Wonderland Sydney, the Australian amusement park, is to close on 26 April.

A statement released by the attraction’s management said the decision was taken in view of ‘consistent losses’ and difficult market conditions.

It claimed the effects of the Asian financial crisis, September 11 terrorist attacks, Bali bombings, SARS and Asian bird flu had ‘simply taken their toll’ on business.

Stephen Galbraith, CEO of the Leisure Theme Parks Sunway Group, also cited the impact of the Iraq war, the collapse of Ansett airlines and last year’s bushfires.

“When we took over eight years ago, the park’s future was uncertain. Since then, we have lifted the overall performance of the park and completely rebuilt its image and brand awareness.

“Our efforts were recognised with Wonderland Sydney achieving the major attraction award for business excellence at the 2002 Tourism NSW Awards and runner-up in 2003. Recognition by IAAPA yielded two Brass Ring awards for outstanding marketing. However, all this has not been enough to sustain the operation.”

Observers in the Australian amusement park industry, however, have suggested that management problems were a factor in the park's demise.

Galbraith has confirmed that the management’s current priority is to provide a range of initiatives to assist and support staff in finding new employment.

The Sydney Wonderland site could end up as an industrial business park, according to initial reports from ABC News Online. It reports that the real estate arm of ING has bought the property for A$52.5m.