Village Roadshow Limited Subdued performance expected from Village Roadshow Theme Parks (VRTP)
Subdued performance expected from Village Roadshow Theme Parks (VRTP): Village Roadshow Limited (ASX: VRL) witnessed a stock price crash of 6.7% on April 24, 2017 at the back of a soft trading update with regards to Village Roadshow Theme Parks (VRTP) entailing total Theme Park division’s FY17 earnings before interest, tax, depreciation and amortisation, excluding material items (“EBITDA”) now expected to be $55 million – $65 million, subject to the level of June 2017 VIP pre-sales and attendances at the Gold Coast. Primarily, the October 2016 tragedy at Ardent Leisure Group’s Dreamworld had impacted VRL’s Theme Parks division’s performance and conditions further deteriorated owing to cyclonic weather that prevailed in March and April 2017. While core local market witnessed subdued environment, and Gold Coast parks’ performance was cushioned by strength in international and interstate visitation during the peak summer period. There has been a 9.4% decline in total attendance for the Gold Coast parks for the nine months to March 31, 2017 along with a dip in March’s membership renewals. Owing to similar conditions, Sydney Wet’n’Wild is expected to have a subdued second half of financial year 2017. The group now expects to be back on track following key marketing campaigns and the introduction of new attractions. Recently, VRL reduced its stake in the loss-making Village Roadshow Entertainment Group (VREG) and entered into a transaction with Vine Alternative Investments and Falcon Investment Advisors.
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