{"id":27115,"date":"2020-08-28T10:53:04","date_gmt":"2020-08-27T22:53:04","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=27115"},"modified":"2020-08-28T10:53:04","modified_gmt":"2020-08-27T22:53:04","slug":"theme-park-closures-sees-dreamworld-operator-post-137m-loss","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/theme-park-closures-sees-dreamworld-operator-post-137m-loss\/","title":{"rendered":"Theme park closures sees Dreamworld operator post $137m loss"},"content":{"rendered":"

PHOTO: Dream World – www.dreamworld.com.au<\/strong><\/p>\n

The enforced closures of Ardent Leisure’s (ASX: ALG) theme parks in Australia and cinemas in the US due to COVID-19 restrictions resulted in the company’s loss ballooning to $136.6 million in FY20.<\/p>\n

Total reported revenue for the Dreamworld<\/a> operator decreased by $85 million to $398.3 million in the full year, also due to COVID-19 restrictions on trade.<\/p>\n

The results capped off another rough year for Ardent Leisure which was witnessing revenue growth of 5 per cent for the 35 weeks up to the end of February 2020, before the pandemic hit Australia and the US.<\/p>\n

However, from March onward, the company only brought in $68.2 million of earnings, compared to $362.3 million generated pre-pandemic.<\/p>\n

Ardent Leisure also suffered from an impairment charge of $15.4 million on property, plant and equipment in its theme parks division, and a charge of $2 million relating to the its Main Event cinema business.<\/p>\n

The company’s chairman Dr Gary Weiss did not play down the disappointing FY20 results.<\/p>\n

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