Dreamworld owner Ardent Leisure restructures finance to fund growth | attractionsmanagement.com news
POST YOUR JOB ONLINE
Free ezine/digital edition sign up
Jobs . News . Features . Video . Products . Magazine . Handbook . Advertise . Contact us  
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.
LATEST JOBS
General Manager
Heritage Great Britain
Salary: £70k package
Job location: Sennen, Penzance, UK
Head of Visitor Development
The Crown Estate
Salary: Exemplary salary package
Job location: Windsor, UK
Consultancy Manager - Support and Revenue
National Trust
Salary: £48,680 pa
Job location: County Down, Northern Ireland, UK
Theatre Technician
Parkwood Leisure
Salary: Competitive
Job location: Crawley, UK
Guest Experience Manager - Operations
Sea Life
Salary: Competitive
Job location: Orlando, Florida, USA
Events and Education Manager
Legoland
Salary: Competitive
Job location: Carlsbad, California, USA
+ More jobs  

COMPANY PROFILE
Sally Corporation

Our services include: Dark ride design & build; Redevelopment of existing attractions; High-quality [more...]
+ More profiles  
FEATURED SUPPLIER

How can travelling exhibitions adapt for the future?
Emily Cronin, partnerships manager at the Science Museum Group in the UK, shares insights into evolving business models for touring exhibitions in Spokes, Ecsite’s magazine. [more...]
VIDEO GALLERY

Red Raion - VR/5D Films Showreel 2016
Red Raion is the first made-in-Italy VR/5D movie production company, for your most advanced theaters and simulators. Enjoy some samples from their movies produced in 2016! Find out more...
More videos:
Red Raion: Meet the Team - Introduction – Red Raion
Experience the experience – Polin Waterparks & Pool Systems
Simworx - The power to move you… – Simworx
+ More videos  

CATALOGUE GALLERY
 

+ More catalogues  
DIRECTORY
+ More directory  
DIARY

25-27 Jun 2019

BALPPA Summer Conference 2019

The Balmer Lawn Hotel and Carey’s Manor Hotel, New Forest, United Kingdom
04 Jul 2019

National Hotel Marketing Conference

Hilton at St George's Park, Burton-on-Trent, United Kingdom
+ More diary  
LATEST ISSUES
+ View Magazine Archive

Attractions Management

2019 issue 2


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management

2019 issue 1


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management

2018 issue 4


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management

2018 issue 3


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management News

12 Jun 2019 issue 132


View on turning pages
Download PDF
View archive
FREE digital subscription
Print subscription

Attractions Handbook

2019


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription
 
ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
 
ATTRACTIONS MANAGEMENT
ATTRACTIONS MANAGEMENT NEWS
ATTRACTIONS HANDBOOK
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS
ADVERTISE . CONTACT US

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

©Cybertrek 2019
Jobs . News . Products . Magazine
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
US$55m waterpark coming to Cambodian capital by end of 2019
One of the most significant waterpark projects in Southeast Asia is currently under development in Phnom Penh, Cambodia, with the US$55m (€48.3m, £43.2m) Angkor Water Park set to open its doors by the end of the year.
Expansion for Greensboro Science Center aims to 'open minds and build futures'
A new ten-year plan has been unveiled by Greensboro Science Center (GSC) in North Carolina, US, incorporating a package of expansions and renovations to the site, which currently features an aquarium, museum and zoo.
Sea Life Trust welcomes two beluga whales into retirement with new sanctuary
Two beluga whales from the Chang Feng Ocean World aquarium in Shanghai have completed a 6,000 mile journey to their new home ‒ a specially constructed marine sanctuary in Iceland ‒ where they will see out their days.
Eden Project North starts to take shape with tentative 2023 opening date set
The first stage in the preparation of a planning application for the proposed Eden Project North in the UK has been completed, with the submission of an Environmental Impact Assessment Scoping Report to Lancaster City Council.
John Ronan Architects chosen for new Frank Lloyd Wright visitor centre
The Frank Lloyd Wright Trust has announced plans to build a visitor centre at the architect’s former home and studio in Oak Park, Illinois.
JRA reimagines Louisville Slugger Museum and Factory with new visitor experience
The Louisville Slugger Museum and Factory – home of the official bat of Major League Baseball – has introduced a new visitor experience at its factory with the help of JRA (Jack Rouse Associates).
+ More news   
 
COMPANY PROFILE
Sally Corporation

Our services include: Dark ride design & build; Redevelopment of existing attractions; High-quality [more...]
+ More profiles  
FEATURED SUPPLIER

How can travelling exhibitions adapt for the future?
Emily Cronin, partnerships manager at the Science Museum Group in the UK, shares insights into evolving business models for touring exhibitions in Spokes, Ecsite’s magazine. [more...]
VIDEO GALLERY

Red Raion - VR/5D Films Showreel 2016
Red Raion is the first made-in-Italy VR/5D movie production company, for your most advanced theaters and simulators. Enjoy some samples from their movies produced in 2016! Find out more...
More videos:
Red Raion: Meet the Team - Introduction – Red Raion
Experience the experience – Polin Waterparks & Pool Systems
Simworx - The power to move you… – Simworx
+ More videos  

CATALOGUE GALLERY
 

+ More catalogues  
DIRECTORY
+ More directory  
DIARY

25-27 Jun 2019

BALPPA Summer Conference 2019

The Balmer Lawn Hotel and Carey’s Manor Hotel, New Forest, United Kingdom
04 Jul 2019

National Hotel Marketing Conference

Hilton at St George's Park, Burton-on-Trent, United Kingdom
+ More diary  
 
Leisure Media error page


We're sorry, there seems to have been an error fetching the page you were looking for, please go back and try again.

To report an error please email this link to support @ leisuremedia.com.


Alternatively please select the website you wish to vist from the list below: