The profitability of the Dreamworld Theme Park is in question after the death of four people there in October last year.
The profitability of the Dreamworld Theme Park is in question after the death of four people there in October last year. DAVE HUNT

Dreamworld faces being sold off as crowds dwindle following tragedy

DREAMWORLD could be broken up and sold in the wake of last year's ride tragedy, with the owners of the Gold Coast theme park assessing options for its future.

In a statement yesterday, Ardent Leisure said it had begun a review earlier this year of its 2015 Master Plan for the Dreamworld precinct, potentially unlocking its real estate value.

"Dreamworld is located on prime real estate adjacent to the new Coomera town centre and core infrastructure,” the company said.

In February, Ardent Leisure posted a loss of $49million in the first half of the financial year after slashing its value by more than $90 million.

Four people died in October last year after a catastrophic malfunction of the park's Thunder River Rapids ride.

Ardent said the review was "considering a number of important factors” including the "impact of recent events at Dreamworld” and the "feasibility of rezoning parts of the site for alternate uses”.

"As part of this review Ardent has appointed a town planner to assess the feasibility of rezoning parts of the precinct,” the company said.

Despite cutting ticket prices and offering other incentives, Dreamworld has failed to bring back crowds following the tragedy that took the lives of Cindy Low, Kate Goodchild, Luke Dorsett and Roozi Araghi.

In a trading update earlier this month, Ardent said visitation during March and April was down 36.7% on the previous year and revenue had dropped 38.9% to $9.6 million.

Frank Chung



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