Latest News

Back to Latest News back

 

Ride fatalities aftermath continues to drive down Dreamworld’s value

Ride fatalities aftermath continues to drive down Dreamworld’s value
July 30, 2018

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.

Related Articles

1st July 2018 - Coronial inquest claims Dreamworld Chief Executive

30th June 2018 - Ardent Leisure issues statement of apology over Dreamworld deaths

29th June 2018 - Dreamworld ride ‘should not have been in service’ at time of four guest fatalities

26th June 2018 - Inquest hears that Dreamworld cut back maintenance in months before 2016 ride fatalities

25th June 2018 - Inquest evidence causing ‘irretrievable’ damage to Dreamworld’s reputation

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


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

Felton Industries

Felton Industries is Australia’s leading designer, manufacturer and supplier of quality outdoor furniture and has been supplying premium seating solutions for all sporting, commercial, community…

read more

Parks / Play / Recreation / Sport / Venues

 
 

THE FITNESS GENERATION

The Fitness Generation is now part of NovoFit - see www.ausleisure.com.au/suppliers/novofit/

read more

Fitness / Technology / Wellness

 
 

HRMWEB

At easyemployer we've come up with a software solution that manages one of your most important, and often most costly, business resources - your staff. We are helping 100s of clients to…

read more

Finance / Fitness / Technology

 
 

SWIMPLEX AQUATICS

Swimplex Aquatics are a world-class company dedicated to the commercial pool, waterslide industry. We are Australian market leaders servicing all states Australia wide. Swimplex provide a full…

read more

Aquatics / Attractions / Design / Play / Waterparks

 
 

Centaman Entrance Control

Turnstile Entry Systems and Access Control Centaman Entrance Controls’ Award Winning Range of Access Control Systems includes tripod & triarm turnstiles, speedgates, full height…

read more

Access / Entertainment / Sport / Ticketing / Venues

 
 

The Jump Pad

The Jump Pad is a safe, flat inflatable made in a variety of sizes which can be used indoor or outdoor. From 3mx3m up to a whopping 9mx21m. Markets include Indoor and outdoor playgrounds, schools,…

read more

Attractions / Entertainment / Play

 
 

SportEng

SPORTENG specialises in the Planning, Design and Construction inspection of Fields of Play for all sports. Blending engineering with the specialist knowledge gained from working closely with sport…

read more

Consultants / Recreation / Sport / Surfaces / Venues

 
 

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

 
 
 
 

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