VILLAGE FIGURES TAKE A DIP IN WAKE OF TRAGEDY
VILLAGE Roadshow says the fatal accident last year at Ardent Leisure’s Dreamworld is still significantly affecting visitor numbers and earnings at its own theme parks.
The group, which owns parks in Australia and Asia including Movie World, Sea World and Wet’n’Wild on the Gold Coast, said yesterday that it now expected fullyear earnings from its theme parks division to come in at the lower end of its forecast range of $55 million to $65 million. It also flagged plans to cut $65 million – before tax – from the value of its Wet’n’Wild theme park in Sydney when it releases full-year results next month.
“The Australian theme park operations continued to be significantly impacted by the tragedy,” the company said in a trading update.
Four people were killed when the Thunder River Rapids ride at Dreamworld on the Gold Coast malfunctioned on October 25.
Village also said yesterday that earnings at its cinema division were expected to be lower than last year, when they were at a record high.
The group expects earnings before material items and discontinued operations to be between $20 million and $30 million.