Former Disney theme parks executive Randy Garfield positive about Coast Entertainment Holdings’ future

With Dreamworld counting down to the opening of its new Rivertown Precinct and the Jungle Rush rollercoaster for its peak summer season, Coast Entertainment Holdings board member Randy A. Garfield has shared his confidence in the future of the company and the theme park’s impending additions.

Garfield, the former President of the Walt Disney Travel Company and Executive Vice President for Disney Parks, Experiences and Products joined the board of Ardent Leisure (renamed Coast Entertainment Holdings as of late last year) in 2017.

He is best known for his time as President of the Walt Disney Travel Company and Executive Vice President for Disney Parks, Experiences and Products and the significant role he played in the largest period of expansion in the history of the Disney Theme Parks and Resorts segment, which grew from US$4.5 billion to US$14.1 billion year during his 20-year tenure.

Garfield helped launch the Disney Cruise Line, opened five Disney theme parks and 27 new resorts, as well as spending seven years as a top executive with Universal Studios where he opened theme parks and resort destinations in the US states California and Florida.

Speaking to the Gold Coast Bulletin during his first visit to the region in almost five years, Garfield - who retired from Disney in 2014 - explained “I’ve been asked to be on plenty of boards since my retirement but I’m very selective about what I do these days. I’m here because I believe in it. I believe in (Chief Executive) Greg Yong and (Coast Entertainment Chairman) Gary Weiss and their teams. They are passionate about this.

“Not only are they creating great guest experiences but they’re really doing it for their employees as well, they are creating an incredible company culture, which means they deliver an incredible guest experience.

“No matter how well something is built or how great something looks, at the end of the day it’s delivered by people

“Rides and shows are a major element but if it’s not being delivered by caring cast members engaging with great guest service orientation, you don’t optimise the product.”

Well aware of Dreamworld’s tragic history, when four guests were killed after a malfunction of the Thunder River Rapids ride in 2016, Garfield said the challenge of overcoming that tragedy, while still paying respect to the victims, family and community, was part of what attracted him to work with the theme park.

He noted “when I was asked whether I would like to be considered as a board member, I knew this awful event had occurred that emotionally touched the heartstrings of the community because this is a product that people grew up with, this has been their kids’ playground.

“But I like a challenge, so I came down here (to Australia) to take a look and I thought, my God, what a great portfolio.

“Dreamworld is not the only holding but it is the heart and soul, but it needed what I would call a spit and polish. Still, the bones were great.

“I looked at the source markets and thought, hey, I can add some value.

“I came into this position with the mindset to restore Dreamworld to its greatness, to invest, to build new product, to make sure it’s timeless and recapture the heart and soul that people love, but that was interrupted and injured by tragedy.”

Based in North America, where he is also on the board of directors for Destination Canada, the US Travel Association and the Rocky Mountaineer luxury rail line, Garfield had not previously been at Dreamworld since before the pandemic.

However, he sees that what has been achieved in those years exceeded his expectations, going on to tell the Gold Coast Bulletin “the new product here is incredible, and I can feel it with the vibe of the staff - people are energised and excited. This is the restoration of the company they love.

“The issue has been, without diminishing the emotional trauma of staff and residents, it takes a long time to move beyond that but the progress made has been outstanding and each achievement creates a little more distance and healing.

“Now we have a new product opening in the next month or so and it is just unbelievable. With the quality of the theming, the attention to detail, the physical site and the ride itself, it’s different from anything Disney has but just as good. And I mean that.

“Nothing in this country comes close to what you’re about to see.”

Director Investments
Recent weeks have seen Coast Entertainment Holdings Chair Gary Weiss and newly appointed board member Jemma Elder increase their stakes in the company.

Dr Weiss, the company’s non-Executive Chairman, recently paid $93,000 to buy stock, at $0.46 per share - understood to be the biggest purchase of Coast Entertainment Holdings shares made by an insider individual in the last 12 months

Elder has also increased her indirect stake in the company by acquiring 129,015 ordinary shares through on-market purchases, valued at $59,811.

The moves would appear to signal potential confidence in the company’s future performance.

Images: Coast Entertainment Holdings board member Randy A. Garfield (top, credit: Rocky Mountaineer), concept for Dreamworld's new Jungle Rush precinct (middle) and solar panels on the roof of the loading station for Dreamworld's Steel Taipan (below).