Coast Entertainment Holdings (CEH) AGM 2024 summary

Opening remarks and agenda

• AGM held in a hybrid format at SkyPoint, with both in-person and virtual participation options for shareholders.

• Meeting opened with introductions of board members, executive team, and auditor, and outlined the agenda including business updates and formal resolutions.

• 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; group revenue reached $87.0 million, up 3.8% year-on-year and 29.6% above FY19.

• Visitation increased 14.3% year-on-year, with strong annual pass sales and highest ticket sales since FY16, up 40% on FY17.

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

• SkyPoint delivered its best performance on record; positive trends continued into FY25 with further growth in visitation and revenue.

• Cost discipline maintained with significant reductions in corporate costs and flat opex despite inflation; operating cash flows marginally positive after adjusting for one-off class action costs.

Board and executive committee updates

• Brad Richmond retired from the board after seven years, recognized for his role in Main Event's turnaround and theme park recovery.

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

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