Neil Balnaves retiring as Ardent Leisure chair after 13 years
by Tom Anstey | 20 Sep 2016
Balnaves said the decision for Ardent to sell its health club arm meant the group had a clear growth strategy / Flickr.com
Neil Balnaves, Ardent Leisure chair and non-executive chair, will step down from his role in November after 13 years in the position.
Balnaves, who is set to retire, leaves at a time when Ardent changes its focus to pure play after offloading its health club business last month in a AU$260m (US$198.3m, €175.6m, £150m) deal to private equity house Quadrant.
Commenting on his departure, Balnaves said the decision for Ardent to sell its health club arm meant the group had a clear growth strategy, with the focus now on its theme parks and US-based FECs and bowling alleys.
George Venardos – a non-executive director of Ardent appointed to its board in 2009 – will replace Balnaves as chair.
During Balnaves’ tenure, Ardent has enjoyed significant growth, with the market capitalisation of the Group rising from AU$106m (US$80.2m, €71.7m, £61.8m) in 2003 to more than AU$1.2bn (US$907m, €812m, £700m) today.
“On behalf of the board of directors, I would like to acknowledge Neil’s outstanding contribution, leadership, integrity and vision throughout his 13?year tenure as chair,” said Venardos. “Neil’s sponsorship and support of the recent strategic review has been instrumental in repositioning the group as Australia’s leading international entertainment business.”
Ardent recently revealed full-year profits of AU$42.4m (US$32.3m, €28.6m, £24.2m) for 2016, an increase of 32 per cent driven by a 15.6 per cent rise in revenue to AU$687.6m (US$524.6m, €464.5m, £396.8m).
Ardent’s theme park division, which includes Dreamworld and WhiteWater World, recorded total revenues of AU$107.6m (US$82.1m, €72.7m, £62.1m), with profits of AU$34.7m (US$26.5m, €23.4m, £20m).
Neil Balnaves Ardent Leisure George Vernados theme park FEC Australia Main Event FEC25 Aug 2016
Focus on fun for Ardent Leisure after operator sells off health club arm
18 Feb 2016
FEC and theme park successes boost profits in latest earnings report for Ardent Leisure
12 Mar 2015
Deborah Thomas named new CEO of Ardent Leisure
Neil Balnaves, Ardent Leisure chair and non-executive chair, will step down from his role in November after 13 years in the position. Balnaves, who is set to retire, leaves at a time when Ardent changes its focus to pure play after offloading its health club business last month in a AU$260m (US$198.3m, €175.6m, £150m) deal to private equity house Quadrant. Commenting on his departure, Balnaves said the decision for Ardent
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