Fun & funds for Macquarie Leisure

MACQUARIE Leisure Trust reported an increase in revenue and rental across all divisions for the nine month period ended March 31, 2007.

MLE’s division d’Albora Marinas, WhiteWater World, Dreamworld and the AMF and Kingpin bowling division all delivered impressive results.

MLE’s Dreamworld revenues rose despite attendance figures falling slightly, thanks to the increase in popularity of two day passes. Total revenue for the nine month period was $A69.28 million, representing an increase of 5.2% over the prior corresponding period. Whilst attendance figures recorded a marginal decline of 0.9% compared to a 2% decline recorded in the first six months.

Per capita expenditure again grew strongly by 6.1% to $A63.56. Rent increased 10.5% to $A25.39 million for the same period.

MLE’s chief executive Greg Shaw said the opening of WhiteWater World has increased attendance at Dreamworld during the third quarter. Some 29.5% of WhiteWater World patrons upgraded to a two day World Pass during the period. As a result, Dreamworld’s attendance for the quarter rose 1.7% from the prior year.

The group’s WhiteWater World achieved revenues of $A6.08 million for the period since opening to 31 March 2007 following favourable trading in February and March 2007.

WhiteWater World opened in December 2006 and has delivered rental of $A2.86 million.

d’Albora Marinas recorded total revenues of $A15.49 million, an 6.9% increase on the prior year. Rentals totalled $A7.77 million for the nine month period – a 3.0% increase on the prior corresponding period.

The bowling division delivered total revenues of $A65.10 million, representing an increase of 11.5% on the prior corresponding period. Rental from the bowling division climbed 23.7% to $A15.45 million.

The acquisition of Panmure Superbowl in Auckland New Zealand was completed on March 19, 2007. Panmure is Macquarie Leisure’s second bowling centre in New Zealand and represents an exceptional opportunity to develop a ‘Main Event’ style integrated family entertainment centre in a growing suburb of Auckland.

“We have made significant progress in securing prime sites for development of new or expanded bowling facilities, and these will progressively come on stream in the coming months. In May, we will be commencing work on a 36-lane flagship AMF Bowl located at the Bakehouse Quarter development in Strathfield, Sydney,” Shaw said.

In the United States, Main Event has continued to trade ahead of estimates made at the time of its acquisition in August 2006, with total revenues of $A27.01 million recorded from the date of acquisition to 31 March 2007. Unaudited EBITDA for the period totalled $A5.25 million.

The opening of Main Event’s seventh site at Webster, Houston is on track for May 09, 2007.

Looking ahead, Shaw said WhiteWater World has successfully captured significant untapped demand for a quality water park experience in the south east Queensland market.

“In doing so, it has provided added impetus to the Dreamworld business,” Shaw said.

“The bowling division has delivered strong results from its core portfolio and is well positioned to capitalise on improved revenues following the completion of a number of flagship sites and the refurbishment of older style centres in strong demographic locations,” he added.

Australian Property Journal