Flying theatre and DreamWorks attraction for Dreamworld half-year $13.4m loss reported for Ardent

DREAMWORLD’S operators hope two new attractions will stem its losses as Ardent Leisure’s half-year results reveal how much the 2016 tragedy continues to dog the parent company.

i-Ride Flying Theatre at Dreamworld, set to open later in 2018.

DREAMWORLD’S operators hope a new “flying theatre” and walk-through DreamWorks attraction will stem its losses as the 2016 tragedy continues to dog parent company Ardent Leisure, which reported a half-year loss of $13.4 million.

The theme park alone accounted for a $24.8 million loss for the listed company in the six months to December 31, following losses of $95.2 million the same period last year.

Ardent said trading at Dreamworld continued to improve, but at a lower rate than expected, with attendances up 32.6 per cent and revenue up 55.6 per cent for the period from December 10 to February 13 compared with the same post-incident period last financial year.

The company expects the new tiger and the completion of Corroboree Stage II will bolster visitation in the lead up to the Commonwealth Games.

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The new DreamWorks attraction planned for mid-2018 and will be joined by a world-class iRide Brogent Flying Theatre attraction later in the year.

The Dreamworks experience is getting an upgrade.

Featuring 40 seats across 10 different gondolas, the simulator will heave, sway, rock and roll over a projection screen as ridegoers experience effects like wind, mist and scent.

i-Ride Flying Theatre will open at Dreamworld later this year.

Shareholders will received a 2c/share distribution for the half.

Revenue for the three theme park businesses, Dreamworld, WhiteWater World and Skypoint fell 11 per cent to $37.2 million.

Ardent announced the appointment of Chris Morris as CEO of its US-based Main Event Entertainment business, but are yet to appoint a CEO for its theme parks division, which has been without a permanent leader since the shock resignation of Simon Kelly in November.

Ardent also re-announced the $160 million sale of its bowling and entertainment division and a change to its financial reporting it says will simplify them.

In a statement to the ASX, Ardent said it was focused on growing visitation to “pre-incident levels and beyond”.

It will also make “measured investments” in new attractions and continue to consider its options to sell land near the Dreamworld attractions.

“The group intends to use the expected proceeds from the sale of the bowling and entertainment business to pay down the current syndicated facility with a view to replacing the current facilities with new facilities better suited to support the growth aspirations of the Main Event and Theme Parks businesses,” the statement said.

“The Group will focus on achieving a balance between shareholder distributions and retaining capital for investment in growth.

“In broad terms, cash flows from the Main Event business are expected to be directed towards reinvestment in growth while cash generated by Theme Parks will be predominantly directed towards distributions.”