rides ... negatively impacted attendances and revenues."

Commenting on the attractions' current status, the statement continued "across both parks, 29 slides and rides - including five of the 'Big 9 Thrill Rides' are fully operational as well as most of Dreamworld's entertainment and attractions - including our brand-new Tiger Island, the Fire Machine nightly pyrotechnics spectacular and the Dreamworld Corroboree indigenous precinct."

Ardent went on to report that attendance numbers have been steadily increasing since Boxing Day" anticipating the theme park's "last rides - including Tower of Terror II and the Giant Drop - are scheduled to be back operating before the end of January 2017."

The statement added "overall, guest sentiment has been very positive and we thank our guests, passholders and the broader community for their strong support."

Commenting on its Main Event Entertainment division, which owns 31 bowling and family entertainment centres across the United States, Ardent advised that revenue grew 35.2% to $US102.1 million, in the six months to 31st December..

That figure includes growth from opening four new centres as without the new centres, revenue fell 2.9% to $US68 million.

Commenting on uncertainty in the USA surrounding its Presidential election, Ardent advised “centre revenues were affected by a difficult US casual dining macro-environment, particularly in Texas and challenges due to the Olympics, uncertainty around the US presidential elections and the associated low consumer confidence.”

The group said existing US centres were returning to growth following the presidential election and expected them to reach low single-digit growth in the long term. New centres were exceeding earnings returns on investment targets of 30%.

Ardent will open seven new centres in the US in the second half of the financial year.

The report also acknowledged the completion of the sale of its Goodlife Health Clubs division to Quadrant Private Equity.

Editor's note: Since our report on 4th January, Dreamworld has reopened its Tail Spin ride.

Images: The newly reopened Tail Spin ride at Dreamworld (top) and a visitor enjoys the Dreamworld Corroboree indigenous precinct (below).

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

10th December 2016 - GUESTS TRICKLE BACK AS DREAMWORLD REOPENS

1st December 2016 - DREAMWORLD EXTENDS SEASON PASSES, STRESSES SAFETY OF WHITEWATER WORLD

30th November 2016 - DREAMWORLD AND WHITEWATER WORLD TO REOPEN ON SATURDAY 10TH DECEMBER 

25th November 2016 - DREAMWORLD ORDERED TO RECTIFY MINOR PROBLEMS AFTER SAFETY AUDIT

20th November 2016 - GOLD COAST THEME PARKS HIT BY SAFETY FEARS

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

2nd November 2016 - ARDENT LEISURE SHARE PRICE CONTINUES TO FALL AMID SAFETY SCRUTINY

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

 18th September 2016 - DREAMWORLD OPENS NEW LOOK TIGER ISLAND

24th August 2016 - ARDENT LEISURE FULL YEAR RESULTS STRONG REVENUE GROWTH

16th August 2016 - CONSTRUCTION OF AUSTRALIA’S FIRST LEGO STORE BEGINS AT DREAMWORLD 

13th February 2014 - DREAMWORLD OPENS NEW INDIGENOUS AND WILDLIFE EXPERIENCE ON THE GOLD COAST


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