Event Hospitality & Entertainment has experienced its worst annual result in over 30 years with revenues being "almost entirely" wiped out
Thredbo resort EBITDA fell 14% to $24.9m
Hotel earnings fell 38% to $61m
Group recorded a $3.3m pre-tax loss
Event Hospitality & Entertainment has experienced its worst annual result in over 30 years with revenues being "almost entirely" wiped out in the final four months of the financial year ending in June.
The ASX-listed operator owns the Event cinema chain and operates hotels under brands such as QT, Rydges and Atura (as well as the Thredbo alpine resort).
Between March and June its cinemas in Australia, New Zealand and Germany were closed and occupancy rates across its 66 hotels and more than 10,000 rooms plummeted to just 36%, down from 82% in the first eight months of the year.
The result, a $262m fall in revenue with a $3.3m pre-tax loss from a $158m pre-tax profit the year before.
Thredbo resort EBITDA fell 14% to $24.9m, hotel earnings fell 38% to $61m, cinema earnings plunged 74% to $26.3m.
Chief executive Jane Hastings said "We believe that our businesses will rebound relatively quickly once restrictions are lifted due to pent-up demand and we have already seen green shoots, when this has occurred, across the group".
Event increased it debt facilities in July to $750m with the majority maturing in 2023.
Event has a $2b property portfolio of hotels and development opportunities, including a mixed-use tower at 525 George Street in Sydney and and a $251m commercial tower next to its QT Sydney hotel.