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Brad2912

Theme Park Profits Surge

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Theme park profits surge

Martin Rasini | 09:01am August 23, 2013

VILLAGE Roadshow put on a stellar performance in the 2012-13 financial year, lifting attributable after-tax profit more than 50 per cent to $50.9 million on the back of a standout showing from its Gold Coast theme parks. The profit was earned on income of $936.357 million and saw earnings per share rise to 36.2, from 34.4 in the previous year, and full-year dividend jump to 26 a share from 22 previously. VRL said earnings before interest, tax, depreciation and amortisation jumped 6 per cent from $154.7 million to $164 million. It said its Coast theme parks, despite bad weather, delivered gross earnings of $83.5 million, up from $82 million in 2011-12 and their second highest EBITDA ever. The Gold Coast parks division comprises Movie World, Sea World, Wet'n'Wild, Australian Outback Spectacular, Paradise Country, Village Roadshow Studios, Sea World Resort and Water Park, and Sea World Helicopters. Movie World attendance topped two million for the first time. The three US water parks lifted gross earnings to $7.8 million, from $5.4 million, taking overall theme park gross earnings to $89.3 million, up from $87.4 million. Theme park visits rose by 709,000 to 5.4 million, revenue was up by 5.6 per cent to $14.4 million and EBITDA 1.8 per cent to $1.5 million. VIP annual pass sales underpinned the performance of the parks whose admissions revenue rose $3.8 million to $139.3 million. Chief operating officer Bob White said the VIP passes constituted a value offering and were a major business driver. "We are selling 900,000 units and it is not only southeast Queensland residents who are buying. Interstate visitors also find the VIP pass attractive," he said. Mr White said VRL's commitment to "fresh and compelling new attractions" would see the opening at Sea World in late spring of Storm Coaster -- a ride through a storm-ravaged container port. He said VRL also was extending Sea World's Polar Bear Park where a cub is due in September. "We are optimistic about our theme parks, particularly with the falling dollar which means they offer compelling value," he said. VRL said its Wet'n'Wild park in Las Vegas opened on time and on budget in late May, joining facilities at Phoenix, Arizona and in Hawaii. VRL manages and holds 51 per cent of the park and said trading at all US venues was solid. It said the Wet'n'Wild Sydney, to open in December, would feature Australia's largest wave pool and "attractions unmatched by any water park in the world". VRL said the focus now was to explore park opportunities in Asia. Mr White said while it often worked well to have a partner in Asia, the company "will look at each opportunity individually". VRL said work was progressing on a theme park on Hainan Island, which it will manage for Guangzhou R&F Properties, and will open its first stage in late 2014. It said its cinema division, which is rolling out 18 new cinema complexes across Australia, achieved gross earnings of $58.5 million, up $7.4 million. But earnings from its film distribution division fell from $50.8 million to $46.2 million. The 13 second-half dividend is payable on October 1. VRL shares opened at $6.11 and closed at $6.16.

http://www.goldcoast.com.au/article/2013/08/23/456853_gold-coast-business.html

so looks like we may get The Storm prior to December

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Good news... Bodes well for future developments and rides! Speaking of the Cinema Division though, Can someone up there in the Advertising department notify their Victorian arm that the Cinema on Russell Street is actually no longer called Greater Union(it's Event Cinemas now!)... For what seems like years it's been still called "Greater Union" in their listings! Goes to show how much they care about that partnered "classic 80s multiplex". The slow decades long "lets pretend it doesn't exist" kill-off continues. The only reason it still exists is because of the internal political machinations of Australian Theatres, the now defunct Bourke Street Village, and the property value to Event. It's painfully obvious they're "sitting on it". Otherwise it would have become a fully featured refurbished Village by now, instead of being visually stuck in 1978..

Edited by colliric_855

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Pretty shit times for Dreamworld. Dreamworld only putting a small increase, compared to this. Pretty sad watching the slow death of Dreamworld. I could not see any new allocation in spending for any major new attraction in the next financial year...

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Speaking of the Cinema Division though, Can someone up there in the Advertising department notify their Victorian arm that the Cinema on Russell Street is actually no longer called Greater Union(it's Event Cinemas now!)... For what seems like years it's been still called "Greater Union" in their listings! Goes to show how much they care about that partnered "classic 80s multiplex". The slow decades long "lets pretend it doesn't exist" kill-off continues. The only reason it still exists is because of the internal political machinations of Australian Theatres, the now defunct Bourke Street Village, and the property value to Event. It's painfully obvious they're "sitting on it". Otherwise it would have become a fully featured refurbished Village by now, instead of being visually stuck in 1978..

The Russell Street Cinemas are still referred to as Greater Union - Melbourne City Cinemas. The Event Cinemas is the over-arching brand!

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The Russell Street Cinemas are still referred to as Greater Union - Melbourne City Cinemas. The Event Cinemas is the over-arching brand!

In the Cinema itself the Greater Union signage has been removed and replaced with Event Cinemas signage. Elsewhere it is called Event. On "Flixter" for example it is called Event Melbourne City Cinemas. Anyway this is getting too off-topic now. Edited by colliric_855

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