Levithian

Yeah..... No. Don't get it confused with the position Ardent was in. Village roadshow had money in capital but were also able to refinance loans if need be, they just said it would be irresponsible (to investors) to take on more debt at this time and were going to run as thin as possible to see out the covid downturn/closures. Ardent were told they have no options available to them, they had nothing to borrow against as they had sold off pretty much everything of value and nobody would issue them any credit. That's two vastly different positions. Remember theme parks are just a division for village roadshow, they are also one of their businesses that actually makes a profit every year. You aren't going to sacrifice a core of your business when you have the potential to sell off other parts which aren't as/profitable, or borrow more and refinance existing debt. They had to take on more debt following the dreamworld accident and the huge downturn the industry experienced, this included their big spend items at movieworld and seaworld. In effect, what happened in 18-19 financial year is they sold off wet n wild sydney, they sold out of their cinema partnership in singapore and they sold the land movie world and wet n wild are built upon. Not only did they sell off properties costing them money, they received over 250 million from the sale of the above. This meant they reduced their liabilities over 90 million dollars, knocked 120 million out of their loans, earnings within the theme parks division doubled to 76 million (big recovery following the accident), the equity in the company actually went up 50 million, while the debt went down. The plans over 2018-2019 also allowed them to refinance their loans which provided them with over 100 million to draw down on over the immediate future if need be. The end result for VRL was a net loss of 6.6 million, but if you dig further you'll see that cash flows increased by nearly 4 times to over 80 million, cash flows used for investments and to manage debt went up nearly 30 million, while repayment on their loans dropped over 100 million dollars. So you had a company that sold off underperforming assets, reduced not only their debt, but also their repayments, but were still investing money back into the company. They were in an excellent position prior to covid, recovery was in full swing, revenues were well up, the equity in the company alone was valued at over half a billion dollars. Why do you think they attracted multiple buyout offers approaching 1 billion dollars if the company was so close to collapse? At the end of the 2020 financial year it showed covid cost them an additional 70 million dollars. Remember that 100 million they could draw down upon? This is where the covid cost comes from, they drew down 70 million dollars on what is basically a line of credit to cover operational costs with multiple businesses shut and provide them funds to trade through into the next financial year when revenue was basically wiped out. They had more immediately available to them if needed, and that was before looking at refinancing on existing loans they had previous worked to pay down. All this was all before the government reached out with an offer of support too. Since the take over, the continued impact of covid and the fact that their cinema division was still basically shuttered, it cost another 38 million across the 2021 financial year. They weren't even close to being on their last legs, they were still in a better financial position with lower amounts of debt and lower repayments to their loans even after covid came along and wiped out their revenue streams and generated additional debt due to running costs/overheads. Have a look at the covid 19 report Mittleman Brothers released and why they were unhappy with how much the company was actually undervalued during takeover offers. If that's all too much to read; have a look at net debt totals across the last 7 years. 2020-2021 - 228.5 million 2019-2020 - 278.3 million 2018-2019 - 219.6 million 2017-2018 - 338.5 million 2016-2017 - 527.1 million 2015-2016 - 534.7 million 2014-2015 - 402.2 million 2013-2014 - 305.5 million For reference, net debt is essentially gross (all) debt, minus available cash balances.

I think the sams diner kitchen is still there, just the front covered over like you said. Really, you could move maybe carousel and tweety cages up into that area around sams diner / front of road runner, then you would have a ton of room, but honestly, moving carousel probably isn't that great a gain as its kind of tucked back in the corner. Though I think a carousel is a ride that should really be completely visible from the center of the area. Like, if it was about where the big tree is. They always have great visual appeal for kids with all the light and sound, should be able to see it clear as day as soon as you look in the direction on kids wb from the plaza. If you moved tweety cages up to that sams diner area, you would still have room for another flat (replacement drop tower?) where the rest of the seating is. The thing is, it's an area that really should have a food outlet, not just a random food van or mobile trolley like it has been reduced to. Especially if you have more kid friendly options available. The more I think of it the more it seems like it just needs a complete, shut it down for 12 months, knock it all down kind of rebuild. Looking at the sat images, id even say it would be worth re-aligning the back road and changing the first stunt show entry damp/driveway to gain another 10m+ depth to the kids area at the back. Even maybe absorb the first aid area (temp relocate it to stars?) and toilet block and just start with a new layout that is all designed to fit together, rather than create pockets of dead space. Food outlet and seating, 4-5 new rides, id even go so far as to maybe suggest returning a low stage for a kids show to return. Would also give somewhere permanent for toons character photos that is well themed with an actual background instead of just using the tree with random people in the background. Idea of a decent playground is awesome too as they are pretty space efficient given you can build up, not just out. Makes an obvious tie in with the parents area nearby too. If im honest as a parent, I really dont care about gardens that much. Id actually put a covered area well ahead of gardens and see it as a massive plus. It's honestly probably not a consideration cost wise, but if they built a new part of the kids area that was under covered (either main street roof style or even just a regular metal roof kind of like a carport) it would be a great place to hide out the bad weather and still keep the kids amused. May mean they could utilise every square inch of space too instead of losing 1/3rd to greenery. Maybe kind of build it a bit more like an arcade/ boardwalk with a few of your ride options, the food outlet, parents room and a playground under it. Would be a lot less dummy spits and wet bottoms from my kids if we had some sort of option like that.

I wouldnt expect anything much in the way of a complete makeover until after arkham asylum is gone and new rides installed. Could see maybe installing one new ride though since pounce and bounce was removed. Yeah, maybe they were pretty close, in the 90's too I guess. Im trying to remember what the area was like exactly. I remember there being kind of like a stage setup about where the carousel is, river ride was there and so was speedy taxis. But i cant remember what was behind them. I keep having visions of big carrots, but i think they might have been a bit later and around where the table and chairs are now? Id look at what is compact and worth keeping, what could be resold and updated with a newer version, and what just needed to be junked. You could keep tweety cages because it fits that young (not toddler) age demographic, its easily moved and a red barron is still in production today so you arent really getting anything new. Id probably sell yosemite sams train as i can see it being installed in another park or becoming a carnival ride as the train itself isnt themed. Speedy taxis might suit a relocation, you could ultise the cars within the foot print of a few other rides, even if they got a retheme themselves. Would leave pretty much everything from the big tree backwards to be ripped up. I honestly think splash zone is out of place too really, so i think it could be utilised too. Especially if it was used to relocate the entrance to driving school to face carousel and road runner coaster. Basically gives you an entire wall of the building to use for theming out the new area/rides. Everything in the middle to the stunt show stadium gets gutted. Buildings, trees, gardens, pathways. Theres no point trying to keep the desert/western kind of theme as it doesnt really exist in road runner anymore, so youve got a chance to retheme the whole kids area to something new.

They made it useless with a minimum ride height. Prior to that, there was no ride height as long as the child could drive the car. And "drive" was a pretty loose term as the staff would sometimes end up steering the car around the whole track for some kids. My daughter loved it, could drive the cars all by herself without me or the mrs. She was so upset when they introduced a ride height. Refuses to go on them now even though she is a little taller. Think its one of the original, park opening attractions? Only the cars and roxy theatre remain?

There are no gears, thats not how they work, and its why they probably dont need guards. The pole moves forward and back in the hole as the horse goes up and down too. If the person had their head inside the ceiling, they would have been crushed. Does not mean their hair didnt get caught on the ceiling rose and get torn when they fell or as the horse lowered though. They tend to be big, powerful machines. They dont tend to move fast, but they have a lot of force behind any movements. Slow to start, slow to stop.

The QSC name plates on the speakers? I was googling while waiting in line to find out how much they cost. Be awesome having some all weather ones on the back deck blasting music out into the yard for when you're working in the garden.

How long has taipan been open now? Maybe theres a period where everything has to be inspected after its reached a run in period?

Let's hope so. Im kinda partial to a roast beef and horseradish sandwich on ciabatta. 😍

Think there was maybe one less at 7. 3 on the gift shop side and 4 on the other due to the placement of back of house areas . The area that makes up the indoor queue / foyer area (where the fountain is) inside the castle are these rooms. The entry corridors are still there as emergency exits out of the building though, so it should give you a bit of an idea of how it fit in the front of the building. I think I remember being told the load station you entered after leaving the theatres is pretty much around where the control room / load dock is now?

It seemed like they had been replacing a lot of that old style speakers and audio with new Qsys equipment when we went over the holidays. Like the new overhaul at road runner is a good example. But why the hell do you need to leave the old equipment just laying there too? throw it out if it's been replaced or no longer in use. There is no way around it, they need to start spending money in park presentation, then focus on problems with existing rides and get things sorted and up to date if they even care about improving on their investment. I don't agree that the company (BGH) had a shocking year and told village to reign in spending because of it though. If they told village properties to tighten the budget it's because it's their management decision (perhaps they feel there is too much bloat and they are leaning out the company to see where the money goes?), not because they had a bad year. BGH don't do yearly, it's simply not how private equity works. They start by seeking partners to invest in a private equity fund which is used to provide capital for future investment purchases. These partners are typically things like super funds, pension funds, foundations, government/ sovereign funds, other investment groups, etc. They aren't shareholders trading shares on a publicly listed company, they are investors in this fund only and all the assets it has acquired. The private equity firm manages the fund and it's acquisitions, forming a partnership with the fund investors. It's literally designed to acquire private assets with a promise of return when the asset is sold, not by paying out yearly dividends in share trading. This is the difference with a private equity investment. The management firm uses the fund to buy assets at what they feel is below their value, they invest in strengthening the companies over the course of a few years, aiming to unload them within say 5-7 years at a profit. This is how the partnership makes their money, it's longer term investments of maybe up to 10 years. The management firm retain the control of their investments as the companies purchased no longer have shareholders to respond to. They charge fees to the partnership for their investment services and receive a share of the profits when assets are sold or traded from within the fund. If you do well, partners get return on their investments and they all share the profits, the management firm develops a reputation for these investments and they find new partners to work with in another new (separate) private equity fund. If you do bad.... well... their aren't too many poorly performing private equity firms. They tend to go bankrupt or get their assets absorbed in a take over of their own. BGH is a relatively new company, but they raised about 2.5 billion in capital for their first investment fund when they formed. They have their hands in so many things it's crazy. I just found out the other day that all the fresh bread and baked goods you see in a lot of supermarkets like IGA, Drakes, etc are supplied by a company owned by BGH. You'll even find them in some coles stores supplying their sour doughs, turkish breads, french sticks, etc. In short, if you see any baked goods with Laurent in the title, it's supplied by them. Check next time you are grocery shopping. They've bought into education, health care, security and produce, along with their entertainment options as part of their initial fund. They literally just raised another 3 billion dollars capital for their second investment fund. They aren't having a bad year. They also aren't in the business of making poor investments. The question is when will we see a spend within village properties or because they purchased so well during the massive covid down turn, do they just need to continue business as usual and wait for the covid recovery to make money for them? Clark Kirby is still in control of operations, just keep that in mind. Remember they initially offered nearly double their eventual take over offer before covid hit. More of the same from village could mean hundreds of millions of dollars profit just from purchasing at the right time.

Mmmm. $3000 a week rental returns.

It's because it isn't running. Water level rises under the final drop when the pumps are running. To be fair, I don't think it's so much in need of a pressure wash, but a wash and a repaint too. The sun is so harsh in Australia, UV just fades everything so quickly. When was the last time it looked like any of the mountain was being painted?

I don't think it would work like that. You would have a minimum water limit in your storage, having to add more if the water passes below that to avoid the pumps sucking in air or to keep their output steady. When it rains and the levels rise, there would be an overflow out of the ride (and storage) to keep the high water level in check. It wouldn't just keep filling, you wouldn't be able to run the ride otherwise. The trough levels throughout would be controlled by the pump output and all the things they have in the bottom of the trough to change the depth. The parts seen in these photos aren't connected to the other half of the ride that passes through the reverse bit and the town. It doesn't flow from top to bottom like other flume rides, it's pumped over to the final drop as the troughs are simply not connected through the whole ride and broken up by each of the lifts. So it flowing over at the end of the ride isn't going to mean the other part of the ride is higher, it should mean the water level in the storage is higher, as this flows back around through the station, under the first lift and into the storage pond. You also wouldn't drain such a massive storage as this if you didn't have to. I reckon it would take days just to drain the ride, let alone refill it. They would have big sediment filters and chemical dosing units to keep the water clear and safe instead. After rains, storms, wind etc when the water gets dirty, probably takes a couple days of cycling through the filter system to clear it up.

Honestly, one of the best things for dreamworld to happen after the tragedy is to get Greg from village. Not just him, but quite a few of his team that worked with him too. He is someone with a real history of managing people and he understands that theme parks arent all about rides. Its the experiences people remember decades later. Be good to see what ideas he can develop without having others hovering over him. Tapping into the nostalgia is a smart move when the public is routinely saying the parks arent what they used to be. Bringing back some of the personality that made each park unique could work very well. Its something i think ardent and village are both guilty of, destroying their heritage for the sake of new toys. They have all been streamrolled and turned into a big lifeless retail outlet designed to squeeze the last dollar out of you at absolute minimum running cost. Pretty much the only reason to stay at a park for a full day now is because of the queue times.

Is that a carved bird (eagle?) on top of the post (totem?) ?

The big deal is the printing looks terrible.

Dont forget the station now has some power collectors sticking out, along with a bunch of sensors. Maybe there is an issue with the new station now it all works and we just saw the old boats in test phase. Honestly, given how busy it would be over the christmas holidays break, you have to give them the benefit of the doubt. If they could run more/old boats to increase the capacity, they would have.

Problem is the manufacturer, the park and all their engineering guys, probably worksafe planning and any of the government guys who probably come and inspect things prior to being signed off; ALL would have missed it. So if its a problem with design or operation of them, everyone probably missed it and the ultimate issue is with who manufactured them. You cant just go and fix something anymore. Dreamworld accident saw to that. If something has to be changed or modified, it has to kinda work like you said. Fault has to be found, manufacturer has to agree to a fix, then changes have to be signed off by the government accreditor as changes to its registration documents have been made. Some point down the track youll get a fix. We have no idea the issue though. It could be something that is developed in house or it could mean Whitewater West have to remanufacture a part or something. Dropped the ball prior to opening? For sure. But there is a lot going on behind the scenes with regards to changes to designs of equipment that its not always just a quick or easy process. It has to pass through many hands before it even gets approved let alone fixed.

I imagine, given the registration with the government for all the changes, they probably can't go backwards now it's registered, but also, maybe the changes in the ride for the lap bars and new station means they can't use the old boats either? Good point about how it wasn't picked up though. Doesn't mean it isn't one of those situations where you are shit out of luck until a solution can be sorted. Rather than close the ride, run it at reduced capacity and make do I guess.

who knows what might happen if they continue with their hotel build.

Even if it was, what do you do now? How long you reckon it took for the boats to be made and sent out originally? not like they could get new ones in a couple weeks.

The other side of it is will the parks think they can make more money if they stay open late given they probably have to put on a whole new shift of staff members to stay open later. Might think the labour spend is not worth the return.

They have replaced SLC's with STC's now. Different train, different restraints, different wheel carrier design.

Makes you wonder if some of the temp closures are really staff related instead of mechanical/maintenance issues.

I'm talking about running later. There is a restriction on the outdoor rides and the operating hours of events. Years ago there was something posted about the agreement with the council for operating times, my google skills have failed me, but it was spelled out pretty clearly. It's why rides close when they do at these events even if it's still busy with guests. Have to remember It's not just the rides that make noise at night, it's the coming and going of cars of people too.