Latest News

Back to Latest News back

 

Theme parks and cinemas perform but Village Roadshow profits dip

Theme parks and cinemas perform but Village Roadshow profits dip
September 15, 2016

Leisure industry giant Village Roadshow has reported that its theme parks and cinemas divisions performed strongly through the 2015/16 financial year, although overall the group reported its post-tax profit was down 60% to $16.5 million due to $36 million in losses.

While its total income was $1.07 billion, slightly higher than the previous year, Village Roadshow’s latest annual figures reported its post-tax profit falling 60% to $16.5 million due to $36 million in losses.

As a result of the profit slump, John Kirby and Graham Burke, joint Chief Executives and Chairmen of Village Roadshow, have each reduced their base salary by 37% from $2.7 million to $1.7 million.

While the company has also removed their right to borrow up to $2 million, the pair have increased their potential bonuses from 22% to 50% of total remuneration.

Village’s theme parks in Australia, Asia and the USA delivered earnings of $88 million, although 100,000 fewer people visited Wet'n'Wild Sydney because of "unseasonably wet weather".

An increase in movie ticket prices and more food and beverage sales delivered record earnings of $82 million for the cinema division, thanks to hits like Deadpool, Finding Dory, Star Wars: The Force Awakens, and the fourth instalment of the Hunger Games saga.

However, the group wrote off nearly $36 million, related to $7.6 million of restructuring costs, a $5 million impairment in the marketing division, and a $20 million loss in the film financing division.

Nonetheless, the group is confident about the future of its film division, with Star Wars: The Force Awakens becoming the biggest movie of all time in North America, overtaking the previous record held by James Cameron's Avatar, and a range of expected high performing movies expected.

Other developments include the introduction of a premium lounge at Wet'n'Wild Sydney, the opening of a TopGolf facility on the Gold Coast this year and planned theme parks in China.

Burke is optimistic about the coming year, telling analysts "people will always want to go out!"

Image: Wet'n'Wild Sydney

5th August 2016 - NEW STAR TOUR TAKES GUESTS BEHIND THE SCENES AT WARNER BROS. MOVIE WORLD

25th July 2016 - VILLAGE ROADSHOW TO OPERATE NEW LIONSGATE IMMERSIVE EXPERIENCE CENTRE IN CHINA

21st July 2016 - WARNER BROS. MOVIE WORLD ANNOUNCES VIRTUAL REALITY COASTER

4th July 2016 - VILLAGE ROADSHOW TO INTRODUCE TOPGOLF CONCEPT AS PART OF REVITALISATION OF ATTRACTIONS

3rd June 2016 - WARNER BROS. MOVIE WORLD CELEBRATES 25 YEARS OF MOVIE MAGIC

20th April 2016 - VILLAGE ROADSHOW THEME PARKS TO OFFER CHINESE LANGUAGE AND CULTURE COURSES TO STAFF TEAM

9th March 2016 - SEA WORLD RESORT NAMED ‘BEST AUSTRALIAN FAMILY RESORT’

26th February 2016 - VILLAGE ROADSHOW THEME PARKS BOOST GROUP PROFITS

19th December 2015 - VILLAGE ROADSHOW PLANS NEW ROLLERCOASTER, HOTEL AND LAKESIDE ATTRACTION AT MOVIE WORLD

12th November 2015 - WET’N’WILD’S FIRST CHINESE WATERPARK TO OPEN BEFORE THE END OF 2016


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

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

 
 

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

 
 

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

 
 

Worldwide Sports Management

Principal Consultant Simon Weatherill has spent the last 20 years developing the world renowned Melbourne Sports Hub, as former Chief Executive Officer of the State Sports Centres Trust…

read more

Aquatics / Consultants / Recreation / Sport / Venues

 
 

Aflex Inflatables

Aflex Inflatables are the leaders for obstacle courses, pool toys, waterparks and land-based watersides and fitness runs. They are industry leaders offering the widest range of pool, lake and beach…

read more

Aquatics / Play / Waterparks

 
 

TPEC Pool Enclosures

TPEC Pool Enclosures provide a large range of premium commercial and residential retractable swimming pool, spa and terrace enclosures throughout Australia, servicing residential, local government…

read more

Aquatics / Design / Recreation / Venues

 
 
 

Perfect Gym

Perfect Gym Solutions is a software as a service (SaaS) solution purpose-built to service the fitness industry, with over 1000 clients servicing over 2 million gym members across 40 countries making…

read more

Access / Fitness / Marketing / Recreation / Technology

 
 
 
 

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