Village Roadshow Theme Parks

Last updated

Village RoadshowTheme Parks
Company type Division
Industry Amusement parks and attractions
Headquarters
Melbourne, Victoria
,
Australia
Key people
Clark Kirby (CEO)
Revenue A$302.8 million (2017)
A$55.9 million (2017) [1] million (2009) Decrease2.svg [2]
Total assets A$239 million (2009) Decrease2.svg [3]
Parent Village Roadshow
Website Official website

Village Roadshow Theme Parks is a division of Village Roadshow Limited which operates theme parks and attractions in Australia. The Sydney Attractions Group Pty Ltd was formerly part of Village Roadshow Theme Parks; however, it was sold in 2011 to Merlin Entertainments.

Contents

History

In 1989, the publicly listed Sea World Property Trust who owned its namesake theme park coordinated a three-way venture to acquire Wet'n'Wild Water World from the Herringe Group of Companies [4] and build the adjacent Warner Bros. Movie World theme park. The two other companies involved in the venture were American multinational media corporation Time Warner and fellow publicly listed Australian firm Village Roadshow Limited. The joint venture known as Warner Village Theme Parks was led by Chief Executive Officer John Menzies. Prior to the formation of the company, Menzies was Managing Director of Sea World. [5]

In 1992, Pivot Leisure sold its two-thirds stake of the Sea World Property Trust to AOL Time Warner and Village Roadshow Limited. [5] [6] [7] In April 2001, AOL Time Warner and Village Roadshow Limited announced plans to acquire the remaining 31.6% of Sea World Property Trust that they did not already own. [8] [9] This would also mean the ownership of Warner Village Theme Parks would lie entirely with the two firms. However, the takeover bid failed as the two firms were only able to acquire 85.65% of the trust, just shy of the 90% required for compulsory acquisition. [10] [11] A second takeover bid of Sea World Property Trust was put forward in December 2001. [12] This bid was ultimately successful, with compulsory acquisition beginning in February 2002, [13] and the delisting of the Sea World Property Trust from the Australian Securities Exchange in April 2002. [14]

Warner Village Theme Parks remained a joint venture between Time Warner and Village Roadshow until Village took full ownership of the group in 2006. [15] Time Warner (later WarnerMedia, now Warner Bros. Discovery) continues to provide a licence to the Warner Bros. brand. The group was renamed Village Roadshow Theme Parks. The group also owns the Sea World Resort, located next to the Sea World theme park. Previously known as Sea World Nara Resort (opened in 1988 as a joint venture between the then-owners of Sea World and the Japan-based Nara Group, [16] Village also moved to take full ownership of the resort in 2006, [17] resulting in the name change).

Local expansion

In April 2008, Village Roadshow Theme Parks proposed African Safari World , an amusement park and zoo to replace the Werribee Open Range Zoo, 32 kilometres (20 mi) southwest of Melbourne, Victoria, Australia. [18] This was followed by the proposal to acquire and redevelop Aussie World into Wet'n'Wild Aussie World. [19] In June 2008, the proposal for African Safari World was rejected by the Victorian Government for a variety of reasons. [20] In September 2009, the plans for Wet'n'Wild Aussie World were cancelled. [21]

In late 2008, Sydney Attractions Group was purchased by Village Roadshow after months of discussions. This included the acquisition of Sydney Aquarium, Sydney Tower and Sydney Wildlife World. [22] The company further expanded its interests in local attractions in 2009, with the purchase of Oceanworld Manly in Australia and Kelly Tarlton's Underwater World in New Zealand. [23]

In December 2010, they announced that they would sell approximately $115 million worth of assets to Merlin Entertainments. [24] On 3 March 2011, the deal was finalised with Sydney Aquarium, Sydney Wildlife World, Oceanworld Manly, Sydney Tower, Hamilton Island Wildlife Park and Kelly Tarlton's Underwater World all being sold off. [25]

In September 2010, Village Roadshow announced that they would be expanding the Wet'n'Wild chain by opening a water park in Sydney. [26] [27] [28] [29]

International expansion

In 2008, Village Roadshow expanded into the international market, with the acquisition of the Hawaiian Waters Adventure Park in the United States. The park was rebranded to Wet'n'Wild Hawaii the following year. [30] At around the same time, the company also purchased WaterWorld Safari, investing $30 million in the park relaunched as Wet'n'Wild Phoenix. [15] [31] Village Roadshow's ownership of Wet'n'Wild Hawaii was short-lived. The park was sold to CNL Lifestyle Properties for an undisclosed sum in 2009. [30] Village Roadshow Theme Parks, however, continued to operate the park on a lease which concluded in November 2013. [32]

On 4 October 2012, it was announced that Village Roadshow Theme Parks would be opening Wet'n'Wild Las Vegas in May 2013. [33] The park sold out of season passes and reached capacity many days surrounding its opening. [34]

On 17 October 2012, it was announced that the company had struck a deal with Guangzhou R&F Properties to assist in the design, construction and operation of two parks in China. The two parks would be based on the Sea World and Wet'n'Wild parks on the Gold Coast, Queensland and would be named Hainan R&F Ocean Paradise and Hainan Wet'n'Wild. [35] [36]

In November 2013, CNL Lifestyle Properties purchased Wet'n'Wild Phoenix, with Premier Parks, LLC taking over operations of both Wet'n'Wild Phoenix and Wet'n'Wild Hawaii for the 2014 season. In addition, CNL Lifestyle Properties also purchased the rights to the Wet'n'Wild brand in the United States, which was later used for the company's Palm Springs water park. [32] [37] Village Roadshow Theme Parks will continue to operate and hold a majority stake in ownership of Wet'n'Wild Las Vegas. In a press release, the company stated the water park market in the United States was too mature, and that they would be pursuing other opportunities in Asia. [38]

On 16 July 2014, Village Roadshow Theme Parks signed a partnership with 20th Century Fox Consumer Products to open the second 20th Century Fox World theme park in South Korea in 2018. [39]

Properties

Current

Former

Results

The group claimed an annual patronage of approximately 4.2 million across all of its properties during the financial year ending on 30 June 2007, including 1.3 million each to both Movie World and Sea World, and 1 million to Wet'n'Wild. [62]

See also

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References

  1. ↑ "Annual Report - 2009" (PDF). Village Roadshow. 2009. p. 4. Archived from the original (PDF) on 6 July 2011. Retrieved 30 July 2010.
  2. ↑ "Annual Report - 2009" (PDF). Village Roadshow. 2009. p. 12. Archived from the original (PDF) on 6 July 2011. Retrieved 30 July 2010.
  3. ↑ "Annual Report - 2009" (PDF). Village Roadshow. 2009. p. 56. Archived from the original (PDF) on 6 July 2011. Retrieved 30 July 2010.
  4. ↑ "Wet'n'Wild Water World". Parkz. Retrieved 5 January 2014.
  5. 1 2 "John Menzies". Australian Outback Spectacular. Village Roadshow Theme Parks. Retrieved 5 January 2014.
  6. ↑ "Company History". Village Roadshow Limited. Retrieved 5 January 2014.
  7. ↑ "Property Projects". Pivot Group. Retrieved 5 January 2014.
  8. ↑ "Warner Bros. & Village Roadshow make Offer" (Press release). Australian Securities Exchange. 9 April 2001. Retrieved 5 January 2014.
  9. ↑ "AOL, Village Seek Rest of Sea World". Los Angeles Times. 10 April 2001. Retrieved 5 January 2014.
  10. ↑ Emmons, Natasha; O'Brien, Tim (13 August 2001). "Takeover bid falls short". Amusement Business. 113 (32): 15.
  11. ↑ "Sea World Offer Closed" (Press release). Australian Securities Exchange. 24 July 2001. Retrieved 5 January 2014.
  12. ↑ "Warner Bros. & VRL make Unconditional Offer" (Press release). Australian Securities Exchange. 21 December 2001. Retrieved 5 January 2014.
  13. ↑ "Warner Bros & VRL commence compulsory acq of units in SWD" (Press release). Australian Securities Exchange. 7 February 2002. Retrieved 5 January 2014.
  14. ↑ "Removal from Official List" (Press release). Australian Securities Exchange. 24 April 2002. Retrieved 5 January 2014.
  15. 1 2 "Theme Parks". Village Roadshow. Retrieved 30 July 2010.
  16. ↑ "History and Development of Sea World". MyFun. Retrieved 12 November 2007.
  17. ↑ "Annual Report 2006" (PDF). Village Roadshow. 2006. Archived from the original (PDF) on 30 August 2007. Retrieved 12 November 2007.
  18. ↑ The Sunday Mail (5 April 2008). "Victoria's African Safari World to pinch Qld theme park crowd". The Sunday Mail. Retrieved 4 July 2010.
  19. ↑ Wilson, Richard (20 May 2008). "Village Roadshow buys Aussie World". Parkz. Retrieved 30 March 2011.
  20. ↑ Turnbull, Jeff (1 July 2008). "Vic govt rejects $220m Werribee Zoo plan - Breaking News - National - Breaking News". Melbourne: The Age. Retrieved 4 July 2008.
  21. ↑ "Sunshine Coast Water Park" (PDF). Press Release. Village Roadshow. September 2009. Archived from the original (PDF) on 29 September 2009. Retrieved 23 September 2009.
  22. ↑ Wilson, Richard. "Sydney Attractions say accept". Parkz. Retrieved 4 June 2010.
  23. 1 2 "Attractions". Village Roadshow. Retrieved 30 July 2010.
  24. ↑ AAP (17 December 2010). "Village Roadshow sells Sydney Attractions". The Sydney Morning Herald. Retrieved 17 December 2010.
  25. ↑ AAP (3 March 2011). "Plans for a Madame Tussauds in Sydney". The Sydney Morning Herald. Retrieved 12 March 2011.
  26. 1 2 AAP (11 September 2010). "Keneally touts $80m water theme park". The Daily Telegraph. Retrieved 11 September 2010.
  27. 1 2 "$80 million water park plan unveiled". Sky News. 11 September 2010. Archived from the original on 11 March 2012. Retrieved 11 September 2010.
  28. 1 2 "Water theme park planned for Sydney". ABC News. 11 September 2010. Retrieved 11 September 2010.
  29. 1 2 AAP (11 September 2010). "NSW $80 million water park plan unveiled". The Sydney Morning Herald. Retrieved 11 September 2010.
  30. 1 2 "Hawaiian Waters sold, to be renamed Wet 'n' Wild Hawaii". Pacific Business News. 7 May 2009. Retrieved 23 November 2013.
  31. 1 2 "Wet'n'Wild Phoenix". Amusement Industry News+Notes. 29 April 2009.
  32. 1 2 Silverstein, Stephanie (21 November 2013). "Premier Parks to take over operation of Wet 'n' Wild Hawaii". Pacific Business News. Retrieved 23 November 2013.
  33. 1 2 Westthorp, Tanya (5 October 2012). "Coast Wet'n'Wild inspires Vegas park". Gold Coast Bulletin. Retrieved 5 October 2012.
  34. ↑ Kastner, Jennifer (26 May 2013). "Wet 'n' Wild grand opening getting mixed reviews from locals". KTNV. Retrieved 24 November 2013.
  35. ↑ Kitney, Damon (17 October 2012). "Village Roadshow inks China deal". The Australian. Retrieved 20 October 2012.
  36. ↑ Rasini, Martin (18 October 2012). "Coast-style water parks for China". Gold Coast Bulletin. Retrieved 20 October 2012.
  37. ↑ Shanklin, Mary (21 November 2013). "CNL buys Wet 'n Wild Phoenix". Orlando Sentinel. Retrieved 24 November 2013.
  38. ↑ "VRL Divests Phoenix & Hawaii Water Parks" (PDF) (Press release). Village Roadshow Limited. 20 November 2013. Retrieved 24 November 2013.
  39. ↑ "Twentieth Century Fox Consumer Products and Village Roadshow Plan for World Class Theme Park in Korea" (Press release).
  40. ↑ "Australian Outback Spectacular". MyFun. Retrieved 30 July 2010.
  41. ↑ "Paradise Country". MyFun. Retrieved 30 July 2010.
  42. ↑ "Sea World". MyFun. Retrieved 30 July 2010.
  43. ↑ "Sea World Resort & Water Park". MyFun. Retrieved 30 July 2010.
  44. ↑ "Sea World Helicopters". MyFun. Retrieved 30 July 2010.
  45. ↑ "Sea World Whale Watch". MyFun. Retrieved 30 July 2010.
  46. ↑ "Sea World Cruises". MyFun. Archived from the original on 22 July 2010. Retrieved 30 July 2010.
  47. ↑ "Sea World Books". MyFun. Archived from the original on 24 July 2010. Retrieved 30 July 2010.
  48. ↑ "First Australian Topgolf venue to open in mid-2018" (PDF). Archived from the original (PDF) on 25 February 2021.
  49. ↑ History and Development of Movie World Archived 19 August 2010 at the Wayback Machine
  50. ↑ Main Street Entertainment: Warner Bros. Movie World
  51. ↑ "Wet'n'Wild Water World". MyFun. Retrieved 30 July 2010.
  52. ↑ "Village Roadshow and Chinese partners open Wet'n'Wild waterpark in Hainan - Australasian Leisure Management".
  53. ↑ "富力海洋欢乐世界水公园将于12月开放".
  54. ↑ "Kelly Tarlton's - About Us". Kelly Tarlton's Antarctic Encounter Underwater World. Archived from the original on 11 December 2011. Retrieved 30 July 2010.
  55. ↑ "Oceanworld Manly". myfun.com.au. MyFun. Archived from the original on 29 July 2010. Retrieved 30 July 2010.
  56. ↑ "Sydney Aquarium". MyFun. Archived from the original on 24 April 2010. Retrieved 30 July 2010.
  57. ↑ "Sydney Tower". MyFun. Archived from the original on 9 October 2010. Retrieved 30 July 2010.
  58. ↑ "Sydney Wildlife World". MyFun. Archived from the original on 21 August 2010. Retrieved 30 July 2010.
  59. ↑ "Wet'n'Wild Hawaii About Us". My Wet'n'Wild. Archived from the original on 28 July 2009. Retrieved 6 September 2009.
  60. ↑ "Cool down this summer at Wet'n'Wild in Phoenix". ABC 15 News. Archived from the original on 26 June 2009.
  61. ↑ "Wet 'n' Wild Sydney joins Parques Reunidos' international portfolio". 2 July 2018.
  62. ↑ "Annual Report 2007" (PDF). Village Roadshow. 2007. p. 6. Archived from the original (PDF) on 20 July 2008. Retrieved 12 November 2007.
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