The Macquarie Leisure Trust Group has reported another period of revenue and rent growth led by a 7.4% growth in its d’Albora Marinas business.
d’Albora Marinas’ total revenues for the nine month period were up 7.4% on the prior year to $14.49 million, while rent increased by 7.7% on the prior corresponding period to $7.54 million.
MLE’s chief executive Greg Shaw said plans to expand Nelson Bay marina had progressed.
“Development approval has been granted to expand the marina by 32 berths with the project expected to be completed by October 2006,” he added.
MLE’s chairman Neil Balnaves said revenue growth was achieved despite some disruption to Dreamworld operations caused by significant rain in the February and March trading periods.
Dreamworld’s total revenue for the nine month period was $65.57 million, representing a 6.2% increase over the prior corresponding period.
During the period, attendances was up 1.1% at 1,094,277 while per capita spending continued to grow strongly by 5.0%, averaging $59.93 per person per visit.
After strong attendance growth of 4,780 people in January (up 2.4%), February and March experienced a fall in attendance of 12,866 people (down 7.4%).
The shortfall occurred as a result of 18 rain affected days when attendance fell 15,110 below the prior year. Improved weather conditions during April saw attendance levels rebound to record a 4.6% increase over the prior year.
Rent relating to Dreamworld increased 9.2% for the nine month period to $22.86 million.
Meanwhile, the construction of the Dreamworld Water Park commenced in early January after final development approvals were received.
Balnaves said after four months of construction, approximately 60% of trade contracts have been let with the project on budget and on schedule to open in December 2006.
During the quarter, MLE bought the Garden City Bowl in Christchurch, New Zealand and signed an agreement to buy the Loganholme Hyperbowl facility in Brisbane’s southern suburbs.
The AMF bowling division recorded total revenues of $58.92 million for the nine month period delivering a rental before property costs of $12.66 million.
Shaw said the Group aims to enhance the bowling divisions return on investment by pursuing bolt-on acquisitions that deliver higher incremental returns.
During the period, MLE sold the old Blacktown centre in New South Wales for $5.4 million and the Warrawong centre for $3.85 million.
Shaw said plans to refurbish existing centres and develop new ones were also progressing well.
“Construction of a new centre at Macarthur in Sydney’s southern suburbs has started and we expect to open doors in the first week of July 2006. Refurbishment of a further five centres is in the planning stages and is expected to be completed over the next 12 months,” he added.
By Nelson Yap
