Theme park performance drives Village profits

Village Roadshow's first year of complete ownership of Warner Village Theme Parks has given the company a profit boost with the latest results well ahead of last year's corresponding figures.

Warner Village Theme Parks, owners of Australian Outback Spectacular, Paradise Country, Sea World, Warner Bros.  Movie World and Wet'n'Wild Water World, was originally a partnership between Australian entertainment company Village Roadshow, and international media giant AOL Time-Warner, parent company of Warner Bros. In April 2006 Warner Bros. sold their 50% share to Village Roadshow, making the parks solely owned by the Australian company.

Village Roadshow's stake in the theme parks was solidified five months later when they purchased Nara Australia's 50 per cent share in the Sea World Nara Resort to bring their ownership of all theme park operations to 100 per cent.

The benefits of these acquisitions have just now been realised with the first summer in full ownership now behind the company. Now Village Roadshow's most profitable division, Warner Village Theme Parks contributed $23.2 million to the company's $35.6 million profit for the recent half-year results.

In the corresponding period last year, Village Roadshow delivered a mere $4 million profit, with the 50 per cent owned theme park division contributing $7.9 million.

Had the theme parks still been part owned by Warner Bros., the theme parks' contribution the the half-year results would be around $11 million, a near 40 per cent increase for the division.

In this period the $20 million dinner show Australian Outback Spectacular was unveiled and has since been operating  at a consistent 97 per cent capacity, with two shows a night during peak periods. Sea World is performing strongly, the park having recently launched the temporary Sea World Eye, a 60m tall Observation Wheel that is due for removal in May. Warner Bros. Movie World has seen the strong public response to Superman Escape and Shrek 4D realised, while the brand new Batwing Spaceshot steered the park through the busy summer period. Wet'n'Wild Water World has seen huge growth with H2O Zone completed, extensive advertising and annual pass promotions.