Thomson Geer Consultant, Peter Nankivell, assisted by Partner, Peta Thompson and Lawyer, Matt Persico, has advised Village Roadshow on its sale of Wet’n’Wild Sydney to Spanish leisure park operator, Parques Reunidos for $40 million. In addition to the $40 million sale price, Village Roadshow will receive payment dependent on the park’s revenue performance up to June 30, 2020.
Australian theme parks have suffered lower patronage since a fatal accident at rival Ardent Leisure’s Dreamworld theme park on the Gold Coast in October 2016. Village Roadshow, which owns Movie World and Sea World on the Gold Coast, has issued two profit warnings this year. It has stated that it will use the proceeds of the sale to reduce debt.
Parques Reunidos’ acquisition of Wet’n’Wild Sydney is the group’s first foray into Australia, adding to its stable of 60 theme parks, water parks, zoos and indoor entertainment centres across Europe, the US, Argentina, Dubai and Vietnam.