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Ride fatalities aftermath continues to drive down Dreamworld’s value
The impact of four deaths on Dreamworld’s Thunder River Rapids ride in 2016 is still being felt by the theme park's owners, who have written $75 million off the value of the embattled Gold Coast business.
Ardent Leisure today advised of the fall in value in a financial update to the Australian Stock Exchange (ASX). It follows a decrease of $89 million in its assets in the 2016/17 financial year.
Ardent Leisure estimates its revenue to 26th June is between $545 million and $550 million, and its after-tax loss will be between $84 million and $94 million.
The company said the revaluation adjustment for Dreamworld reflected a slower recovery in attendance at the theme park than previously projected after the ride tragedy.
Discounted ticket pricing and adverse weather conditions were also reasons given to the ASX for the revenue losses.
The theme park has struggled since four people were killed on the now-decommissioned Thunder River Rapids ride in October 2016.
An inquest into the deaths, which saw damaging evidence revealed about Dreamworld’s management and safety culture, began on the Gold Coast in June and has been adjourned until mid-October.
Dreamworld Chief Executive Craig Davidson, who was in charge of the park when the ride tragedy happened, announced last month he was leaving the company.
Ardent intends to report its full year results on the FY18 on 22nd August.
1st July 2018 - Coronial inquest claims Dreamworld Chief Executive
30th June 2018 - Ardent Leisure issues statement of apology over Dreamworld deaths
14th May 2018 - Dreamworld to open Trolls Village precinct
26th February 2018 - Ardent Leisure cuts losses, announces new Main Event Chief Executive
18th February 2018 - Ardent Leisure Chairman excited by Dreamworld’s prospects through 2018
21st October 2017 - Queensland Police say no staff should be prosecuted over 2016 Dreamworld deaths
9th May 2017 - Dreamworld suffers further attendance and revenue slump
13th March 2017 - Parkz website launches Support our Theme Parks campaign
23rd February 2017 - Dreamworld closure drags Ardent Leisure to $49 million half year loss
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