The Ardent Leisure Group (ASX: AAD) share price continues to fall and closed at $1.84 on Wednesday, down 2.39% on the previous day's trade.
The leisure company, which owns assets in Australia, New Zealand and the United States, including Dreamworld and AMF Bowling, has seen its share price plunge over the past year.
The Ardent share price was sitting at around $2.80 this time last year and has dropped by almost $1 since.
However, with recent changes in the company's management, in addition to indicators suggesting things could turn around for Ardent, some believe the share price could be on its way up.
Nicole Noye, CEO of the Bowling and Entertainment business in Australia, has resigned from Ardent and is expected to leave the company in December.
Ms Noye's departure follows other shakeups at Ardent that seem aimed at changing the company's direction.
Randy Garfield, a former executive with The Walt Disney Company, was appointed as an independent non-executive director of both Ardent Leisure Limited and Ardent Leisure Management Limited in August.
Ardent Leisure Group Chairman, Mr George Venardos, hoped Mr Garfield's appointment would improve brand awareness and operational and financial performance.
"The appointment of Mr Garfield is the first stage of our board renewal process and ensures a balanced board composition which appropriately reflects the geographic earnings of the business," Mr Venardos said.
The following month saw Mr Venardos step down as Gary Weiss was appointed Chairman in September.
With tourism in Australia improving, the Queensland Commonwealth Games approaching, and a year on from the fatal disaster at Dreamworld, the future is looking better for Ardent and other companies in the sector.
Some analysts have offered a 12-month price target for Ardent of $2.
If the key changes are effective, coupled with the optimistic conditions, Ardent, with a market value of $883 million, should be well placed to move forward.
Other companies influenced by tourism that could benefit with improved conditions include Crown Resorts Ltd (ASX: CWN) Mantra Group Ltd (ASX: MTR) and Event Hospitality and Entertainment Ltd (ASX: EVT).
