The company that owns some of the major theme parks on Australia’s Gold Coast tourist strip has moved quickly to distance itself from the collapse of its former United States-based business.
Village Roadshow Group said it was not affected by U.S.-based film producer and financier Village Roadshow Entertainment Group’s (VREG) bankruptcy filing, but owned less than 3% of VREG.
Village Roadshow Group issued a statement saying it was separate to VREG, with businesses including theme parks such as Sea World, Movie World and Wet'n'Wild on the Gold Coast, along with Village Cinemas, and film production and distribution.
The Australian company has joint ventures and partnerships in the entertainment and theme park sectors with Warner Bros.
Village Roadshow Group said it owned less than 3% of VREG but had had no strategic, operational control, management oversight or financial responsibility for the company.
“Village Roadshow Group is not impacted by VREG’s financial issues. Further, Village Roadshow Group’s nearly 50-year relationship with Warner Bros remains as strong as ever and is not impacted,” it said in the statement.
Village Roadshow Group said all of its “businesses continue to be market leaders in their sectors and highly profitable.”
CEO Clark Kirby said in a the statement: "As former owners of VREG, we are extremely disappointed to read in the press that VREG has filed for Chapter 11, Bankruptcy in the USA and I have immediately sent notice to terminate VREG’s use of the Village Roadshow name.
During Village Roadshow Group’s ownership, VREG had been a successful business producing legacy films.
To be clear, VREG is completely separate from the Australian-based, Village Roadshow Group.
Any financial issues that VREG are having are completely separate to the Village Roadshow Group.”
Village Roadshow Group was listed on the Australian Securities Exchange before being privatised in 2018 by a consortium led by BGH Capital and Pacific Equity Partners in a deal valued at A$1.6 billion (US$1 billion).
