Total
0
Shares
Ardent Leisure (ASX:ADL) - CEO of theme parks, Greg Yong - The Market Herald
CEO of theme parks, Greg Yong
Source: Gold Coast Bulletin
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Ardent Leisure (ALG) has plans for a $75 million resort at its Dreamworld theme park on the Gold Coast
  • A 250-room, four-star hotel is planned, as well as a five-star tourist park
  • Plans also include bungalows, restaurants, a gym, a swimming pool, and conference facilities
  • Ardent has teamed up with property developer Evolution Group to build the upgrade next door to the theme park
  • No start or end dates were revealed in the Wednesday press release
  • Shares in Ardent fell 2.5 per cent after the reveal, closing at 78 cents apiece

Ardent Leisure (ALG) has revealed a $75 million plan to upgrade Gold Coast's Dreamworld theme park.

Ardent will install a 250-room hotel and caravan park at the location, it announced on Wednesday.

The new infrastructure will be built on an empty plot of land next to Dreamworld.

Ardent said in an announcement to shareholders the hotel will be a four-star resort. Extra rooms will also be offered through bungalows and a five-star tourist park.

"The project will create employment within the local community and contribute to the regeneration of tourism on the Gold Coast," recently appointed Dreamworld CEO, Greg Yong said.

"The hotel and tourist park will complement Dreamworld as a premium entertainment destination and add a new level of convenience for guests who will have our theme park and water park on their accommodation's doorstep," he added.

Yong also said the expansion was vital for a post-COVID industry that damaged the tourist-friendly Gold Coast.

The new accommodation will be styled as family-friendly, in accordance with Dreamworld's existing demographic. The new resorts will also boast a swimming pool, gym, restaurants and conferencing facilities.

Ardent Leisure has partnered with property developer, Evolution Group, to realise the dream. Evolution recently opened the Gold Coast Airport Rydges Hotel.

"[Evolution] bring a wealth of knowledge and experience to the project and understand the needs of the local community and travelers in relation to destination tourism projects," Yong commented.

No start or end dates for the project were revealed in Ardent's Wednesday's press release. The deal with Evolution Group is non-binding and subject to preconditions — but both companies are publicly optimistic on final terms.

Shares in Ardent Leisure fell 2.5 per cent after the Wednesday announcement. They closed at 78 cents each.

ALG by the numbers
More From The Market Herald
Wisr (ASX:WZR) - CEO, Anthony Nantes Nantes - The Market Herald

" Wisr (ASX:WZR) announces Olympic Games sponsorship

Wisr (WZR) will run a national brand campaign throughout the Tokyo 2020 Olympic Games.
Alligator Energy (ASX:AGE) partners with Traxys

" R3D Resources (ASX:R3D) raises $4.25m and gets ready to re-list

R3D Resources (R3D) is getting ready to re-list on the ASX after raising $4.25 million from a public offering.
Infinity Lithium Corporation (ASX:INF) - CEO and Managing Director, Ryan Parkin - The Market Herald

" Infinity Lithium (ASX:INF) San Jose permit dispute deepens

Infinity Lithium (INF) shares have dropped this morning on the news an integral permit for its San Jose Joint Venture project had been
COVID-19 pandemic claims 62 of Thorn Group’s (ASX:TGA) Radio Rentals stores

" Radio Rentals owner Thorn Group (ASX:TGA) rejects Somers’ takeover bid

Radio Rentals owner Thorn Group (TGA) has encouraged its shareholders to reject Somers’ unsolicited takeover bid, stating the offer is too low.