Dreamworld ticket sales for last half of 2022 jump 84.3pc – the highest in six years

The Gold Coast’s Dreamworld theme park has shaken off the pandemic, welcoming record crowds and a whopping big profit for the parent company.

The crowds are back and Gold Coast theme park operator Ardent Leisure has shaken off a bleak period to welcome a surge of visitors wanting get back into the fun.

The company reported that in the last six months of 2022 the total value of ticket sales to Dreamworld and WhiteWater World soared by 84.3 per cent – the highest in six years.

Despite a lack of international visitors, total visitation was up 67.4 per cent in the six months, compared to the previous corresponding period. And the January results are continuing the strong recovery trend.

Ardent Leisure posted a net profit after tax of $669.5m in the first half of 2022-23 compared to a $36.8m loss in the same period last year.

The result included a $649.5m gain on the sale of its Main Event business in the US on June 30 which resulted in the extinguishment of all debt facilities and a distribution of $455.7m to

shareholders.

The company said it was well capitalised to fund its future investments, which include over $50m of new and upgraded rides and attractions.

Ardent Leisure chairman Dr Gary Weiss said it has been a long recovery journey for the company exacerbated by the Covid-19 pandemic which saw widespread lockdowns.

Also, the company has been rocked by a horrific accident on the Thunder River Rapids ride in Dreamworld in 2016 where four people died.

Three-year-old Khan at Dreamworld’s Tiger Island.

“The significantly improved trading performance demonstrates the resilience of our Theme Parks & Attractions business particularly during the recent challenging times,” he said.

“The Group now has ample cash to fund its investment in the Theme Parks & Attractions business, and with no debt and unencumbered assets, has a solid financial foundation moving forward.

“We believe the business is well placed to benefit further from the gradual return of international visitors and steady recovery of the tourism industry. Our priority is to focus on recovering and growing the Theme Parks & Attractions business back to, and beyond, historical earnings.”

Revenue and EBITDA, excluding specific items from continuing operations, was up $25.2m or 136.5 per cent and $16.7m or 101.6 per cent on the prior period, respectively.

The operating revenue for theme parks and attractions – consisting of Dreamworld, WhiteWater World and SkyPoint – was $43.7m, the highest in over six years and was up 136.5 per cent on the prior period and 13 per cent higher than pre-Covid levels.

Ardent’s investment in Dreamworld includes a new Wave Swinger ride, a redesigned and enhanced kid’s area and a new Rivertown and a new ‘Jungle Rush’ coaster that will feature the world’s first inclined turntable, as well as Dreamworld’s most immersive theming and storytelling ever built.

The iconic facade of Dreamworld on the Gold Coast.

Group chief executive Greg Yong said a return to positive EBITDA for the first time in six years is a meaningful milestone.

“Our strategy to focus on safety, be disciplined on costs to fund our priorities and to deliver an exceptional guest experience through brilliance at basics and providing memorable in-park interactions is yielding results,” he said.

“Economic headwinds remain front of mind, and it is prudent for us to regularly contemplate how to appropriately position the business to deal with these challenges.

“Importantly, we see this situation as episodic, our pipeline of new attractions as well as our pursuit of incremental growth opportunities has never been more compelling and represents a clear path to unlocking further value for our stakeholders.”

Visitors returning to Dreamworld after Covid pandemic.

In August 2022, Dreamworld and WhiteWater World were issued with Major Amusement Park (MAP) Licences by the Workplace Health and Safety Queensland (WHSQ) under the Work Health and Safety Regulation 2011 (Qld).

The licensing regime for amusement parks in Queensland is a world-first, introduced by the Queensland Government in 2019 with the objective of achieving world-class best practice safety standards in theme park operations.

The company said the granting of the MAP Licences represents the culmination of several years of extensive work by the business, in consultation with WHSQ, demonstrating a robust safety case that provides a holistic framework for the management of health and safety at both Dreamworld and WhiteWater World.