Ardent Leisure has reported a massive loss for the full year following the closure of its theme parks and Main Event centres in the US due to COVID-19.
Ardent Leisure has reported a massive loss for the full year following the closure of its theme parks and Main Event centres in the US due to COVID-19.

BREAKING: Dreamworld owner reports massive $136m loss

DREAMWORLD owner Ardent Leisure has reported a massive $136.6 million loss for the full year following the closure of its Gold Coast theme parks and Main Event centres in the US due to COVID-19.

The Sydney-based company, which is planning to reopen Dreamworld and WhiteWater World on September 16, said revenue for the 12 months to June 30 was $398.3 million, down $85 million on the previous period.

Chairman Dr Gary Weiss said COVID-19 had a significant impact on the business.

"While positive progress has been achieved by Main Event and Theme Parks in the first eight months of the year, our focus turned to capital management and securing capital for the businesses as the COVID-19 pandemic escalated," he said.

Dreamworld will reopen on September 16.
Dreamworld will reopen on September 16.

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Dr Weiss said the company is starting the current financial year from a position of strength thanks to Redbird Capital buying a stake in Main Event and $69.9 million in funding from the Queensland Government, which is helping the company with its reopening plans.

"We anticipate uncertain and challenging conditions to continue in FY21, however we believe that the demand for out-of-home family entertainment experiences will be stronger than ever once the pandemic has subsided and restrictions have eased," he said.

Ardent has reported $54.5 million in revenue from its Gold Coast theme parks - down 18.8 per cent on the prior period - and largely due to the closure of the parks in March.

It said prior to COVID revenue was $51.4 million and growth in attendance and revenue was 4.5 per cent and 4.7 per cent respectively.

Theme parks CEO John Osborne said his team continued to focus on minimising cash burn, which was between $5 million and $10 million per month, and taking a "disciplined" approach to reopening its attractions.

Ardent said in a presentation that it would be permanently closing two of its rides at Dreamworld, without specifying which ones would be scrapped.

It also said construction of its new "world class" launch roller coaster will start as soon as possible. It is expected to open in the second half of next year.

The company also benefited from selling off a 5630sq m parcel of what it calls "surplus land" at Coomera for $2.5 million.

"We are currently facing the toughest set of business conditions in decades meaning that uncertainty is likely to prevail for some time and we look forward to taking this challenge head on by being prepared to adjust as conditions evolve."

Originally published as BREAKING: Dreamworld owner reports massive $136m loss



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