Queensland under fire for propping up theme park giants

Queensland under fire for propping up theme park giants
The Palaszczuk government has come under fire for bailing out tourism operators, including the owners of Dreamworld, which it is taking to court over four deaths in 2016, despite there being interest from private funders to provide the operators a financial lifeline.The emergency funding comes after the Queensland border closures, which have killed off the…

The Palaszczuk executive has advance below fire for bailing out tourism operators, including the owners of Dreamworld, which it’s miles taking to court docket over four deaths in 2016, no matter there being curiosity from non-public funders to present the operators a financial lifeline.

The emergency funding comes after the Queensland border closures, which hold killed off the two major markets – NSW and Victoria – for tourism operators.

Ardent Leisure, the owner of Dreamworld, has received a funding kit from the Queensland executive totalling practically $70 million.  

Tourism Minister Kate Jones stated the $70 million loan for Dreamworld theme park owner Ardent Leisure Group and an undisclosed amount to Village Roadshow, which owns Movie World, Seaworld and Wet'n'Wild, used to be allotment of the recount executive's $1 billion change give a enhance to kit.

The fund is about saving thousands of tourism jobs following the coronavirus pandemic, which has been a wrecking ball through Queensland's $28 billion tourism sector.

The shortcoming of international tourists from March has been compounded by the three-month lockdown after which 2d border closure most efficient a pair of weeks after the recount reopened for enterprise on July 10.

The Palaszczuk executive has advance below fire for bailing out tourism operators, including the owners of Dreamworld, which it’s miles taking to court docket over four deaths in 2016, no matter there being curiosity from non-public funders to present the operators a financial lifeline.

The emergency funding comes after the Queensland border closures, which hold killed off the two major markets – NSW and Victoria – for tourism operators.

Ardent Leisure, the owner of Dreamworld, has received a funding kit from the Queensland executive totalling practically $70 million.  

Tourism Minister Kate Jones stated the $70 million loan for Dreamworld theme park owner Ardent Leisure Group and an undisclosed amount to Village Roadshow, which owns Movie World, Seaworld and Wet'n'Wild, used to be allotment of the recount executive's $1 billion change give a enhance to kit.

The fund is about saving thousands of tourism jobs following the coronavirus pandemic, which has been a wrecking ball through Queensland's $28 billion tourism sector.

The shortcoming of international tourists from March has been compounded by the three-month lockdown after which 2d border closure most efficient a pair of weeks after the recount reopened for enterprise on July 10.

Ardent Leisure chairman Gary Weiss and Theme Parks chief govt John Osborne stated the $69.9 million funding support – including a 3-yr, $66.9 million loan and $3 million grant to fund working capital and popular capital expenditure – would support it reopen Dreamworld in mid-September.

“We treasure the Queensland executive's sturdy recognition of the famous unbiased that the theme park change plays within the industrial form of Queensland and the broader tourism change in Australia,” Ardent Leisure stated.

Ardent Leisure goes through fines of as much as $4.5 million after the corporate pleaded guilty to four bills over a breach of role of enterprise health and safety regulations following the death of four of us on the Bid River Hastily Hotfoot at Dreamworld in 2016.

Ms Jones stated they needed to step in after the Morrison executive walked a ways off from a multimillion-dollar kit being negotiated for substantial tourism operators in June.

“Our theme parks are colossal employers on the Gold Soar. Thousands more are allotment of the industrial present chain that relies upon them,” she stated.

“That is the reason this executive is supporting enterprise, jobs and our tourism change.”

However non-public equity companies and debt funds stated they had been inspiring to lend cash to distressed companies which had been smashed by the coronavirus pandemic over the past six months.

Commercial

Amongst the names that had been stated to be brooding about funding for Ardent Leisure had been Oaktree Capital and Bain Particular Eventualities, but it with out a doubt would had been exhausting to compete with the decrease curiosity charges from executive.

Other critics smartly-known that a loan wasn't the corporate's most efficient option, asserting Ardent successfully sold part of its US enterprise and may possibly possibly merely hold sold more to fund the enterprise.

Queensland Premier Annastacia Palaszczuk.  Dominic Lorrimer

Funding for Village Roadshow used to be no longer publicly disclosed because it entails assorted parties.

It comes as Queensland recorded one other day of no new coronavirus cases on Sunday, with most efficient 11 vigorous cases within the recount.

Chief Health Officer Jeannette Younger stated the recount ought to be within the sure from a capacity COVID-19 outbreak if it has one other two days without any new cases.

Queensland shut its border to NSW and the ACT on Saturday, joining Victoria on the recount's banned list.

Though there used to be immense give a enhance to for the border closures in Queensland, tourism operators train a pair of of them won't be ready to outlive if the borders are shut till the tip of the yr.

Subsequent

View Also:  Afterpay, Sezzle hit as PayPal unveils US push
Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like
Rio Tinto dumped ‘unviable’ mine onto charities: J Cap
Read More

Rio Tinto dumped ‘unviable’ mine onto charities: J Cap

Hedge fund research firm J Capital Research has alleged Rio Tinto dumped its stake in Canadian miner Northern Dynasty Minerals onto two Alaskan charities, knowing the company's Pebble Mine in Alaska would never be economically viable.Rio backed out eight years after its initial investment, resulting in a $US131 million impairment for the giant, gifting it…
New breed of well-heeled punters reshapes property market
Read More

New breed of well-heeled punters reshapes property market

It's enough to drive any self-respecting bank analyst wild with frustration.The business models of the country's big four local banks are now so similar that the select group of banking analysts whose job it is to cover them have found that they're able to use insights gleaned from one to draw pretty accurate inferences as…