Dreamworld, the Gold Coast theme park already reeling after the tragic deaths of four visitors on a family fun ride in 2016, was on its knees. The dark shadow following the deaths of Kate Goodchild, Luke Dorsett, Roozi Araghi and Cindy Low on the Thunder River Rapids Ride loomed large for years and when visitor numbers finally started to rebound, along came Covid. Governments helped to sustain big business during those days, but even when things returned to some semblance of normality, Dreamworld was leaking money hand over fist and the natives – or in this case the board members of parent company Ardent Leisure, were getting restless. There were some who wanted to demolish the theme park and sell off its valuable land for housing estates. Fast forward to today and Dreamworld has never been stronger – record revenue, soaring visitor numbers (including a new record single-day attendance), massive investment on state-of-the-art new rides and approval for a game-changing tourist development complete with onsite resorts. The stunning turnaround had been building quietly for some time before the recent annual report delivered an emphatic exclamation mark for the park’s parent company – now known as Coast Entertainment Holdings. The success is being widely celebrated on the Gold Coast, where theme parks are not only major employers for the local economy, but also barometers for the state’s tourism industry. But none of that success would have been possible if the board had not voted to keep the faith in the face of a tempting opportunity to turn the whole place into real estate. It’s a moment Dreamworld CEO Greg Yong knows well. Meeting with The Sunday Mail for a High Steaks lunch at Coomera’s Quarterdeck restaurant overlooking the river and the bustling Gold Coast City Marina, Yong speaks candidly of that time and the presentation dubbed FOD (Future of Dreamworld) which convinced board members to keep the Dreamworld dream alive. Yong, who has a photo of the Thunder River Rapids victims on his office desk, is a Gold Coast local who climbed the ranks during two stints across nearly 15 years at cross-town rival Village Roadshow, where he was working at the time of the disaster. He joined Dreamworld in 2019 and became CEO in 2021, going to the US to study business strategy at the prestigious Harvard University. It gave him a better understanding of the business side of theme parks and an appreciation of the financial ramifications and costs and benefits of big decisions. But coming to Dreamworld in the first place had been a risk for Yong, leaving the comparative comfort of the Village Roadshow family which runs Sea World, Movie World, Wet’n’Wild and other attractions. He knew full well the pain and heartache that had been caused by the Dreamworld tragedy but wanted to be part of the solution. “I looked at it and thought this could be one of the biggest turnarounds in a theme park business ever, and probably something you’d only do once in your whole career,” he says. “And it’s so much more than just “Hey, let’s get a business turned around” … but the whole emotional side of what happened, I thought this would be a big thing to be part of.” After arriving at the park to work under former CEO John Osborne, Yong was eventually elevated to CEO after Osborne’s departure and continued to believe in reinvestment rather than the easier option of selling off the park and its surrounding real estate. “To be honest with you, the numbers said the safest option – from a business risk perspective, was to just close it,” says Yong. “But I didn’t want to take that road.” Neither did plenty of others. Gold Coast Mayor Tom Tate caught wind of whispers over plans to bulldoze the park and was dismayed, mounting his own argument for the park’s future. “His view was very strongly that Dreamworld should be hanging in,” Yong recalls. And then there was Gary Weiss, the parent company’s unconventional chairman. Often – and perhaps unfairly, described as a “corporate raider”, Weiss’s arrival at Ardent Leisure fuelled fears for the future in some quarters, but the man himself was fiercely loyal to Dreamworld, especially when the park’s future hung precariously in the balance. “Gary said” ‘I’m just not going to be part of it (plans to sell it off),” says Yong. “He said: “I’m not going to be the guy who will be remembered as the one that came in and shut down Dreamworld”. “We’ve got people that have been there for 30 years, 40 years, and so what an ordinary way to end things for them that would have been to have all that time and then suddenly Dreamworld is a housing estate. “I think that’d be a terrible thing to have happened.” But the FOD pitch won the day, a call to think long-term and actually spend even more money in an era when the park was losing $20 million a year. It wasn’t an easy sell, but ultimately it worked. “It was really, really gutsy,” says Yong. “It took some big hard decisions like closing a lot of the favourite park rides … and we said: “We can’t do that unless we’re going to put a lot of money in and really invest in the park”. “So here’s one option which looks really safe, just sell the joint, put houses on it. “It’d be really sad for all of us to lose our jobs, but it’ll be good for the shareholders … or run with this plan saying: “Hey, let’s go and spend a lot more money – it might not work but let’s give it a shot”.” Yong clearly believed in Dreamworld’s future, but admits it wasn’t with unwavering certainty. “I believed in it, but I was still shit scared for sure,” he said. “Because these investments … the thing we do, which is high risk, is make big decisions about new attractions. “Because if you get it wrong, it’s like in that case, we have a $50 million decision … and you don’t really do my job and have those kind of things go badly and keep doing my job.” The success of those decisions are now paying dividends – quite literally in this case, with Dreamworld (along with sister park WhiteWater World and Q1’s SkyPoint) contributing to a $6.1 million profit in the last financial year for Coast Entertainment Holdings after years of going backwards or treading water at best. It’s undoubtedly a career highlight for Yong, the son of a Malaysian Borneo immigrant father and Aussie-born mum, who grew up as a rugby league-mad kid on the Gold Coast in the 1980s and 90s with dreams of becoming a professional pilot. He started taking flying lessons at 15 and by 17 was able to impress his young girlfriend (and now wife of more than 25 years Tanya) by whisking her off for romantic getaways down to northern NSW in a light plane. But as the commercial realities of the time and money involved in accumulating enough flight hours to meet the standards required for airline pilots began to sink in, he pivoted and took a job at Toys R Us. As a cute and quirky piece of Gold Coast trivia, Yong often suited up as the giant Geoffrey Giraffe mascot – including on game day for Gold Coast Chargers NRL matches where he ran up and down the sidelines beside his new bride who donned the Paddle Pop Lion outfit. That experience has given him an appreciation of what mascots at theme parks go through, often sweltering in summer heat surrounded by hordes of kids. He has even been known to don the park’s famous Kenny and Belinda Koala costumes from time to time. It’s not the only way he can relate to theme park staff – even now on busy days Yong will grab an apron to flip burgers at a fast food counter or a broom to clean up any rubbish lying around. “All of our executives and managers do the same thing,” he says. “I think it’s good because when we’re super busy, we’ve got to be shown to be out there and see what goes on. “So I like doing that kind of stuff just to show that we’re actually out there having a go.” It was certainly all hands on deck during this year’s summer and Easter school holidays as Dreamworld’s car park consistently overflowed with visitors. Yong is proud to have played his part in helping shape Dreamworld’s incredible redemption story, even if the sadness of the disaster will never entirely fade away. Which he accepts. “I think the biggest thing that we’ve really thought about with that (the 2016 tragedy) is that it is never going to not be part of who we are anymore,” he says. “If you think about the Luna Park tragedy that happened back in the 70s, it still comes up today. “I think people will think about what happened at Dreamworld in 10 and 20 and 30 years to come and that’s just part of what a significant thing like that has been. “We’ve got to remember the past and we’ve got to be able to use that as a good thing to motivate what we do in terms of how we think about safety and … to make sure that we do everything we can to make sure something like that doesn’t ever happen again. “But at the same time, we’ve got to look at people that are coming now and make sure they still have an incredible experience and make really good memories.”