THEME PARKS RIDING HIGH

Written on the 23 August 2013

THEME PARKS RIDING HIGH

GOLD Coast theme parks turned a tidy profit over the past year with both Village Roadshow and Dreamworld owner Ardent Leisure benefiting from a near perfect summer.

Despite wet weather hitting the second half, Village Roadshow says 709,000 more visitors poured through the group’s Gold Coast theme parks, including Movie World and Sea World, compared with 2012.

As a result, in the 12 months to June 30 this year, Village recorded its second highest pre-tax earnings result from its Gold Coast operations, coming in at $31.2 million - up 6.4 per cent from 2012.

Movie World remains Village Roadshow’s big drawcard, with visitor numbers topping 2 million for the first time, up 17.5 per cent from last year.

The company says attendances were underpinned by its ongoing VIP pass program and the popular DC super hero attractions, including the Green Lantern steel coaster and the Justice League 3D ride.

Village says Sea World delivered another record pre-tax profit with hotel occupancy up 4.4 per cent and average room rates up 11.5 per cent compared with 2012.

Attendances at Wet ‘n’ Wild also rose 17.4 per cent.

Across the group, which includes cinema operations and US theme parks, Village Roadshow posted a 50.8 per cent increase in net profit to $50.9 million.

It is paying a final dividend of 13c, bringing the year’s payout to 26c.

The Village Roadshow result followed a solid performance by Dreamworld reported earlier this week.

Ardent Leisure unveiled EBITDA (earnings before interest, tax, depreciation and amortisation) of $30.5 million for the year to June 30. This was up 5.3 per cent on the 2012 result.

EBITDA at Village Roadshow’s Gold Coast theme parks came in at $83.5 million, up 1.8 per cent.

Dreamworld recorded total revenue of $97.1 million, up 3.6 per cent, boosted by an 8 per cent lift in visitor numbers.


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