Village Roadshow Ltd (ASX:VRL) has announced that it will build and operate the Wet'n'Wild water theme park in Sydney.
The theme park operator will invest around $80 million into the project that is expected to be open in the summer of 2013/14.
Wet'n'Wild will be located near the M4 freeway in Sydney and hopes to attract up to one million visitors per year.
Part of the development cost includes $5.2 million to the surrounding road network by the NSW Roads and Traffic Authority so that improved traffic infrastructure can be completed before the park opens.
Villiage Roadshow says the new park will use state of the art water efficient design, filtration and recycling technology to maximise water re-use on site.
The company plans to fund preliminary development through existing cash reserves and undrawn debt facilities and will seek new finance to fund the final construction cost.
Village Roadshow reported a profit of $117.2 million in fiscal 2010.
VRL Price at posting:
$2.40 Sentiment: None Disclosure: Held
