Dreamworld operator Ardent Leisure has named its theme parks CEO Greg Yong as group CEO after selling family entertainment company Main Event to Dave & Buster’s.
Ardent Leisure is an Australian leisure group that operates the Dreamworld theme park and WhiteWater World water park on the Gold Coast in Queensland.
“Following the divestment of our Main Event business in June, the board reviewed Ardent’s management structure and believes it is appropriate that Greg assumes overall management responsibility for group activities,” said Ardent Leisure chairman Gary Weiss (via Business News Australia).
“Since being appointed as theme parks and attractions CEO in April 2021, Greg has shown outstanding leadership and is highly regarded by the board and all of the team members he leads.”
Dave & Buster’s acquired Main Event in an all-cash deal valued at $835 million. The Dallas-based FEC company operates 51 venues across the US, offering bowling, laser tag, arcade games and virtual reality (VR).
Higher revenues in fiscal year 2022
News of the appointment comes as Ardent Leisure reports its financial results for the fiscal year 2022 (FY22). Main Event’s revenue increased by 63.2 percent to $637.6 million, while the Gold Coast theme parks business reported a 37.3 percent increase in revenue.
“Whilst the theme parks and attractions business continued to be impacted by the prolonged border closures due to the pandemic during the first half of FY22, the successful launch of the Steel Taipan roller coaster in December 2021 and pick-up in demand in both local and interstate markets during the second half of FY22 have seen the business achieve some of its best trading results in recent years,” said Weiss.
Weiss said he believes the “positive momentum experienced recently should continue into FY23”, adding that the sale of Main Event has put the company in a “solid financial position, with all debt being repaid and significant cash being retained to recover, grow and develop the theme parks and attractions business”.
Images: Ardent Leisure
