Dreamworld owners buy Q Deck

Ardent Leisure, owner of the Gold Coast's Dreamworld and WhiteWater World attractions, has purchased Q Deck, Australia's highest beachside observation deck.

Located on the top two levels of the Q1 building in Surfer's Paradise, the attraction boasts 360 degree views over the Gold Coast beaches and hinterland and comprises the observation deck, café and bar on level 77 and a function facility on level 78. There is also a shop at ground level.

Opened in 2005, Q deck currently attracts around 250,000 visitors per year. It is forecast to generate EBITDA of $2 million in the 2010 financial year before the benefit of marketing and management synergies delivered by integration into Ardent Leisure.

Ardent, the former Macquarie Leisure Trust Group, are believed to have paid, $13.3 million for the attraction.

Explaining the purchase, Group Chief Executive Greg Shaw stated "we are delighted with this addition to the Group and believe that we are well placed to grow attendance through cross promotion with our Dreamworld and WhiteWater World assets which currently record over 1.9 million combined annual visitors.

"Q Deck is an attraction that has broad appeal to our existing clients and provides a cost effective up-selling and value add option to our current ticket types.

"In addition, Ardent currently operates one of the largest attraction ticket booking services on the Gold Coast, Australian Tour Desk, with a member base of over 350 accommodation complexes and stand alone tour desks. Australian Tour Desk is currently the number one reseller of Dreamworld and

WhiteWater World tickets and represents an immediate distribution platform to assist in the promotion of Q Deck to Gold Coast holidaymakers."

Ardent recently revealed that Dreamworld revenue had declined 7.7% to $21.9 million in the three months ending 30 September 2009, compared with the previous year. Operating margins increased to 42.2% against 40.8%.

Andrew Sharry has taken on the role of General Manager at the attraction.