Sydney's iconic Wet 'n' Wild Water Park is bought out by a Spanish theme park operator for $40 million
- Wet'n Wild Sydney has been sold for $40 million to a Spanish park operator
- Village Roadshow announced on the ASX it sold the park to reduce debt levels
- New operator Paques Reunidos owns 22 water parks and 60 parks world-wide
Wet 'n' Wild Sydney has been sold for $40 million to a Spanish theme park operator that runs 22 water parks around the world.
Village Roadshow announced it has signed an agreement to sell its iconic water park to world-renowned company Parques Reunidos.
Wet 'n' Wild Sydney, in west Sydney, opened in December 2013 under the same brand as the entertainment company's theme parks in Las Vegas and the Gold Coast.
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Wet 'n' Wild Sydney (pictured) has been sold for $40 million to a Spanish theme park operator that runs 22 water parks around the world
Patrons are pictured enjoying a water slide at the opening of Sydney theme park on December 12, 2013
Village Roadshow announced it has signed an agreement to sell its iconic water park to world-renowned company Parques Reunidos
The park, which is closed for the winter, boasts thrill-seeking rides, including the 360 Rush slide, Aqua Tube and Bombara slide.
The sale of the theme park will result in a pre-tax loss of about $25 million, Village Roadshow said in a statement.
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'This investment provides Parques Reunidos an entry into the Australian market and with extensive experience of operating 20 water parks around the world,' Village roadshow stated.
'The net proceeds from the sale will be used to reduce Village Roadshow Limited's debt levels.'
'Parques will be able to add value and enhance Wet'n'Wild Sydney's performance over the coming years.'
Parques Reunidos owns 60 assets around the world including Movie World in Germany (pictured) and Splish Splash in New York
The Wet 'n' Wild park, which cost $120 million to build, features some of the tallest and fastest water slides in the world (including those pictured)
Parques Reunidos owns 60 similar parks around the world, including Movie World in Germany and Splish Splash in New York.
Chief executive officer Fernando Eiroa described the acquisition as a unique opportunity to access the Australian market and grow in region.
'Our group's global presence includes operations and projects across Europe, the US, Asia, the Middle East and now Australia,' he said.
Wet 'n' Wild Sydney, first announced in 2010, includes a large wave pool and has been largely incident free since its opening.
The sale of the Wet 'n' Wild theme park will result in a pre-tax loss of approximately $25 million, Village Roadshow said in a statement
