METRA Australia is your innovation partner for smart electronic locking, Access Control solutions and cashless payment systems to suit all types of leisure facilities. Our team’s…read more
Village Roadshow sells US waterparks
Entertainment, media and theme park conglomerate Village Roadshow Limited (VRL) has agreed to sell its wholly owned Wet'n'Wild waterpark in Phoenix, Arizona, to real estate group CNL Lifestyle Properties.
The Melbourne-based company is also to end its lease of the Wet'n'Wild Hawaii property from CNL.
Net cash proceeds from the sales, after repayment of debt, are expected to total around $27 million.
Upon completion of the transaction, which is set for the end of this month, CNL Lifestyle will also acquire the US rights to the Wet'n'Wild brand name.
Village Roadshow will continue to hold its approximately 51% interest in Wet'n'Wild Las Vegas, which opened in May 2013 and has had a successful first season of operation.
A statement from Village Roadshow (VRL) explained that the company considers it to be an "appropriate time" to divest its waterpark interests in the US, as it believes it would be "difficult to achieve a significant presence in this market."
The statement continued, "the competitive pressure to acquire properties has been increasing with the upturn in the US economy, and VRL believes that management time and capital can be better focused in countries where the market is not yet mature, and higher returns possible."
In Asia, Village Roadshow is examine opportunities for theme parks and waterparks and is currently developing a waterpark on Hainan Island, China, in conjunction with the marine theme park under construction by R&F Properties.
The company recently appointed former Luna Park Melbourne Chief Executive Jason Todd as its new General Manager Operations - Asia as part of this development.
Meanwhile, Wet'n'Wild Sydney, Village Roadshow's $120 million waterpark in western Sydney is set to open on 12th December.
Commenting on this, the company's statement concluded "VRL is looking forward to the successful launch of one of the world's biggest and best water theme parks, with over 40 slides and attractions."
Image shows Wet'n'Wild Phoenix, USA.
23rd August 2013 - VILLAGE ROADSHOW REPORTS 50% RISE IN FULL YEAR PROFITS
19th October 2012 - VILLAGE ANNOUNCES CHINESE THEME PARK DEAL
12th October 2012 - VILLAGE ROADSHOW TAKES MAJORITY STAKE IN LAS VEGAS WATERPARK
1st April 2011 – VILLAGE ROADSHOW TO DEVELOP CHINA THEME PARKS
1st August 2008 - VILLAGE ROADSHOW TAKES ON ARIZONA WATERPARK
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.
The Complete Guide to Leisure Industry Products & Services.
We are Aussie Strength. The ultimate supplier for Commercial Gym Equipment that's built to deliver in the toughest environments. From USA-Built hardcore weight training equipment from Arsenal…read more
Whether your goal is increasing your centre's revenues or creating an engaging environment, why not add play to your project? If you're looking for stylish aquatic play features, kid-tested…read more
Over the past 10 years Debitsuccess has been providing expert billing services to businesses across Australia. Debitsuccess is now the largest full service direct debit provider in Australasia,…read more
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
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
Headquartered in Brisbane with an Australia-wide network of satellite offices, PaySmart is one of Australia’s largest and longest-standing direct debit billing companies. In 1996 we began…read more
The Fitness Generation is now part of NovoFit - see www.ausleisure.com.au/suppliers/novofit/read more
get listed with our suppliers directory
Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!