REOPENING DATE SET FOR DREAMWORLD

REOPENING DATE SET FOR DREAMWORLD

DREAMWORLD will reopen on 10 December, six weeks after four people died on one of its rides - an incident that has so far cost the company $13.4 million.

The theme park will reopen as a mechanical and operational safety review nears completion, says Dreamworld's parent company, Ardent Leisure (ASX:AAD) in a statement this morning.

Whitewater World will entirely reopen, but only 'several' of Dreamworld's attractions will be running.

Dreamworld's other rides will progressively open as they are signed off as part of the safety review process.

The cost of the tragedy in dollar terms is becoming more clear.

Ardent will receive no revenue during the month of November, whereas in 2015 it recorded $7.6 million in the same month.

Additionally, the Theme Parks division incurred operating costs of between $4.0-4.2 million for the month.

The company will also incur a one-off cost of $1.6 million associated with the tragedy. It is expecting to recover some of this cost through insurance.

Late last week, Dreamworld made public each of the Workplace Health and Safety Queensland (WHSQ) notices and Dreamworld CEO Craig Davidson said that all notices would be addressed before the park reopens.

As part of the WHSQ review, Ardent received two notices for the Whitewater World and eight notices for Dreamworld.

As well as the WHSQ review, Dreamworld's own internal teams, alongside engineers from Pitt & Sherry and an international theme park safety expert undertook an additional safety review.

Royal Life Saving Queensland representatives audited the pools and lifesaving procedures at Whitewater World.

"Safety is our paramount concern," says Davidson.

"This additional review is a methodical process which we have repeatedly advised will not be rushed.

"We are unswervingly committed to go well beyond legislative requirements to ensure every one of our 24 rides and 10 water slides at Dreamworld and Whitewater World exceed even the most stringent of safety measures."

Dreamworld has announced it will demolish the Thunder River Rapids Ride, where Kate Goodchild, Luke Dorsett, Roozi Araghi and Cindy Low died on 25 October.

Ardent Leisure shares are trading down 15.29 per cent at $2.14 each this morning, compared to the day before the incident.

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