Gorge centre sold off in the face of mounting multi-million dollar debt
Tourism ttractions
The Mossman Gorge Cultural Centre and Ayres Rock Resort have been sold off after last year’s Federal Budget papers revealed the government-backed owners of the tourism enterprises owed about $140m.
Voyages Indigenous Tourism Australia, which finalised the sale of the businesses to US-owned tourism company Journey Beyond last week, owed ANZ and a Government finance provider.
The company owed $112.5m to the ANZ bank and $27.5m to Cairns-based Federal Government finance provider the Northern Australia Infrastructure Facility.
The Indigenous Land and Sea Corporation, which is also a Federal Government enterprise established to help Aboriginal groups buy back land and ocean resources, was the guarantor for both the Gorge centre and the Uluru resort, prompting it to put both businesses on the market last year to help clear debt.
“The Indigenous Land and Sea Corporation awaits the receipt of binding offers to determine whether sale proceeds will be sufficient to repay debt facilities in full,” the 2024/5 Federal Budget papers state.
There is no word yet on how much Journey Beyond paid Voyages for the tourism businesses, but those figures are likely to be revealed in the coming Federal Budget.
According to the Federal Government, the “total net resourcing” for the ILSC in last year’s budget was more than $144m, down from about $160m the previous budget, while the corporation employed 167 people.
The sale of the Gorge centre and Ayres Rock Resort to Journey Beyond has paved the way for the new owner to stamp its own identity on the gateway to one of Australia’s most popular national parks.
As a condition of the sale, JB will be required to remove the word “Indigenous” from the corporate name, changing the name from Voyages Indigenous Tourism Australia to Voyages Tourism Australia. But JB management issued a statement last week saying the name change “does not diminish in any way the continuing commitment both Voyages and Journey Beyond have to building great partnerships and better outcomes for First Nations people across the group”.
“The transaction follows extensive consultation led by the Indigenous Land and Sea Corporation with the Traditional Owners - Anangu of Yulara and the Kuku Yalanji of Mossman Gorge,” the statement reads.
“This is an incredibly important and exciting moment for Journey Beyond,” chief executive Chris Tallent said.
With a head office in Adelaide, Journey Beyond also runs Sailaway Port Douglas, tourism trains The Ghan, Indian Pacific, Great Southern and The Overland, and a host of other tourism ventures in Australia and New Zealand.
The group is owned by US private equity firm Crestview Partners.