Ardent Leisure
ASX: CEH
IndustryLeisure and Entertainment Attraction Operator
PredecessorMacquarie Leisure Trust
Founded11 June 1998 (1998-06-11) (as Macquarie Leisure Trust)
Headquarters
Milsons Point, New South Wales
,
Australia
Key people
Simon Kelly (CEO & MD) since 9 June2017[1][2]
RevenueA$350.4m Decrease (2010)[3][4]
A$78.8m Decrease (2010)[3][4]
A$90.8m
Total assetsA$500m Increase (2010)[3][4]
Number of employees
3,279
SubsidiariesDreamworld
WhiteWater World
Main Event Entertainment
Websitewww.ardentleisure.com.au

Coast Entertainment Holdings Limited (formerly Ardent leisure and formerly Macquarie Leisure Trust)[5] is an Australian-based leisure company which owns and operates a leisure portfolio of over 100 assets across Australia, New Zealand and the United States.[6] It is most known for its operation of the Dreamworld theme park and the WhiteWater World water park on the Gold Coast, Queensland, Australia.[7]

History

Ardent Leisure was originally known as Macquarie Leisure Trust until it split from Macquarie Group in 2009.[5] The company began by acquiring the existing Dreamworld theme park in 1998. In 2006, Ardent Leisure constructed a world-class water park, WhiteWater World.[8][9] In 2009, Ardent Leisure acquired QDeck.[10]

In April 2015 Deborah Thomas, former editor of Cleo and other magazines, was appointed as chief executive officer (CEO) of Ardent Leisure.[2][11] Thomas was replaced on 9 June 2017 when Simon Kelly was appointed as CEO and Managing Director (MD).[1]

Portfolio

The Dreamworld Tower at Dreamworld which houses the Tower of Terror II and the Giant Drop.
The Temple of Huey and Little Rippers at WhiteWater World interacting with Dreamworld's Cyclone.

Ardent Leisure owns and operates over 100 leisure assets including theme parks, tourist attractions, bowling centres and laser skirmish centres across Australia, New Zealand and the United States.[6]

Theme parks

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.[12] The theme park has over 30 rides, shows and attractions[13] across a 30-hectare (74-acre) park.[12][14] In December 2006, an adjacent water park to Dreamworld opened. WhiteWater World features 14 different water attractions including some Australian firsts.[8][9]

Main Event Entertainment

Main Event Entertainment is a chain of family entertainment centers in the United States. Based out of Plano, Texas, the chain operates attractions including ten pin bowling, laser tag, games arcades, rock climbing, mini golf and ropes courses. Main Event operates 50 locations in 17 states.[15][16]

In June 2020, RedBird Capital Partners acquired a 24.2% stake in Main Event.[17] On 6 April 2022, competitor Dave & Buster's announced its intent to acquire Main Event from Ardent and RedBird for US$835 million (A$1.1 billion); Main Event CEO Chris Morris was retained, and made CEO of the combined company.[18][19][17]

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.[20]

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.[21] 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.[22]

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.[22] 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 A$167,500, to the Red Cross "... to support people affected by this tragic event".[23] After the AGM, Ardent's share price dropped sharply after the incident, reducing its market capitalisation by A$310 million.[24]

The findings of the Coroner's report (by Queensland south-eastern coroner James McDougall) were released on 24 February 2020.[25][26]

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 A$1.5 million.[27] 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.[28] In the Southport Magistrates Court on 28 September, Magistrate Pam Dowse sentenced Ardent Leisure to a A$3.6 million fine.[29]

See also

References

  1. 1 2 "About Us - Management". ardentleisure.com/about-us. Ardent Leisure. Retrieved 16 August 2017.
  2. 1 2 Burke, Liz (27 October 2016). "Dreamworld boss in line for $800k bonus". NewsComAu. News Limited. Retrieved 27 October 2016.
  3. 1 2 3 "Ardent Leisure Limited – Full Year Financial Results 2010". Ardent Leisure. 20 August 2010. Retrieved 31 August 2010.
  4. 1 2 3 "Ardent Leisure Group - 2010 Full Year Results Presentation" (PDF). Australia Securities Exchange. 20 August 2010. Retrieved 31 August 2010.
  5. 1 2 "Internalisation and repositioning Macquarie Leisure Trust Group for growth" (PDF). Macquarie. 25 June 2009. Retrieved 31 August 2010.
  6. 1 2 "Ardent Leisure - Home". Ardent Leisure. Retrieved 31 August 2010.
  7. ↑ "Theme Parks". Ardent Leisure. Retrieved 31 August 2010.
  8. 1 2 "WhiteWater World". Database Entry. Parkz. Retrieved 31 August 2010.
  9. 1 2 Wilson, Richard (15 November 2006). "WhiteWater World on the final straight". Parkz. Retrieved 31 August 2010.
  10. ↑ Nichols, Nick (11 November 2009). "Dreamworld buys a piece of Coast skyline". Gold Coast Bulletin. Retrieved 31 August 2010.
  11. ↑ Daniel, Sue; MacMillan, Jade; staff (27 October 2016). "Dreamworld under fire for failing to contact victims' families directly". ABC News. Australian Broadcasting Corporation. Retrieved 27 October 2016.{{cite news}}: CS1 maint: multiple names: authors list (link)
  12. 1 2 "Dreamworld History" (PDF). Dreamworld. Archived from the original (PDF) on 30 December 2010. Retrieved 31 August 2010.
  13. ↑ "Park Map" (PDF). Dreamworld. Archived from the original (PDF) on 26 March 2010. Retrieved 31 August 2010.
  14. ↑ "Dreamworld". Database Entry. Parkz. Archived from the original on 28 September 2010. Retrieved 31 August 2010.
  15. ↑ "Main Event moving to larger headquarters to entertain growth (Video)". 15 November 2016. Retrieved 1 January 2018.
  16. ↑ "Main Event". Ardent Leisure. Retrieved 31 August 2010.
  17. 1 2 Schlesinger, Larry (6 April 2022). "Ardent Leisure sells US entertainment business for $1.1b". Australian Financial Review. Retrieved 6 May 2022.
  18. ↑ Lalley, Heather. "Dave & Buster's completes its Main Event acquisition". Restaurant Business. Retrieved 19 July 2022.
  19. ↑ "Dave & Buster's to buy Main Event for $835M". Restaurant Dive. Retrieved 19 July 2022.
  20. ↑ "'Everyone was screaming': Four dead in Dreamworld horror". ABC News. 25 October 2016. Retrieved 26 October 2016.
  21. ↑ "Dreamworld's grim reopening cancelled at last minute". news.com.au. 27 October 2016. Retrieved 29 October 2016.
  22. 1 2 Reynolds, Emma (28 October 2016). "Dreamworld relatives faced wall of silence". NewsComAu. News Limited. Retrieved 29 October 2016.
  23. ↑ Chung, Frank (28 October 2016). "Chief executive of Dreamworld owner will give $167,500 to the Australian Red Cross". NewsComAu. News Limited. Retrieved 28 October 2016.
  24. ↑ Burke, Liz (27 October 2016). "Dreamworld boss in line for $800k bonus". NewsComAu. News Limited. Australian Associated Press. Retrieved 28 October 2016.
  25. ↑ Smee, Ben (24 February 2020). "Dreamworld inquest findings: coroner details 'dangerous' safety practices after examining four deaths on ride". theguardian.com. Guardian News & Media Limited. Retrieved 24 February 2020.
  26. ↑ McKenna, Kate (24 February 2020). "Dreamworld Thunder River Rapids accident inquest findings handed down by coroner". ABC News. Australian Broadcasting Corporation. Retrieved 24 February 2020. 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.
  27. ↑ McKenna, Kate; Siganto, Talissa; and, Staff (21 July 2020). "Dreamworld parent company Ardent Leisure faces three charges over deadly ride accident". abc.net.au. Australian Broadcasting Corporation. Retrieved 21 July 2020.
  28. ↑ "Dreamworld operator Ardent Leisure pleads guilty over Thunder River Rapids ride deaths". abc.net.au. Australian Broadcasting Corporation. 29 July 2020. Retrieved 28 September 2020.
  29. ↑ "Dreamworld operator Ardent Leisure fined $3.6m for Thunder River Rapids Ride deaths". abc.net.au. Australian Broadcasting Corporation. 28 September 2020. Retrieved 28 September 2020.
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