Australian cinema group plans Asian theme parks
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Australian cinema chain, Village Roadshow, has revealed plans to invest in theme parks in across Asia.
The company said in a statement that it has agreed to form a joint venture with China’s CITIC Trust Co, “for the purpose of investing in theme parks, entertainment facilities and related real estate development throughout Asia, with a particular focus on China”.
It has already identified one potential development opportunity in Chengdu and is also looking at options in southern China, Malaysia and South Korea.
“The signing of this joint venture… marks a major milestone in the progression of Village Roadshow’s strategic theme park expansion into China and Southeast Asia, and further solidifies our strong trusted partnership with CITIC,” said the Australian company’s co-executive chairman & co-CEO, Robert Kirby.
“With this major building block in place, we are in a position to progress our expansion plans with even greater certainty, control and confidence.”
Village Roadshow and CITIC will each contribute up to 5% of the initial US$500m fund, to be invested “as projects advance over the next two to three years”. CITIC will hold a 51% stake in the JV, with a subsidiary of Village Roadshow holding the remaining 49%.
As well as operating the Village Cinemas chain, Village Roadshow operates several theme parks and attractions in Australia, including SeaWorld Gold Coast, Warner Bros. Movie World and the Outback Spectacular.
While the branding of the Asian theme parks was not revealed, the company said it is “currently investigating and researching film-related theme park opportunities” and will “also pursue joint developments in Asia” with SeaWorld Entertainment.
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