Government lends a helping hand to Ardent's (ASX:ALG) theme parks

Company News

by Katrina Bullock

Ardent Leisure Group (ASX:ALG) has received financial assistance for its Theme Parks division under the Queensland Government’s Covid 19 Industry Support Package and Queensland Tourism Icons Program 2020.

The package is for a three-year term totalling $69.9 million. This is made up of a secured loan of $66.9 million (which includes capitalised interest and fees) and a grant of $3 million which can be used to fund working capital and approved capital expenditure.

Ardent plans to reopen Dreamworld and Whitewater World by mid-September 2020. Covid safety plans for these sites have been approved by Queensland Health.

The company says “the Queensland Government’s foresight in providing this financial assistance package will enable Ardent to reopen its iconic theme parks, continue to employ hundreds of people and, once the Covid 19 pandemic is behind us, continue to invest in future tourism infrastructure and create more local jobs.”

Shares in Ardent Leisure Group (ASX:ALG) are trading 10.61 per cent higher at 36 cents.