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Wet’n'Wild Sydney operator Parques Reunidos reports rising profits

Wet’n'Wild Sydney operator Parques Reunidos reports rising profits
April 6, 2019

Global attractions operator Parques Reunidos, the new owner of the Wet'n'Wild Sydney waterpark, has reported a €13 million (US$14.5 million) net profit on its global operations over its last fiscal year, which ended on 30th September 2018.

The figure represents a 14.5% increase on the previous year and a significant reversal from the the first quarter of the year when the Spain-based operator recorded losses of €45.8 million (US$51.3 million).

Submitting its accounts for shareholders' approval, the Parques Reunidos board also ratified the appointment of José Díaz as Chief Executive for the statutory term of four years.

Diaz is currently leading the development of a new strategic plan that will be announced to the market in the coming months that will focus on returning to the path of organic growth, integrate and achieve the expected profitability of the acquisition of Tropical Islands and execute the plan of investments efficiently.

The group has also recently completed its largest ever acquisition, the purchase of the Tropical Islands indoor waterpark in Germany, for €226 million euros (US$253 million), as reported by the leisure group to the National Securities Market Commission (CNMV).

The purchase was financed through an additional tranche of the group’s existing syndicated credit line.

Attraction about 1.3 million visitors a year, Tropical Islands is the largest covered waterpark in the world and offers a range of attractions over a 600 hectares. It is located about 60 kilometres south of Berlin and close to the cities of Dresden and Leipzig, as well as Poland and the Czech Republic.

One of the world's largest attractions businesses, Parques Reunidos operates more than 60 theme and amusement parks, zoos, waterparks, family entertainment centres and cable car attractions in 14 countries.

The company has made no statement on operations at Wet'n'Wild Sydney since completing its acquisition of the waterpark in October last year.

Image: The Tropical Islands indoor waterpark in Germany.

Related Articles

28th February 2019 - US-based aquatic safety consultants award Wet’n'Wild Sydney lifeguards

31st January 2019 - José Díaz appointed Chief Executive of Parques Reunidos

11th October 2018 - Parques Reunidos completes Wet’n'Wild Sydney acquisition

3rd September 2018 - Dubai Safari to reopen under Meraas management

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

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

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

27th August 2014 - New General Manager to steer Wet’n’Wild Sydney’s second season

31st December 2013 - NSW Fair Trading Minister slams ‘unacceptable’ Wet’n'Wild Sydney New Year’s Eve event cancellation

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