$80m to get theme parks back in business

THE State Government is providing more than $80 million in support packages to Gold Coast theme parks to keep their doors open.

The Bulletin can reveal the financial funding to Dreamworld and Village Roadshow as part of the $1 billion Industry Support package.

Dreamworld says it will reopen next month.

The park’s owners, in a statement to the Australian Stock Exchange, confirmed it had received funding comprising a $66.9m secured loan and $3m for working capital and capital expenditure.

The Village Roadshow deal remains commercial-in-confidence due to other groups being involved.

But a government source said: “There is $70m in interestfree loans to Dreamworld.

“The figure for Village Roadshow, they required other backers as well. It’s rumoured to be in the tens of millions.”

The Bulletin understands the loans must be paid back in five years.

Premier Annastacia Palaszczuk said: “Our theme parks are huge employers on the Gold Coast. Thousands more are part of the economic supply chain that relies upon them. That is why this government is supporting business, jobs and our tourism industry.”

State Development Minister Kate Jones said the funding announcement was about supporting large and regionally significant employers to protect jobs hit by the virus as part of the Unite and Recover for Queensland jobs strategy.

“Our No.1 priority is still keeping Queenslanders safe,” she said. “But I won’t turn a blind eye and do nothing while thousands of jobs are at risk.”

Village Roadshow CEO Clark Kirby said support from the government had strengthened the ability of the company to continue to contribute to the Coast’s economic recovery. Staff who were stood down could return to work.

“It will also support flexibility and rapid restarting of operations and have positive effect on employment and skills development for the region,” he said.