If sold, the huge Oxenford tenure of land, home to Movie World, wet n Wild, Australian Outback Spectacular, Paradise Country and Village Roadshow Studios, will be leased back by the People.
The Melbourne-based company has been under pressure to reduce its soaring debt through the sale of assets after a tough year, which saw him announce a $66.7 million after loss of $15.7 million profit the previous year.
The people of profit, was hit hard by the tragedy in the world of dreams in the past year, which resulted in a sharp drop in the number of visitors and revenue in their themeparks.
Co-chief executive Graham Burke called last year her “annus horribilis”.
The chief executive officer of Clark Kirby said that the sale of the land does not mean that the company was backing away from the investment in their themeparks.
Village Roadshow Theme Parks CEO Clark Kirby. Picture Mike Batterham.
“We are committed to our themeparks business with the DC Rivals HyperCoaster the longest, highest and fastest roller coaster in the southern hemisphere, opening soon in the World of the Film and Topgolf under construction,” he said.
“This sale and lease will be the putting in value of these assets, which allows People to pay down debt and to free up capital for growth initiatives such as Topgolf.”
Movie world to test the new DC Rivals hypercoaster0:59
Movie world to test the new roller coaster – the DC Rivals hypercoasterOn the 25th of August 201717 days/display/newscorpaustralia.com/Web/NewsNetwork/Gold Coast Bulletin/Gold Coast News and Galleries/