Ardent Leisure, owner of Dreamworld and WhiteWater World on Australia's Gold Coast, has purchased Q Deck - the country's highest beachside observation deck - for AUD$13.3m (£7.4m, US$12.2m, €8.2m).
Located on the top two levels of the Q1 building in Surfer's Paradise, the attraction boasts 360 views over the Gold Coast beaches and Hinterland and comprises the observation deck, café and bar on level 77 and a function facility on level 78. There is also a shop at ground level.
Opened in 2005, Q deck currently attracts around 250,000 visitors per year. It is forecast to generate EBITDA of AUD$2m (£1.1m, US$1.8m, €1.2m) in the 2010 financial year before
the benefit of marketing and management synergies delivered by integration into Ardent Leisure.
Group chief executive officer, Greg Shaw, said: We are delighted with this addition to the
Group and believe that we are well placed to grow attendance through cross promotion with our Dreamworld and WhiteWater World assets which currently record over 1.9 million combined annual
visitors.
"Q Deck is an attraction that has broad appeal to our existing clients and provides a cost
effective up-selling and value add option to our current ticket types.
" In addition, Ardent currently operates one of the largest attraction ticket booking services on the Gold
Coast, Australian Tour Desk, with a member base of over 350 accommodation complexes and stand
alone tour desks. Australian Tour Desk is currently the number one reseller of Dreamworld and
WhiteWater World tickets and represents an immediate distribution platform to assist in the promotion
of Q Deck to Gold Coast holidaymakers."
Ardent recently revealed that Dreamworld revenue had declined 7.7 per cent to AUD$21.9m (£12.2m, US$20.1m, €13.5m) in the three months ending 30 September 2009, compared with the previous year. Operating margins increased to 42.2 per cent against 40.8 per cent.
WhiteWater World revenue was largely unchanged down at AUD$2.68m (£1.48m, US$2.46m, €1.64m) compared with AUD$2.71m (£1.5m, US$2.48m, €1.66m) in the corresponding period.
Ardent Leisure Group Chairman, Neil Balnaves, said: "While the tougher trading environment has
resulted in small revenue declines in a number of divisions, improved operating margins in the majority
of divisions have minimised the impact on earnings performance.
"Positive trading has been experienced
in October and the Group is now well placed to take advantage of any improvement in consumer
sentiment for the balance of the financial year."
