Coast Entertainment Holdings (CEH) AGM 2024 summary

Opening remarks and agenda

• AGM held in hybrid format at SkyPoint, allowing both in-person and virtual participation, with clear instructions for shareholder engagement and voting.

• Board and executive team introduced, including new and retiring members, and the meeting agenda outlined, covering performance review, resolutions, and Q&A.

• Chairman Dr Gary Weiss AM opened the meeting, followed by a CEO presentation and formal business proceedings.

Financial performance review

• Achieved first positive consolidated EBITDA since FY16, with $7.4 million, up 56.4% on prior year; revenue reached $87.0 million, up 3.8% on prior year and 29.6% above FY19 pre-COVID levels.

• Visitation increased 14.3% year-on-year; ticket sales value rose 3.1% with strong annual pass sales.

• FY24 total ticket sales were highest since FY16, up 40% on FY17, driven by promotions and new attractions.

• Deferred revenue increased 12% to AUD 12.1 million; EBITDA for theme parks and attractions rose 50% to AUD 7.4 million.

• Despite severe storms and inflationary pressures, cost management and strong annual pass sales supported resilient results.

Board and executive committee updates

• Brad Richmond retired after seven years, credited for his role in Main Event’s turnaround and theme park recovery.

• Jemma Elder appointed as director, bringing extensive marketing and Gold Coast experience.

• Board highlighted its commitment to quality, safety, and industry expertise, with several members having Disney and Universal backgrounds.

• Board decided to undertake a further buyback of up to 10% of issued share capital over the next 12 months.