THEME park operator Ardent Leisure has detailed $86 million in write-downs as it continues to battle the fall-out from the 2016 Dreamworld tragedy.
Having suffered a loss of $63 million in the 2017 financial year, the company yesterday flagged even greater losses in 2018, expected to be in the range of $84-94 million.
It also expects a slump in its earnings (EBITDA), from $1 last year to a negative result of between $50-55 million in the 12 months to 30 Jun.
In an update to the ASX yesterday, Ardent said its Theme Parks division continued to be impacted by the Thunder River Rapids tragedy as well as discounted ticket pricing and adverse weather.
The division’s results would include a write-down of $75 million in the value of the Dreamworld property, as well as $6 million relating to the fatal accident, $4 million cut from the value of the SkyPoint observation deck and $1 million written off other assets.
“The revaluation adjustment for Dreamworld reflects slower recovery in attendance at the theme park than projected previously,” Ardent said.
Source: traveldaily