21 Nov 2017
Ardent's Dreamworld operating at profit one year on from horror accident
BY Tom Anstey
Ardent Leisure, which has struggled since a tragedy at its Dreamworld park claimed four lives last year, says it has stemmed financial losses.
Geoff Richardson – who became acting chief executive at Ardent following Simon Kelly’s sudden resignation in October after just five months in the role – revealed that Dreamworld is, for the first time in 2017, operating above breakeven.
"Despite the challenging year, guest satisfaction and feedback at Dreamworld continue to be excellent, and we look forward to a strong holiday period and hopefully a boost from the 2018 Commonwealth Games to be held on the Gold Coast," said Richardson, speaking at the company’s Annual General Meeting in Sydney.
Following the accident on Dreamworld’s Thunder River Rapids ride in October last year, Ardent’s theme park division has suffered, reporting losses of AU$3.4m (US$2.6m, €2.2m, £1.9m) in the current financial year compared to a AU$34.7m (US$26.3m, €22.4m, £19.9m) profit for the year prior.
"Patronage is still subdued but its performance is starting to come back," said new Ardent chair Garry Weiss, who joined the board in September.
"We're very committed to reinvigorating Dreamworld and to making a material investment back into the park to refresh and reinvigorate the offer."
Last year's accident caused a ripple effect across Australia’s theme parks on the Gold Coast, with Warner Bros Movie World, Sea World and Wet ‘n’ Wild all reporting losses through the year. Ardent will offer detailed trading results for its half-year in February.
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