Ardent Leisure shares fall after critical Coroner's report into Dreamworld tragedy

Shares in Dreamworld owner Ardent Leisure fell sharply yesterday following the Queensland Coroner handing down a damning verdict on the deaths of four guests killed on the theme park’s Thunder River Rapids Ride tragedy in October 2016.

In trading during the day, shares fell in the ASX-listed company fell 15.2% to $1.195 before closing down further at $1.18.

While scheduled to present Dreamworld’s reaction at a press conference this morning, Dreamworld Chief Executive, John Osborne addressed the media after Coroner James McDougall delivered the findings into the deaths of Cindy Low, Kate Goodchild, her brother Luke Dorsett and his partner Roozi Araghi.

Coroner McDougall cited “shoddy record keeping” and the lack of a competent person to conduct risk assessment contributed to the 2016 tragedy.

As a result, the company has been referred to the Queensland Office of Industrial Relations for possible prosecution over the 2016 tragedy.

Ardent’s share price fall also comes in the wake of poor results announced by the company on Friday.

The company revealed that Dreamworld had still not fully recovered from the impact of the death and was unlikely to break even for the second half of the financial year despite a strong Christmas trading period.

In a statement this morning, Osborne (who joined Ardent Leisure last year), said the company would take time to review the Coroner’s findings, advising “Ardent Leisure, owner and operator of Dreamworld, has received the Coroner’s findings and recommendations released today, 24th of February 2020, following the coronial inquest into the Thunder River Rapids Ride tragedy on the 25th of October 2016.

“First and foremost, we express our deepest sympathies to the families and friends of Roozbeh Araghi, Luke Dorsett, Kate Goodchild and Cindy Low. Our thoughts are also with the first responders, emergency services personnel, investigators, counsellors and Dreamworld team members affected by this tragedy.

“We would like to acknowledge the attendance and involvement of the families, witnesses and all other participants in the inquest process, as well as the Coroner and his team.

“We will now review the Coroner’s report in detail.”

Speaker to reporters, Osborne later added “it is impossible to understand how the families feel and I can only imagine the heartache the families have felt. I hope that now the coroner’s report has been finalised that this will go some way towards furthering the healing process for the families and all those impacted by the tragedy.”

Osborne, along with Ardent Leisure Chairman, Gary Weiss (who was not on the board at the time of the fatalities), is due to host a press conference at Dreamworld this morning.

Image: The Thunder River Rapids Ride in operation at Dreamworld prior to the October 2016 fatalities.