Dreamworld owner considers theme park sell-off

Dreamworld’s owner Ardent Leisure could be poised to sell off parts of the troubled theme park.

As it ponders its future in the wake of last year’s tragic accident and subsequent decline in revenue, the theme park operator has revealed it is currently reviewing its 2015 Master Plan and hasn’t ruled out carving up and rezoning parts of the precinct.

In an announcement on Wednesday, Ardent ominously points out that the theme park site is “prime real estate”.

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It goes on to say it is actively investigating the possibility of rezoning parts of the theme park and allowing them to be developed

Ardent has, and will continue to, engage with third party developers to discuss potential development opportunities and timing for any redevelopment within the precinct

“This review is considering a number of important factors including: (i) the impact of recent events at Dreamworld; (ii) the feasibility of rezoning parts of the site for alternate uses; and (iii) analysis of the existing Dreamworld precinct to identify potential opportunities for unlocking value,” the announcement says.

“As part of this review Ardent has appointed a town planner to assess the feasibility of rezoning parts of the precinct.”

“Ardent has, and will continue to, engage with third party developers to discuss potential development opportunities and timing for any redevelopment within the precinct.”

Earlier this month Ardent issued a downbeat trading update, revealing it expected to lose between $2 million and $4 million this year.

Visits to the theme park plunged 36.7% during March and April, while its unaudited revenues were just $9.6 million, a 38.9% drop on last year.