Industry Announcements: New waterpark coming to Gold Coast

Posted at 2:35 PM EST (1935 GMT)

Nov. 28th, 2005 -- Australia's Dreamworld amusement park is getting a waterpark. Park owner Macquarie Leisure Trust announced plans today to build the $56 million attraction starting at the beginning of 2006 and finishing by December in time for Australia's summer.

The move comes as a challenge to Warner Brothers-run Movie World and it's Wet'n'Wild waterpark, which is currently undergoing a $20 million upgrade and will reopen in September. Movie World and Dreamworld are about two miles from each other and stiff competitors.

Dreamworld plans on marketing the waterpark to Australian tourists who make up 94 percent of the amusement park's visitors. MLT also applied to build a $200 million shopping center north of Dreamworld.

See The Australian for more.