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

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:

• Federal Court backs Village Roadshow as ISPs told to block dozens of pirate websites
• Village Roadshow invests in Melbourne’s Linius Technologies in bid to tackle piracy
• Read the latest edition of Business Review Australia magazine
   

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.