Ardent Leisure reveals theme park investment strategy

Two years after its disastrous annual general meeting in the wake of the Thunder River Rapids tragedy, Ardent Leisure has revealed a strategy for Dreamworld to “become the premier family leisure and entertainment destination in Australia” at its latest AGM this week.

Advising that it is to invest in its theme park business, the strategy charts investments in rides and attractions (both land and water-based), wildlife and indigenous culture and history.

Investment in new rides and attractions includes the new $15 million Sky Voyager iRide simulator along with plans for a $15 million extension to WhiteWater World; a new Dreamworld Wildlife Foundation which supports koala conservation research, and an expansion to the Dreamworld Corroboree attraction showcasing the history and culture of Aboriginal and Torres Strait Islander people.

A masterplan is also being developed to “maximise the value of surplus land” around the park.

At the meeting, Group Chairman Dr Gary Weiss told shareholders “there is no greater priority for Ardent than striving to achieve global best practice safety standards.

“We are continuing to focus on safety improvements and enhancements across all aspects of the park and reconfirm our commitment to implementing all coronial inquest recommendations in consultation with Workplace Health & Safety Queensland and the theme park industry.”

In the US, Dr Weiss advised of ongoing expectations for its Main Event business.

Dr Weiss said this year has been another challenging year for Ardent, adding "however, I am pleased to say that we are making good progress across many areas of our business".

"The board remains committed to restoring value for securityholders and we are excited about the opportunities that lie ahead for our theme parks business in Australia and Main Event Entertainment in the United States.”

The Group revealed that revenue from continuing operations, which include the theme park business and US-based Main Event Entertainment, was up 16%, driven by a revenue increase of more than 20% for Main Event, while theme parks revenue declined by 1.4%.

Images: WhiteWater World is set for a $15 million extension (top) and an artist's impression of the Sky Voyager iRide (below).