Queensland Government provides Dreamworld owners with $70 million lifeline
The owners of Dreamworld have secured government funding to support the embattled theme park during the coronavirus pandemic.
NewsWire
Don't miss out on the headlines from NewsWire. Followed categories will be added to My News.
The owners of embattled Gold Coast theme park Dreamworld have secured a multimillion-dollar loan to ensure the attraction can survive the economic shocks induced by the coronavirus pandemic.
In a statement provided to the Australian Stock Exchange on Friday, Ardent Leisure said it had secured $69.9 million in funding from the Queensland Government as the park continues to grapple with lower admissions.
Gold Coast’s theme parks have suffered during the pandemic, as lockdown restrictions has impacted the number of domestic and international tourists visiting the region.
Ardent Leisure said the additional funding would allow Dreamworld and WhiteWater World to reopen by mid-September.
The package consists of a three-year loan valued at $66.9 million and a $3 million grant that will be used to fund working capital and approved capital expenditure.
The loan is mutually exclusive from other loan facilities that are supporting Ardent Leisure’s US Main Event business.
Ardent Leisure chairman Dr Gary Weiss said the funding was recognition of how important the theme park industry was to the Gold Coast economy.
“The Queensland Government’s foresight in providing this financial assistance package will enable Ardent to reopen its iconic theme parks, continue to employ hundreds of people and, once the COVID-19 is behind us, continue to invest future tourism infrastructure and create more local jobs,” he said.
The company’s SkyPoint Observation Deck and Climb located in Surfers Paradise has already reopened.
Originally published as Queensland Government provides Dreamworld owners with $70 million lifeline