Coast Entertainment Explained

Coast Entertainment Holdings
Type:Public
Location City:Milsons Point, New South Wales
Location Country:Australia
Area Served:Australia
Key People:Simon Kelly (CEO & MD) since 9 June 2017
Industry:Leisure and entertainment attraction operator
Revenue:A$350.4m (2010)[1] [2]
Operating Income:A$78.8m (2010)
Net Income:A$90.8m
Assets:A$500m (2010)
Num Employees:3,279
Subsid:Dreamworld
WhiteWater World

Coast Entertainment Holdings Limited (formerly Ardent Leisure Group and Macquarie Leisure Trust) is an Australian leisure company. It is most known for its operation of the Dreamworld theme park and the WhiteWater World water park on the Gold Coast, Queensland, Australia.[3]

History

Macquarie Leisure Trust (1998–2009)

Coast Entertainment began in 1998 as Macquarie Leisure Trust, a listed trust managed by Macquarie Leisure Operations, a subsidiary of Macquarie Bank.[4] The trust acquired the existing Dreamworld theme park in July 1998. In November 1999, it purchased d'Albora Marinas, a provider of berth and marina facilities, for .[5]

Macquarie Leisure acquired the Cabarita Point Marina for its D'Albora Marinas business in January 2004.[6] In October 2004, Macquarie Leisure acquired AMF Bowling's Australian business for A$67.4 million.[7] In August 2006, it announced that it would acquire the Texas-based family entertainment centre operator Main Event Entertainment.[8] Later that year, it opened WhiteWater World, a new water park constructed on the Gold Coast.

In July 2007, Macquarie Leisure announced it would acquire Goodlife Health Clubs for $60 million. At the time, Goodlife had 18 health clubs across Queensland, Victoria and New South Wales.[9]

Ardent Leisure (2009–2023)

In August 2009, management of Macquarie Leisure Trust was internalised and it was renamed Ardent Leisure Group, ending its connection with Macquarie Group.[10] In November 2009, Ardent Leisure acquired the QDeck observation deck for A$13.3 million.[11]

In April 2015, Deborah Thomas, former editor of Cleo and other magazines, was appointed as chief executive officer (CEO) of Ardent Leisure.[12] [13] Thomas was replaced on 9 June 2017 when Simon Kelly was appointed as CEO and Managing Director.[14]

In August 2016, Ardent sold the Goodlife Health Clubs business to Quadrant Private Equity for $260 million.[15] In December that year, Ardent Leisure sold its d'Albora Marinas division for A$126 million to a special purpose vehicle owned by Goldman Sachs and Balmain Corporation.[16] In December 2017, Ardent sold its to Australian bowling and arcade businesses (AMF, Kingpin and Playtime) to The Entertainment and Education Group for A$160 million.[17]

In June 2020, RedBird Capital Partners acquired a 24.2% stake in Main Event.[18] On 6 April 2022, competitor Dave & Buster's announced its intent to wholly acquire Main Event from Ardent and RedBird for US$835 million (A$1.1 billion); former Main Event CEO Chris Morris was retained, and was made the CEO of Dave and Buster’s.[19] [20]

Coast Entertainment (2023–present)

Ardent Leisure changed its name to Coast Entertainment Holdings in December 2023.[21]

Portfolio

Theme parks

See main article: Dreamworld (Australia), SkyPoint Observation Deck and WhiteWater World. Ardent Leisure began as the company which owned and operated the Dreamworld theme park on the Gold Coast. Dreamworld was acquired in July 1998 - within a month of its establishment.[22] The theme park has over 30 rides, shows and attractions[23] across a 30ha park.[22] [24] In December 2006, an adjacent water park to Dreamworld opened. WhiteWater World features 14 different water attractions including some Australian firsts.[25] [26]

Thunder River Rapids Ride incident

On 25 October 2016, four people were killed at the Dreamworld theme park owned by Ardent. The Thunder River Rapids Ride they were travelling on malfunctioned and they were thrown onto a flooded conveyor belt.[27]

Criticism was initially levelled when it was proposed to partially re-open Dreamworld for a memorial event, with proceeds going to the Australian Red Cross, on 28 October. This was later cancelled to allow investigations into the incident to continue unimpeded.[28] Dreamworlds CEO Craig Davidson later said that it would not reopen till at least after all four funerals were held. This was decided by Ardent CEO Deborah Thomas.[29]

By coincidence Ardent's annual general meeting (AGM) was scheduled for 27 October, two days after the accident. During the meeting CEO Deborah Thomas was criticised for not having directly contacted all the families of those killed.[29] She was also criticised over her bonuses, totalling about $850,000, which were voted on at the AGM. Thomas later said that she would give the cash component of her yearly bonus, equalling, to the Red Cross "... to support people affected by this tragic event".[30] After the AGM, Ardent's share price dropped sharply after the incident, reducing its market capitalisation by .[31]

The findings of the Coroner's report (by Queensland south-eastern coroner James McDougall) were released on 24 February 2020.[32] [33]

On 21 July 2020, Ardent announced to the Australian Stock Exchange that three charges had been laid against Ardent. The charges were filed by the Work Health and Safety prosecutor, under the Work Health and Safety Act, at the Brisbane Magistrates Court. The maximum penalty for each charge is .[34] On 29 July 2020, Dreamworld operator Ardent Leisure pleaded guilty to three charges relating to the death of four people on the Thunder River Rapids Ride.[35] In the Southport Magistrates Court on 28 September, Magistrate Pam Dowse sentenced Ardent Leisure to a fine.[36]

See also

External links

Notes and References

  1. Web site: Ardent Leisure Limited – Full Year Financial Results 2010. Ardent Leisure. 31 August 2010. 20 August 2010.
  2. Web site: Ardent Leisure Group - 2010 Full Year Results Presentation. Australia Securities Exchange. 31 August 2010. 20 August 2010.
  3. Web site: Theme Parks. Ardent Leisure. 31 August 2010.
  4. News: Chong . Florence . 20 July 2011 . Community bowled over by Ardent Leisure . subscription . 8 July 2024 . The Australian.
  5. Web site: Pettafor . Emily . 26 November 1999 . Macquarie jumps ship into marina business . subscription . 8 July 2024 . Australian Financial Review . en.
  6. Web site: 6 January 2004 . Macquarie buys Cabarita marina . 8 July 2024 . The Sydney Morning Herald . en.
  7. Web site: 18 October 2004 . Macquarie buys AMF Bowling centres . 7 July 2024 . The Sydney Morning Herald . en.
  8. Web site: 28 August 2006 . Macquarie enters global leisure market . 8 July 2024 . The Sydney Morning Herald . en.
  9. Web site: 2007-07-31 . Mac Leisure spends $60m on Goodlife . 2024-07-09 . The Sydney Morning Herald . en.
  10. Web site: 28 September 2009 . Annual Report 2009 . 8 July 2024 . Ardent Leisure Group . 14.
  11. News: Nichols . Nick . 11 November 2009 . Dreamworld buys a piece of Coast skyline . dead . https://web.archive.org/web/20091113144718/http://www.goldcoast.com.au/article/2009/11/11/157135_gold-coast-news.html . 13 November 2009 . 31 August 2010 . Gold Coast Bulletin.
  12. News: Burke. Liz . Dreamworld boss in line for $800k bonus . 27 October 2016 . NewsComAu . News Limited . 27 October 2016.
  13. News: Daniel. Sue . MacMillan. Jade; staff . Dreamworld under fire for failing to contact victims' families directly . 27 October 2016 . ABC News . Australian Broadcasting Corporation . 27 October 2016.
  14. Web site: About Us - Management . ardentleisure.com/about-us . 16 August 2017 . Ardent Leisure.
  15. Web site: 2016-08-19 . Ardent Leisure sells Goodlife gyms for $260 million to private equity firm Quadrant . 2024-07-09 . The Sydney Morning Herald . en.
  16. Web site: Schlesinger . Larry . 11 December 2016 . Goldman Sachs, Balmain buy Ardent Leisure marinas for $126m . subscription . 8 July 2024 . Australian Financial Review . en.
  17. Web site: Ardent sells AMF bowling alleys for $160m . 7 July 2024 . SBS News . en.
  18. Web site: Schlesinger . Larry . 6 April 2022 . Ardent Leisure sells US entertainment business for $1.1b . 6 May 2022 . Australian Financial Review . en.
  19. Web site: Lalley . Heather . Dave & Buster's completes its Main Event acquisition . 19 July 2022 . Restaurant Business . en.
  20. Web site: Dave & Buster's to buy Main Event for $835M . 19 July 2022 . Restaurant Dive . en-US.
  21. Web site: Deare . Steven . 15 December 2023 . Dreamworld operator Ardent to become Coast Entertainment . 7 July 2024 . Capital Brief . en.
  22. Web site: Dreamworld History . Dreamworld . 31 August 2010 . dead . https://web.archive.org/web/20101230185146/http://www.dreamworld.com.au/Schools/pdf/DW-Schools-History.pdf . 30 December 2010 .
  23. Web site: Park Map . Dreamworld . 31 August 2010 . https://web.archive.org/web/20100326043422/http://www.dreamworld.com.au/Resources/Documents/DW-Info-Park-Map.pdf . 26 March 2010 . dead .
  24. Web site: Dreamworld. Database Entry. Parkz. 31 August 2010. https://web.archive.org/web/20100928024617/http://www.parkz.com.au/parks/AU/Gold_Coast/Dreamworld/. 28 September 2010 . live.
  25. Web site: WhiteWater World. Database Entry. Parkz. 31 August 2010.
  26. Web site: Wilson. Richard. WhiteWater World on the final straight. Parkz. 31 August 2010. 15 November 2006.
  27. News: 'Everyone was screaming': Four dead in Dreamworld horror . 25 October 2016 . ABC News . 26 October 2016.
  28. News: Dreamworld's grim reopening cancelled at last minute . 29 October 2016 . news.com.au . 27 October 2016.
  29. News: Reynolds. Emma . Dreamworld relatives faced wall of silence . 29 October 2016 . NewsComAu . News Limited . 28 October 2016.
  30. News: Chung. Frank . Chief executive of Dreamworld owner will give $167,500 to the Australian Red Cross . 28 October 2016 . NewsComAu . News Limited . 28 October 2016.
  31. News: Burke. Liz . Dreamworld boss in line for $800k bonus . 28 October 2016 . NewsComAu . News Limited . 27 October 2016 . Australian Associated Press.
  32. News: Smee . Ben. Dreamworld inquest findings: coroner details 'dangerous' safety practices after examining four deaths on ride . 24 February 2020. theguardian.com . Guardian News & Media Limited . 24 February 2020 .
  33. News: McKenna . Kate . Dreamworld Thunder River Rapids accident inquest findings handed down by coroner . 24 February 2020 . ABC News . Australian Broadcasting Corporation . 24 February 2020 . en-AU . The Coroner (Queensland south-eastern coroner James McDougall) said: " ...there had been a "systemic failure by Dreamworld in relation to all aspects of safety" and that he was referring parent company Ardent Leisure for possible prosecution..
  34. News: McKenna . Kate . Siganto . Talissa . and . Staff . Dreamworld parent company Ardent Leisure faces three charges over deadly ride accident . 21 July 2020 . abc.net.au . Australian Broadcasting Corporation . 21 July 2020 . en-AU.
  35. News: Dreamworld operator Ardent Leisure pleads guilty over Thunder River Rapids ride deaths . 28 September 2020 . abc.net.au . Australian Broadcasting Corporation . 29 July 2020 . en-AU.
  36. News: Dreamworld operator Ardent Leisure fined $3.6m for Thunder River Rapids Ride deaths . 28 September 2020 . abc.net.au . Australian Broadcasting Corporation . 28 September 2020 . en-AU.

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