Leisure sector and theme park investor, Macquarie Leisure Trust,
today announced the operating results of its major assets for the
September quarter, 1999.
According to Mr Lawrence Stapleton, General Manager of the Trust's
Manager, Macquarie Leisure Management Limited, the major Gold Coast
theme park, Dreamworld, traded above expectations in the September
quarter.
"This was a good result which illustrates the theme park's
popularity," Mr Stapleton said.
Total revenue for Dreamworld for the September quarter was $14.9
million (up 17.3 per cent compared with the previous corresponding
quarter), attendance was 296,867 (up 10.7 per cent) and per capita
expenditure averaged $50.20 (up 6.3 per cent).
Dreamworld achieved strong increases in attendance in the key local
Queensland and interstate markets in the September quarter. In
addition, improved performance was recorded in the international
markets of New Zealand, Europe and the Middle East.
Visitors from Australasia continued to account for the majority of
visitors to Dreamworld in the September quarter.
"The growth in revenue, when combined with cost efficiencies
implemented in the last financial year, is expected to result in
improved rent to Macquarie Leisure from this asset," Mr Stapleton
said.
Antarctic Adventure, an eco-tourism centre in Hobart, continued to
under perform over the three months to 30 September, 1999. Antarctic
Adventure comprises 2.2 per cent of Macquarie Leisure's tangible
investments.
Total revenue from Antarctic Adventure was $0.2 million (down 38.5
per cent compared with last year), attendance was 13,663 (down 47.5
per cent) and per capita expenditure averaged $15.30 (up 4.4 per
cent).
However, the Manager believes initiatives to attract increased
visitation to Antarctic Adventure have the potential to lift
performance in the December quarter.
Macquarie Leisure has access to a two year, $2.5 million rental
guarantee provided by the asset's vendor.
Part of this guarantee will be used to top up Antarctic Adventure's
rent shortfall in the current financial year, although Macquarie
Leisure Management anticipates that this will be to a lesser extent
than was applied in the last financial year.
The Manager expects that the continued sound performance of
Dreamworld combined with the rental guarantee will deliver an
increase in distributions this year.
Macquarie Leisure Trust is managed by Macquarie Bank's Property Funds
Management Group which has approximately $1.7 billion in property
under management.
