Village Roadshow looks to sell Gold Coast theme park land to offset losses

By Addie Thomes

A dramatic reversal in fortunes over the past year for Village Roadshow has resulted in the theme park operator looking to raise AU$100mn from the sale of its Gold Coast land assets.

The company runs five major attractions across 154 hectares: Movie World, Wet’n’Wild, Australian Outback Spectacular, Paradise Country and Village Roadshow Studios.

Village Roadshow is looking to raise $100mn to offset debts, and would then continue to operate the sites through a leasing arrangement.

RELATED STORIES:

A dramatic fall in visitor numbers has seen a profit of $15.7mn drop to a huge loss of $66.7mn in very short time.

Contributing to the decline in custom was a tragedy at rival’s theme park last year, which saw four people die in a collision between two rafts on a rapids ride. This occurred at Ardent Leisure’s Dreamworld in Queensland, but has sent shockwaves through the entire country’s theme park industry.

Village Roadshow is rolling out new attractions in a bid to reassure customers. As Australia’s major theme park operator, it sees millions of domestic and international visitors pass through its gates every year.

Share

Featured Articles

Hybrid live event shaping the future of Sustainability & ESG

Sustainability LIVE London returns for a two-day, multi-track conference programme featuring inspirational ESG speakers, debates and discussions

Nine must-attend sustainability events for business leaders

From London to Abu Dhabi, Singapore to San Diego, these sustainability-focused events are designed to help business leaders action their ESG goals

Daniel Weise of BCG on new supply chain and procurement book

Daniel Weise, global leader of Boston Consulting Group’s procurement business line, on the timely publication of his new book, Profit From The Source

Attract and retain talent with flexible working and benefits

Human Capital

Nurturing the next generation of women leaders in Africa

Leadership & Strategy

5 Mins With: Cybersecurity expert Ariel Parnes of Mitiga

Technology