Highlights

• Theme Parks EBITDA excluding specific items more than doubled to $18.790 million as visitation rose 29.3 percent.

• Queensland's Minister approved the 55-hectare Coomera development application on 20 July 2026, and directors set fair value at $295.900 million.

• Cash rose to $35.010 million at 30 June 2026, with the $20.000 million bank facility fully undrawn.

• Lost Mine Mayhem, costing about $15.000 million, will replace the closed Motocoaster and is due to open in late 2027.

A planning approval on 20 July 2026 changed the conversation around the land that surrounds Dreamworld. Coast Entertainment Holdings Limited (ASX:CEH) said the Queensland Minister approved its development application for the 55-hectare Coomera holding, and directors then adopted a fair value of $295.900 million based on an independent CBRE valuation as at 31 July 2026. Shares were trading at A$0.490 on 23 October 2026, up 4.26%.

What the Coomera Approval Means on Paper

The valuation includes an immediate gross uplift of $52.000 million on surplus adjoining land. It also assumes a further potential uplift of $38.500 million from a higher and better use of the car park area, which would require relocating the car parking.

The figure is gross of costs that are yet to be determined, including transaction costs, road and service access, infill, car park relocation and compliance with the approval conditions. Because the approval and valuation came after balance date, the land remains at cost in the FY26 accounts.

Barrenjoey Advisory is reviewing capital and funding options. The company said no decisions, commitments or arrangements have been made on the future development or use of the land.

Theme Parks Drive a Lift in Earnings

For the 53 weeks to 30 June 2026, segment revenue rose 20.8 percent to $116.466 million, or 19.0 percent on a like-for-like basis. EBITDA excluding specific items reached $13.829 million, compared with $4.110 million in FY25, and statutory EBITDA was $13.526 million.

Theme Parks and Attractions, which covers Dreamworld, WhiteWater World and SkyPoint, produced EBITDA excluding specific items of $18.790 million, up $9.993 million. Visitation climbed 29.3 percent to 2,007,295, while per capita spend slipped 6.6 percent to $58.02. Ticket sales at Dreamworld and WhiteWater World grew 33.0 percent, and Dreamworld recorded its highest daily attendance.

Net profit after tax came in at $6.115 million, against a loss of $0.112 million a year earlier, helped by a $6.233 million income tax benefit that included $4.846 million from recognising previously unrecognised deferred tax assets.

Balance Sheet and Capital Position

Cash stood at $35.010 million, up from $13.878 million, as the $20.000 million of other financial assets held a year earlier fell to nil. The bank facility was lifted from $10.000 million to $20.000 million and renewed on 5 December 2025 for one year. It was undrawn at year end.

The on-market buy-back finished on 1 August 2025, with 43.174 million shares bought for $17.668 million in total, including 8.983 million shares for $3.208 million in FY26. No dividend was declared or paid for FY26.

New Rides and the FY27 Plan

Capital investment is behind the visitation recovery. Rivertown completed its first full year, King Claw launched in December 2025, and deferred revenue rose 58.7 percent to $20.2 million. International visitation, particularly from China, remains below historical levels.

The Motocoaster has been permanently closed and will reopen in late 2027 as Lost Mine Mayhem, a jungle mine-themed ride linked to Rivertown that reuses the current track. The cost is about $15.000 million.

For FY27, management plans to build on visitation and earnings growth, expand the annual passholder base and in-park spend, and maintain cost discipline. Outcomes depend on consumer spending, tourism and macroeconomic conditions.