Coast Entertainment

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Coast Entertainment Holdings
FormerlyArdent Leisure Group
ASX:  CEH
IndustryLeisure and Entertainment Attraction Operator
PredecessorMacquarie Leisure Trust
Founded11 June 1998;26 years ago (1998-06-11) (as Macquarie Leisure Trust)
Headquarters
Milsons Point, New South Wales
,
Australia
Key people
 Simon Kelly (CEO & MD) since 9 June 2017 [1] [2]
Revenue A$350.4m Decrease2.svg (2010) [3] [4]
A$78.8m Decrease2.svg (2010) [3] [4]
A$90.8m
Total assets A$500m Increase2.svg (2010) [3] [4]
Number of employees
3,279
Subsidiaries Dreamworld
WhiteWater World
Website coastentertainment.com.au

Coast Entertainment Holdings Limited (formerly Ardent Leisure Group and Macquarie Leisure Trust) is an Australian leisure company. It is most known for its operation of the Dreamworld theme park and the WhiteWater World water park on the Gold Coast, Queensland, Australia. [5]

Contents

History

Macquarie Leisure Trust (1998–2009)

Coast Entertainment began in 1998 as Macquarie Leisure Trust, a listed trust managed by Macquarie Leisure Operations, a subsidiary of Macquarie Bank. [6] [7] The company acquired the existing Dreamworld theme park in July 1998. [6]

In October 2004, Macquarie Leisure Trust acquired AMF Bowling's Australian business for A$67.4 million. [8] In 2006, Macquarie Leisure Trust opened WhiteWater World, a new water park on the Gold Coast. [9] [10]

Ardent Leisure (2009–2023)

In August 2009, management of Macquarie Leisure Trust was internalised and it was renamed Ardent Leisure Group, ending its association with Macquarie Group. [11] In November 2009, Ardent Leisure acquired the QDeck observation deck for A$13.3 million. [12]

In April 2015, Deborah Thomas, former editor of Cleo and other magazines, was appointed as chief executive officer (CEO) of Ardent Leisure. [2] [13] Thomas was replaced on 9 June 2017 when Simon Kelly was appointed as CEO and Managing Director (MD). [1]

In December 2017, Ardent sold its to Australian bowling and arcade businesses (AMF, Kingpin and Playtime) to The Entertainment and Education Group for A$160 million. [14]

Coast Entertainment (2023–present)

Ardent Leisure changed its name to Coast Entertainment Holdings in December 2023. [15]

Portfolio

The Dreamworld Tower at Dreamworld which houses the Tower of Terror II and the Giant Drop. Tower of Terror Dreamworld.jpg
The Dreamworld Tower at Dreamworld which houses the Tower of Terror II and the Giant Drop.
The Temple of Huey and Little Rippers at WhiteWater World interacting with Dreamworld's Cyclone. Cyclone WWW interaction.JPG
The Temple of Huey and Little Rippers at WhiteWater World interacting with Dreamworld's Cyclone.

Theme parks

Ardent Leisure began as the company which owned and operated the Dreamworld theme park on the Gold Coast. Dreamworld was acquired in July 1998 - within a month of its establishment. [6] The theme park has over 30 rides, shows and attractions [16] across a 30-hectare (74-acre) park. [6] [17] In December 2006, an adjacent water park to Dreamworld opened. WhiteWater World features 14 different water attractions including some Australian firsts. [9] [10]

Former assets

Main Event Entertainment is a chain of family entertainment centers in the United States. Based out of Plano, Texas, the chain operates attractions including ten pin bowling, laser tag, games arcades, rock climbing, mini golf and ropes courses. Main Event operates 50 locations in 17 states. [18] [19]

In June 2020, RedBird Capital Partners acquired a 24.2% stake in Main Event. [20] On 6 April 2022, competitor Dave & Buster's announced its intent to wholly acquire Main Event from Ardent and RedBird for US$835 million (A$1.1 billion); former Main Event CEO Chris Morris was retained, and was made the CEO of Dave and Buster’s. [21] [22] [20]

Thunder River Rapids Ride incident

On 25 October 2016, four people were killed at the Dreamworld theme park owned by Ardent. The Thunder River Rapids Ride they were travelling on malfunctioned and they were thrown onto a flooded conveyor belt. [23]

Criticism was initially levelled when it was proposed to partially re-open Dreamworld for a memorial event, with proceeds going to the Australian Red Cross, on 28 October. This was later cancelled to allow investigations into the incident to continue unimpeded. [24] Dreamworlds CEO Craig Davidson later said that it would not reopen till at least after all four funerals were held. This was decided by Ardent CEO Deborah Thomas. [25]

By coincidence Ardent's annual general meeting (AGM) was scheduled for 27 October, two days after the accident. During the meeting CEO Deborah Thomas was criticised for not having directly contacted all the families of those killed. [25] She was also criticised over her bonuses, totalling about $850,000, which were voted on at the AGM. Thomas later said that she would give the cash component of her yearly bonus, equalling A$167,500, to the Red Cross "... to support people affected by this tragic event". [26] After the AGM, Ardent's share price dropped sharply after the incident, reducing its market capitalisation by A$310 million. [27]

The findings of the Coroner's report (by Queensland south-eastern coroner James McDougall) were released on 24 February 2020. [28] [29]

On 21 July 2020, Ardent announced to the Australian Stock Exchange that three charges had been laid against Ardent. The charges were filed by the Work Health and Safety prosecutor, under the Work Health and Safety Act, at the Brisbane Magistrates Court. The maximum penalty for each charge is A$1.5 million. [30] On 29 July 2020, Dreamworld operator Ardent Leisure pleaded guilty to three charges relating to the death of four people on the Thunder River Rapids Ride. [31] In the Southport Magistrates Court on 28 September, Magistrate Pam Dowse sentenced Ardent Leisure to a A$3.6 million fine. [32]

See also

Related Research Articles

<span class="mw-page-title-main">Dreamworld (Australia)</span> Theme park in Queensland, Australia

Dreamworld is a theme park and zoo situated on the Gold Coast in Queensland. It is Australia's biggest theme park with over 40 rides and attractions.

<span class="mw-page-title-main">WhiteWater World</span> Water park in Gold Coast, Australia

WhiteWater World is a seasonal water park situated in the suburb of Coomera on the Gold Coast, Australia. It is owned and operated by Ardent Leisure and is the sister park to Dreamworld.

<span class="mw-page-title-main">The Gold Coaster</span> Steel roller coaster at Dreamworld

The Gold Coaster is a steel roller coaster operating at Dreamworld. The roller coaster is one of the tallest in the Southern Hemisphere, after originally being the tallest when it was first built. Designed by Arrow Dynamics, built in Melbourne by Able Leisure Pty. Ltd the ride was originally installed at Luna Park Sydney in 1995 as the Big Dipper before being sold and relocated to Dreamworld on the Gold Coast in 2001. When it was brought to Dreamworld, the ride was the first roller coaster to be opened on the Gold Coast since 1997. The roller coaster was named Cyclone from 2001 until 2015 when it was refurbished and named Hot Wheels SideWinder as part of the new Motorsport Experience themed land from 2015 to 2020.

<span class="mw-page-title-main">The Claw (Dreamworld)</span> Intamin Gyro Swing at Dreamworld

The Claw is an Intamin Gyro Swing located at Dreamworld on the Gold Coast, Australia. The ride opened in September 2004 after months of construction and advertising.

<span class="mw-page-title-main">Ocean Parade (Dreamworld)</span> Themed land at Dreamworld amusement park

Ocean Parade is a themed land at the Dreamworld amusement park on the Gold Coast, Queensland, Australia. It features 3 of the Big 7 Thrill Rides at Dreamworld, The Claw, The Gold Coaster and Tail Spin, which are within close proximity of each other. Ocean Parade has an Australian beach culture theme, and has beach-themed rides scattered around the area. It currently provides a link between Main Street, Kenny and Belinda's Dreamland, and the adjacent water park WhiteWater World.

<span class="mw-page-title-main">DreamWorks Experience</span> Themed land at the Dreamworld theme park

DreamWorks Experience was a themed land at the Dreamworld theme park on the Gold Coast, Queensland, Australia. It contained attractions themed to DreamWorks Animation films. The land was formerly themed to Nickelodeon properties.

<span class="mw-page-title-main">Gold Rush Country</span> Themed land at the Dreamworld theme park

The Gold Rush Country is a themed land at the Dreamworld theme park on the Gold Coast, Queensland, Australia.

<span class="mw-page-title-main">Dreamworld Corroboree</span> Zoo in Queensland, Australia

Dreamworld Corroboree is a collection of wildlife attractions at the Dreamworld amusement park on the Gold Coast, Queensland, Australia. The area is divided into several subsections which allow guests to view the animals in their natural habitats. Dreamworld Corroboree is a registered zoo with 800 native and barnyard animals located within the Dreamworld grounds.

<span class="mw-page-title-main">Thunder River Rapids Ride</span> Theme park ride

The Thunder River Rapids Ride was a river rapid type water ride located in the Town of Gold Rush section of the Dreamworld theme park on the Gold Coast, Queensland, Australia.

<span class="mw-page-title-main">Rocky Hollow Log Ride</span> Amusement park ride

The Rocky Hollow Log Ride was a log flume which took groups of 4 riders on a gentle four and a half-minute cruise through channels, in and out of buildings, before ascending the lift hill. The ride concluded with a 50 kilometres per hour (31 mph) drop causing all riders to become soaked.

<span class="mw-page-title-main">Dreamworld's 30th Birthday</span> Previous event (late 2010–2011)

Dreamworld's 30th Birthday was celebrated throughout 2011 at the Dreamworld amusement park on the Gold Coast, Australia.

<span class="mw-page-title-main">BuzzSaw (roller coaster)</span> Steel roller coaster in Australia

BuzzSaw was a Maurer AG SkyLoop roller coaster located within the Gold Rush Country section of the Dreamworld amusement park on the Gold Coast of Australia. The ride began operation on 17 September 2011 as part of Dreamworld's 30th birthday celebrations. The ride was permanently closed on 31 August 2021, due to Dreamworld prioritising future development plans.

<span class="mw-page-title-main">History of Dreamworld</span>

The history of Dreamworld dates back to the mid-1970s when John Longhurst envisioned the future theme park. After a seven-year construction period, Dreamworld officially opened to the public on 15 December 1981. Now owned by publicly listed Ardent Leisure, the park has seen many expansions, closures and replacements over its 30-year history.

<span class="mw-page-title-main">Serpent Slayer</span> Amusement ride

Serpent Slayer is an amusement ride in the Ocean Parade area of Dreamworld on the Gold Coast, Australia. The Zamperla Air Race 6.4 ride is featured as one of Dreamworld's Big 9 Thrill Rides. The ride was previously known as Pandamonium, as part of the "Land of Awesomeness" area within the DreamWorks Experience precinct, and was themed to the Kung-Fu Panda films.

<span class="mw-page-title-main">Deborah Thomas</span> Australian businesswoman

Deborah Thomas is an Australian magazine editor and businesswoman.

<span class="mw-page-title-main">Sky Voyager</span> Ride at Dreamworld

Sky Voyager is a flying theatre simulator ride located at Dreamworld in Gold Coast, Queensland, Australia. It is the Southern Hemisphere's first and only flying theatre simulator ride that opened in August 2019. It replaced the Dreamworld Cinemas.

<span class="mw-page-title-main">Tail Spin (Dreamworld)</span> Flat amusement ride

Tail Spin is a Gerstlauer Sky Fly flat ride located within the Ocean Parade section of the Dreamworld amusement park on the Gold Coast, Australia. The ride began operation on 20 September 2014 as the replacement of Reef Diver.

<span class="mw-page-title-main">Steel Taipan</span> Launched roller coaster at Dreamworld

Steel Taipan is a steel launched roller coaster at Dreamworld in Coomera, Queensland, Australia. Steel Taipan is a direct replacement to the former Thunder River Rapids Ride. The roller coaster, the first triple-launched coaster in the Southern Hemisphere, is named after the deadly Taipan family of snakes native to Australia.

References

  1. 1 2 "About Us - Management". ardentleisure.com/about-us. Ardent Leisure. Retrieved 16 August 2017.
  2. 1 2 Burke, Liz (27 October 2016). "Dreamworld boss in line for $800k bonus". NewsComAu. News Limited. Retrieved 27 October 2016.
  3. 1 2 3 "Ardent Leisure Limited – Full Year Financial Results 2010". Ardent Leisure. 20 August 2010. Retrieved 31 August 2010.
  4. 1 2 3 "Ardent Leisure Group - 2010 Full Year Results Presentation" (PDF). Australia Securities Exchange. 20 August 2010. Retrieved 31 August 2010.
  5. ↑ "Theme Parks". Ardent Leisure. Retrieved 31 August 2010.
  6. 1 2 3 4 "Dreamworld History" (PDF). Dreamworld. Archived from the original (PDF) on 30 December 2010. Retrieved 31 August 2010.
  7. ↑ Chong, Florence (20 July 2011). "Community bowled over by Ardent Leisure" . The Australian. Retrieved 8 July 2024.
  8. ↑ "Macquarie buys AMF Bowling centres". The Sydney Morning Herald. 18 October 2004. Retrieved 7 July 2024.
  9. 1 2 "WhiteWater World". Database Entry. Parkz. Retrieved 31 August 2010.
  10. 1 2 Wilson, Richard (15 November 2006). "WhiteWater World on the final straight". Parkz. Retrieved 31 August 2010.
  11. ↑ "Annual Report 2009" (PDF). Ardent Leisure Group. 28 September 2009. p. 14. Retrieved 8 July 2024.
  12. ↑ Nichols, Nick (11 November 2009). "Dreamworld buys a piece of Coast skyline". Gold Coast Bulletin. Archived from the original on 13 November 2009. Retrieved 31 August 2010.
  13. ↑ Daniel, Sue; MacMillan, Jade; staff (27 October 2016). "Dreamworld under fire for failing to contact victims' families directly". ABC News. Australian Broadcasting Corporation. Retrieved 27 October 2016.{{cite news}}: CS1 maint: multiple names: authors list (link)
  14. ↑ "Ardent sells AMF bowling alleys for $160m". SBS News. Retrieved 7 July 2024.
  15. ↑ Deare, Steven (15 December 2023). "Dreamworld operator Ardent to become Coast Entertainment". Capital Brief. Retrieved 7 July 2024.
  16. ↑ "Park Map" (PDF). Dreamworld. Archived from the original (PDF) on 26 March 2010. Retrieved 31 August 2010.
  17. ↑ "Dreamworld". Database Entry. Parkz. Archived from the original on 28 September 2010. Retrieved 31 August 2010.
  18. ↑ "Main Event moving to larger headquarters to entertain growth (Video)". 15 November 2016. Retrieved 1 January 2018.
  19. ↑ "Main Event". Ardent Leisure. Retrieved 31 August 2010.
  20. 1 2 Schlesinger, Larry (6 April 2022). "Ardent Leisure sells US entertainment business for $1.1b". Australian Financial Review. Retrieved 6 May 2022.
  21. ↑ Lalley, Heather. "Dave & Buster's completes its Main Event acquisition". Restaurant Business. Retrieved 19 July 2022.
  22. ↑ "Dave & Buster's to buy Main Event for $835M". Restaurant Dive. Retrieved 19 July 2022.
  23. ↑ "'Everyone was screaming': Four dead in Dreamworld horror". ABC News. 25 October 2016. Retrieved 26 October 2016.
  24. ↑ "Dreamworld's grim reopening cancelled at last minute". news.com.au. 27 October 2016. Retrieved 29 October 2016.
  25. 1 2 Reynolds, Emma (28 October 2016). "Dreamworld relatives faced wall of silence". NewsComAu. News Limited. Retrieved 29 October 2016.
  26. ↑ Chung, Frank (28 October 2016). "Chief executive of Dreamworld owner will give $167,500 to the Australian Red Cross". NewsComAu. News Limited. Retrieved 28 October 2016.
  27. ↑ Burke, Liz (27 October 2016). "Dreamworld boss in line for $800k bonus". NewsComAu. News Limited. Australian Associated Press. Retrieved 28 October 2016.
  28. ↑ Smee, Ben (24 February 2020). "Dreamworld inquest findings: coroner details 'dangerous' safety practices after examining four deaths on ride". theguardian.com. Guardian News & Media Limited. Retrieved 24 February 2020.
  29. ↑ McKenna, Kate (24 February 2020). "Dreamworld Thunder River Rapids accident inquest findings handed down by coroner". ABC News. Australian Broadcasting Corporation. Retrieved 24 February 2020. The Coroner (Queensland south-eastern coroner James McDougall) said: " ...there had been a "systemic failure by Dreamworld in relation to all aspects of safety" and that he was referring parent company Ardent Leisure for possible prosecution.
  30. ↑ McKenna, Kate; Siganto, Talissa; and, Staff (21 July 2020). "Dreamworld parent company Ardent Leisure faces three charges over deadly ride accident". abc.net.au. Australian Broadcasting Corporation. Retrieved 21 July 2020.
  31. ↑ "Dreamworld operator Ardent Leisure pleads guilty over Thunder River Rapids ride deaths". abc.net.au. Australian Broadcasting Corporation. 29 July 2020. Retrieved 28 September 2020.
  32. ↑ "Dreamworld operator Ardent Leisure fined $3.6m for Thunder River Rapids Ride deaths". abc.net.au. Australian Broadcasting Corporation. 28 September 2020. Retrieved 28 September 2020.
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