The Ardent Leisure Group Ltd (ASX: ALG) started its long road to recovery today as Dreamworld reopened on the Gold Coast. The Ardent Leisure share price is trading higher as a result, up 5.43% at 48 cents.
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What does the company do?
Ardent Leisure owns and operates leisure and entertainment assets across Australia and the United States. In Australia, these include Dreamworld, WhiteWater World and SkyPoint theme parks. The company's Main Event portfolio also includes a growing number of family entertainment assets in the US.
Why has the Ardent Leisure share price soared?
The Ardent Leisure share price is flying today as the company finally begins its recovery out of the coronavirus pandemic that has decimated its share price. The gates to Dreamworld and Whitewater World are finally open again, 177 days after the pandemic forced them shut.
Work on a new $30-million rollercoaster is also about to start, sparking further excitement for fans and shareholders.
Dreamworld is implementing health and safety measures, making WhiteWater World a seasonal water park. It will operate each year from early September to late January in response to the pandemic. The Gold Coast theme parks reportedly drew large crowds as more than 400 staff returned to work.
Rival operator Village Roadshow Ltd (ASX: VRL) reopened Movie World, Sea World and Wet'n'Wild in July.
What now for Ardent Leisure
The reopening comes a fortnight before the resumption of Work Health and Safety court proceedings against Ardent Leisure. In July, the company pleaded guilty to three charges relating to the deaths of four people on the Thunder River Rapids Ride in 2016. Shareholders will be hoping that a fast recovery from COVID-19 will help get the Ardent Leisure share price back on track.
