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Coast Entertainment Holdings (ASX: CEH), owner of Dreamworld and WhiteWater World, has secured Queensland Government approval for a mixed-use development masterplan spanning its 55ha Coomera landholding, unlocking what the company describes as one of the most compelling development opportunities in the country.
The development application, lodged in late 2023 and called in by Deputy Premier Jarrod Bleijie in October last year, has been approved with conditions covering vegetation clearing, bushfire management, stormwater and flood management, traffic, noise and koala habitat.
The masterplan encompasses four precincts - a Major Tourism Core, a Nature-Based Tourism Precinct, a Gateway Precinct and a Town Centre Transition Precinct - alongside the existing Dreamworld and WhiteWater World theme parks.
"The approval of our Coomera landholding is a genuinely exciting outcome, not just for our shareholders, but for the Gold Coast and Queensland more broadly," says Coast Entertainment CEO Greg Young.
"This decision opens a clear pathway for future value creation while establishing a landmark new precinct that will define this part of the region for generations.
“The scale of what is possible here is significant. We are situated at the heart of the southern hemisphere's largest theme park destination, surrounded by a rapidly growing residential community, a burgeoning industrial and marine sector, and the emerging Coomera health precinct.
"Add to that a chronic shortage of quality hotel accommodation between the northern Gold Coast and Brisbane, and a clear tailwind into the 2032 Brisbane Olympic and Paralympic Games – and we believe this is among the most compelling mixed-use development opportunities in the country today."
Young says the project will deliver world-class amenity for the Gold Coast while creating new opportunities for Coast Entertainment team members.
"The broader economy of the northern Gold Coast, which deserves the services and infrastructure that growth of this kind will help attract and sustain, stands to benefit significantly," he says.
Bleijie says Dreamworld has invested more than $180 million in its operations over the past four years, supporting more than 1,000 direct new jobs on the Gold Coast.
“This approval gives Dreamworld the certainty it needs to invest in its future, create jobs and secure this iconic Queensland destination for generations to come,” he says.
“This approval is about more than one project - it’s about giving investors the confidence that Queensland has a government focused on delivery, not delay.
“A stronger economy means a better lifestyle for Queenslanders, and that’s exactly what we’re delivering by backing projects that support jobs, tourism and housing ahead of the 2032 Games.”
Following the state government approval, Coastal Entertainment has commissioned an independent valuation of the Dreamworld business and surrounding land and appointed Barrenjoey Advisory to lead a review of capital and funding options to maximise shareholder value.
"This approval is a watershed moment for Coast Entertainment, and it has been a long time coming," says Coast Entertainment chairman Gary Weiss.
“When I joined this group, our Theme Parks & Attractions business was part of a fragmented collection of companies carrying the weight of significant challenges.
"The 2016 accident cast a long shadow over the business, and everyone associated with it. Just as the recovery was finding its footing, the COVID-19 pandemic and the prolonged economic headwinds that followed presented a once-in-ageneration test of resilience for the entire industry.
"Through it all, the board made a deliberate choice to stay the course – to back this business, its people, and the communities it serves – when others may have chosen to walk away."
Weiss says the early work of "rationalising and refocusing" the group’s portfolio, including the sale of the Main Events bowling centres in 2022, was essential groundwork. The transformation led to the company changing its name from Ardent Leisure in 2023 to focus on its Gold Coast attractions.
"The sale of Main Event – executed at an opportune moment during the COVID recovery, following a two-fold increase in EBITDA over four years – and the subsequent return of $455 million to our shareholders demonstrated the disciplined capital stewardship that has positioned this company for what comes next," he says.
“In parallel, returning Dreamworld to sustainable profitability and rebuilding trust with our guests, our team, and our shareholders, has been a material undertaking by any measure. The fact that Dreamworld is today a strong and growing business is a credit to the management and all team members who delivered that recovery."
Alongside the approval, Coastal Entertainment today disclosed strong preliminary and unaudited FY26 trading figures.
Ticket sales rose 33 per cent year-on-year, with like-for-like growth of 24 per cent, while visitation increased 29.3 per cent, or 26.5 per cent on a like-for-like basis, and revenue climbed 20.8 per cent, with like-for-like growth of 19 per cent.
The company expects strong EBITDA growth at both divisional and consolidated levels for the financial year.
The trading update builds on an FY25 result in which Coastal Entertainment reported consolidated EBITDA excluding specific items of $4.1 million.
Shares in Coastal Entertainment were trading more than 14 per cent higher at 52.5c at 1.44pm (AEST).
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