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Dreamworld owner Ardent Leisure restructures finance to fund growth
POSTED 11 Apr 2019 . BY Andy Knaggs
Ardent Leisure Group, owner of the Dreamworld, WhiteWater World and SkyPoint theme parks in Australia, has secured a new financing deal that it says will allow it to invest further in its parks.

The US$200m (€177.3m, £152.8m) term loan facility is secured and guaranteed by Ardent’s wholly-owned US subsidiary, Main Event Entertainment, and is non-recourse to other assets of Ardent. It consists of a US$125m drawn term loan and a US$75m delayed draw term loan. A US$25m (€22.17m, £19.11m) revolving credit facility is also available.

The funding has enabled Ardent Leisure to repay its existing Australian bank debt, and the company’s statement said that "the balance of the proceeds will be available to support investment in Theme Parks and Main Event, as well as general corporate purposes". Main Event operates "family entertainment centres" with activities such as billiards, bowling, mini golf arcade games, rock climbing and gravity ropes.

Dreamworld found itself in the headlines for all the wrong reasons in 2016 when four visitors were killed after a malfunction on the theme park’s Thunder River Rapids ride. The tragedy has had a significant and ongoing impact on the company’s results, with its half-year figures announced in February 2019 showing a decline of AUS$4.5m (US$3.22m, €2.86m, £2.46m) in its Theme Parks division. This, said the company, was "due to continued challenging conditions following the Thunder River Rapids ride incident and subsequent coronial inquiry hearings".

Regarding the new financing arrangement, Ardent Leisure said that the funding would "enable it to make the necessary investments to return the Theme Parks operations to profitability and to support the development of new Main Event centres". Main Event is hoping to open new centres at a rate of five to eight centres per year.

Following repayment of the bank debt, Ardent now has more than AUS$80m (US$57.28m, €50.79m, £43.76m) in cash, while Main Event has access to US$100m (€88.68m, £76.43m) in undrawn facilities.
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NEWS
Dreamworld owner Ardent Leisure restructures finance to fund growth
POSTED 11 Apr 2019 . BY Andy Knaggs
Ardent Leisure Group, owner of the Dreamworld, WhiteWater World and SkyPoint theme parks in Australia, has secured a new financing deal that it says will allow it to invest further in its parks.

The US$200m (€177.3m, £152.8m) term loan facility is secured and guaranteed by Ardent’s wholly-owned US subsidiary, Main Event Entertainment, and is non-recourse to other assets of Ardent. It consists of a US$125m drawn term loan and a US$75m delayed draw term loan. A US$25m (€22.17m, £19.11m) revolving credit facility is also available.

The funding has enabled Ardent Leisure to repay its existing Australian bank debt, and the company’s statement said that "the balance of the proceeds will be available to support investment in Theme Parks and Main Event, as well as general corporate purposes". Main Event operates "family entertainment centres" with activities such as billiards, bowling, mini golf arcade games, rock climbing and gravity ropes.

Dreamworld found itself in the headlines for all the wrong reasons in 2016 when four visitors were killed after a malfunction on the theme park’s Thunder River Rapids ride. The tragedy has had a significant and ongoing impact on the company’s results, with its half-year figures announced in February 2019 showing a decline of AUS$4.5m (US$3.22m, €2.86m, £2.46m) in its Theme Parks division. This, said the company, was "due to continued challenging conditions following the Thunder River Rapids ride incident and subsequent coronial inquiry hearings".

Regarding the new financing arrangement, Ardent Leisure said that the funding would "enable it to make the necessary investments to return the Theme Parks operations to profitability and to support the development of new Main Event centres". Main Event is hoping to open new centres at a rate of five to eight centres per year.

Following repayment of the bank debt, Ardent now has more than AUS$80m (US$57.28m, €50.79m, £43.76m) in cash, while Main Event has access to US$100m (€88.68m, £76.43m) in undrawn facilities.
RELATED STORIES
Ardent chair Gary Weiss reveals plan to expand Dreamworld theme park


Gary Weiss, chair of Dreamworld owner Ardent Leisure, has announced plans to expand the Australian theme park, with the plans aimed at boosting attendance following a "challenging year".
Ardent's Dreamworld operating at profit one year on from horror accident


Ardent Leisure, which has struggled since a tragedy at its Dreamworld park claimed four lives last year, says it has stemmed financial losses.
Deborah Thomas steps down as Ardent CEO to focus on struggling parks division


Ardent Leisure chief executive Deborah Thomas is to step down from her position and take up a new role within the company in order to oversee its troubled theme park division.
Ardent revenue plummets in wake of DreamWorld tragedy


Ardent Leisure has seen revenue fall by more than half following a fatal accident at its Dreamworld theme park on Australia’s Gold Coast last year.
MORE NEWS
£15m waterpark opens in Wales ahead of Easter weekend
A new £15m (US$19.5m, €17.3m) waterpark has opened its doors to the public in Rhyl, Wales, with three flumes for thrillseekers to enjoy.
Elton John makes significant V&A donation for photography collaboration
London’s V&A Museum has announced a partnership with Elton John and his husband, David Furnish, that will see its Gallery 101 in the newly opened V&A Photography Centre renamed 'The Sir Elton John and David Furnish Gallery'.
Climate Emergency campaign draws support from UK culture sector
More than 190 UK institutions and individuals from the arts and culture sectors have pledged their support to Culture Declares Emergency (CDE), which is part of the Climate Emergency Declaration campaign.
Disney makes US$5m donation to Notre-Dame rebuild following blaze
Disney has donated US$5m (€4.4m, £3.8m) toward the restoration efforts of Notre-Dame Cathedral, following the huge fire that destroyed much of the iconic landmark in Paris.
+ More news   
LATEST JOBS
Sales and Marketing Manager
Continuum Attractions
Salary: Up to £24,000
Job location: Oxford, UK
Head of Cultural and Community Services
South Derbyshire District Council
Salary: Up to £65,000
Job location: Derbyshire, UK
Attraction Operations Manager
Legoland Discovery Centre
Salary: Competitive
Job location: Tempe, Arizona, USA
Customer Relationship Manager
Merlin Entertainments Group
Salary: Competitive
Job location: Sydney NSW, Australia
Regional HSS Manager (Asia)
Merlin Entertainments Group
Salary: Competitive
Job location: Shanghai, China
Assistant Director Visitor and Site Operations
Eureka
Salary: Circa £42,000 per annum
Job location: Halifax, UK
+ More jobs  
 


ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2019

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