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Village Roadshow Theme Parks closes in on sale of 154 hectare Oxenford site

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

Village Roadshow Theme Parks has revealed that it is in exclusive negotiations with a buyer to sell its 154 hectrare landholding on the Gold Coast – home to Warner Bros. Movie World, Wet’n’Wild Golad Coast, Australian Outback Spectacular, Paradise Country and Village Roadshow Studios.

The sale was announced in September by the Melbourne-based company, which has been under pressure to cut its debt via asset sales following a tough year, in which it announced a $66.7 million loss.

As reported by the Gold Coast Bulletin, the land, if sold, would be leased for 30 years, with the company also outlining six 10-year options, meaning a total leasing period of 90 years.

Village Roadshow’s profit was impacted by the deaths of four guests at rival Ardent Leisure’s Dreamworld last year, which caused a sharp drop in visitor numbers and earnings at its theme parks.

Village Roadshow Chairman Robert Kirby, in an address to the company’s annual meeting, said the theme park operator was in “exclusive negotiations with a preferred bidder”.

Kirby advised “the negotiations, which are anticipated to be completed in the next 90 days, will correct our balance sheet and gearing.”

In other news from Village Roadshow’s annual meeting, the company says it is still experiencing low visitor numbers a year after the fatal accident at Dreamworld, but expects to start paying dividends again this financial year.

The company said Gold Coast theme park attendance to 31st October this year was 5.4% behind the prior corresponding period, which was largely before the Dreamworld fatalities.

Village Roadshow expects to see a pick-up in attendance during the Christmas and summer holidays and forecasts its theme parks division will deliver a “substantial improvement” in 2018 full-year earnings, compared to the prior year.

So far in the 2018 financial year, Village Roadshow’s cinema exhibition division’s performance has been significantly below the same period last year.

Image: Village Roadshow's Gold Coast landholding from the air in 2012.

1st December 2017 - MOVIE WORLD ENDS LOCKER HIRE FEES ON SUPERMAN ESCAPE RIDE

29th November 2017 - VILLAGE ROADSHOW MOVES AWAY FROM LOW COST THEME PARK PASSES

22nd September 2017 - WARNER BROS. MOVIE WORLD OPENS SOUTHERN HEMISPHERE’S LARGEST ROLLERCOASTER

19th September 2017 - VILLAGE ROADSHOW TO INSTALL ACCESSO PASSPORT TICKETING SUITE AT KEY ATTRACTIONS 

8th September 2017 - VILLAGE ROADSHOW LOOKS TO SELL GOLD COAST THEME PARK LAND 

5th June 2017 - WARNER BROS. MOVIE WORLD TO OPEN SOUTHERN HEMISPHERE’S LARGEST HYPERCOASTER

3rd June 2017 - GLOBAL THEME INDEX SHOWS MIXED ATTENDANCE TRENDS FOR THEME PARKS

28th April 2017 - VILLAGE ROADSHOW RESULTS HIT BY DOWNTURN IN THEME PARK VISITS

16th April 2017 - CONSULTING ENGINEER REBUTS AUSTRALIAN WOMEN’S WEEKLY RIDE SAFETY ‘INVESTIGATION’ 

7th April 2017 - VILLAGE ROADSHOW CHANGES SEE CLARK KIRBY APPOINTED THEME PARKS DIVISION CHIEF EXECUTIVE

16th March 2017 - VILLAGE ROADSHOW THEME PARKS BRINGS BACK ITS VIP MAGIC PASS

14th March 2017 - VILLAGE ROADSHOW THEME PARKS HIGHLIGHTS SAFETY AND MAINTENANCE SYSTEMS


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