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.
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.