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Village Roadshow blames Commonwealth Games and Dreamworld deaths for disappointing results

Village Roadshow blames Commonwealth Games and Dreamworld deaths for disappointing results
August 23, 2018

Indicative of the ongoing challenges facing the Australian theme parks and entertainment sectors, Village Roadshow has blamed the ongoing impact of the October 2016 Dreamworld fatalities and the Gold Coast 2018 Commonwealth Games for underperformance in its theme parks division over the past financial year.

With the entertainment group reporting a profit after tax of $0.2 million, up from a $66.7 million loss in the 2016/17 financial year, and a loss after tax of $7.3 million, down from a $23.6 million in FY17,

Village Roadshow pointed out that in the eight years before the Dreamworld tragedy its theme parks were generating earnings of $86 million per year.

However, as of the end of the last financial year, earnings had dipped just $41 million.

Village also advised that performance of its Gold Coast theme parks Warner Bros. Movie World, Wet'n'Wild Gold Coast and Sea World had been impacted by a reduction in non Games visitor numbers during the Commonwealth Games and April 2018 school holidays.

However, the company is looking to improvement, with a statement on the results advising “there is a strong indication that Gold Coast Theme Parks have returned to a positive trajectory as evidenced by the best month of July on record in terms of ticket revenue.

"This trend is expected to continue as new low cost attractions like Sea Jellies, Shaun the Sheep, and the new HyperCoast Walkare introduced."

In its cinema division, Village Roadshow says a lack of quality films showing has deterred people away from their cinemas, with a slight recovery in the fourth quarter not enough to offset the shortfall from the first half.

During FY18 Village Roadshow opened a new location in Plenty Valley, which it hopes to capture the key northern growth corridor of Melbourne.

The company also acknowledges the "inevitable digital universe" that continues to impact the group's DVD market, but has been playing well in this new environment. Village Roadshow cites the critically acclaimed TV series Romper Stomper as a production success, which became one of streaming platform Stan's most successful titles yet.

Looking to the future, Village Roadshow has high hopes for its US based Topgolf business, with the first Australian centre having opened in June and other venues planned to open in the coming years.

During FY18, the entertainment company made significant steps in reducing its total debt levels. This included selling its stake in Singapore Cinema Exhibition, the sale of its land in Oxenford, and the sale of Wet'n'Wild Sydney.

Images: Guests on the Superman ride at Warner Bros. Movie World (top) and Australia's first Topgolf (below).

Related Articles

22nd August 2018 - Ardent Leisure losses grow as Dreamworld’s value declines by $75 million

30th July 2018 - Clark Kirby outlines vision for Topgolf’s Australian expansion

2nd July 2018 - Village Roadshow sells Wet’n'Wild Sydney to Spanish attractions operator

15th June 2018 - Australia’s first Topgolf Venue opens on the Gold Coast

30th April 2018 - Village Roadshow and Chinese partners open Wet’n’Wild waterpark in Hainan

18th April 2018 - Commonwealth Games hits Gold Coast tourism numbers

20th March 2018 - Village Roadshow Theme Parks offers free entry to Commonwealth Games athletes and volunteers

17th February 2018 - Village Roadshow reveals ‘incredibly disappointing’ results for Wet’n'Wild Sydney

16th February 2018 - Village Roadshow reports slow attractions recovery amid move away from ticket discounting

19th December 2017 - Award wins for Sea World Resort and Sea World

6th December 2017 - Village Roadshow Theme Parks closes in on sale of 154 hectare Oxenford site

29th November 2017 - Village Roadshow moves away from low cost theme park passes

16th November 2017 - Luna Park Sydney, Movie World, Sea World and Sydney Royal Easter Show win IAAPA Brass Ring Awards

22nd September 2017 - Warner Bros. Movie World opens southern hemisphere’s largest rollercoaster

7th April 2017 - Village Roadshow changes see Clark Kirby appointed Theme Parks division Chief Executive

14th March 2017 - Village Roadshow Theme Parks highlights safety and maintenance systems

19th December 2015 - Village Roadshow plans new rollercoaster, hotel and lakeside attraction at Movie World

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