Village Roadshow buys Nara Resort

Village Roadshow, owners of the Sea World, Warner Bros. Movie World and Wet'n'Wild Water World theme parks on the Gold Coast have announced their plans to purchase the remaining 50% of the Sea World-based hotel.

Sea World Nara Resort will become a member of the Village Roadshow family in the announcement recently to purchase the remaining 50% share from Nara Australia for $20 million.

In May of this year it was announced that Village Roadshow would purchase Warner Bros' 50% stake in the Gold Coast theme parks and film studios. This sale, worth $250 million included Warner Bros. 25% share in the Nara Resort, bringing Village's ownership of the hotel to 50%.

This agreement now means Village Roadshow now maintains 100% ownership of all of the company's Gold Coast theme parks, attractions and properties. The company will also assume Nara Australia's $5.5 million debt from the venture. The merger in May resulted in assumption of a further $64.5 million debt.