Darwin Waterfront Corporation records $992,000 loss as Covid impacts continue
The company operating prominent Darwin precinct has seen its assets devalued, helping it record a loss for the second year of the pandemic.
Northern Territory
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THE Darwin Waterfront Corporation (DWC) made a near $1m loss last financial year as the Covid-19 pandemic bit into the precinct’s popularity.
But the corporation which runs the area has hinted the one popular new addition to the Waterfront – the Skyline Ferris Wheel – could make a return after a successful 2021.
The corporation’s annual report shows the Darwin Waterfront attracted more than one million visitors in 2020-21, and received $22.6m in grant revenue.
But the Waterfront conceded in the report that the popular Darwin district, and particularly the Convention Centre, had been ravaged by the pandemic.
“Covid-19 continued to pose serious challenges to the national events industry and the centre’s operations at year end,” the DWC said.
It reported a net loss of $992,000, a substantial improvement on the $2.9m net deficit recorded in the 2019-20 financial year, during the height of the pandemic.
But the DWC defended the results, saying the loss was only recorded due to its assets being devalued.
“The Darwin Waterfront Corporation is proud to have reported strong financials for the 2020/21 year including positive cash flow,” Mr Burke said.
“The Corporation’s EBITA for 2020/21 is a $6.04m surplus.
The DWC said “strong finances” had allowed it to support tenants through the Covid-19 pandemic, and vowed to help the Darwin Convention Centre to position itself to welcome back international and national business events.
Ms Burke also hinted that the popular Skyline Ferris Wheel, which was given its first spin at the Stokes Hill Wharf, would be either returning or followed up by another attraction.
“The Skyline Ferris Wheel was an exceptionally popular addition at the Waterfront and the Corporation is looking forward to announcing plans for Dry Season 2022 at Stokes Hill Wharf in the near future,” he said.
The report said the ferris wheel, which opened on June 11, attracted 5500 visitors in its first week and 14,005 riders by June 30.
“The Ferris wheel saw a marked increase in foot traffic at Stokes Hill Wharf, building on the location as a fun destination for the whole family to enjoy,” the report said.
“The Ferris wheel is Australia’s largest roaming observation wheel, at 35 metres high with 24 gondolas offering 360-degree views of Darwin Harbour.”
The report said the Wave Lagoon attracted 115,318 visitors while the nearby Darwin Convention Centre hosted 94 events which attracted 27,166 people.
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