With plans to upgrade the heritage amusement park, the Oscars Group, one of the largest privately-owned hospitality groups in NSW, has acquired Luna Park Sydney.
Acquiring the landmark property from Canadian investor Brookfield, the pubs and hotels operator adds the 90-year old harbourside landmark to its portfolio of hotels and resorts, pubs, events centres, commercial and retail assets.
Announcing the purchase today, Oscars Group Managing Director, Bill Gravanis stated "we are excited to be acquiring Luna Park and look forward to working with the team.
“It is an iconic waterfront landmark on the best harbour in the world that presents a great opportunity for the Oscars business.
“Our goal is to further establish Luna Park as a Top 5 tourist destination for visitors, whilst also promoting it as an entertainment precinct for Sydneysiders.
“We would like to thank the teams at Brookfield and CBRE for their professionalism during the sale process.”
Selling for the first time in almost two decades, Luna Park was placed on the market by its Canadian owner in June, with expressions of interest campaign conducted by CBRE.
CBRE notes that the sale was subject to consent by the Luna Park Reserve Trust to ensure that Luna Park “remains a vibrant and successful amusement park for the enjoyment of the people of Sydney and NSW.”
In additon to its heritage rides, Brookfield has invested in new experiences in recent years.
It also hosts long-running events such Halloscream and New Year’s Eve, while also leveraging collaborations with festivals such as Sydney Festival, Vivid and Lunar New Year.
Luna Park Chief Executive, John Hughes commented "as Luna Park Sydney enters its 90th year, we have exceptional momentum in the business generating record ticket sales and visitation.
“We’re excited about this next chapter, and the opportunities that Oscars Group ownership will bring to the park.
“Our upcoming summer will be the biggest on record with the launch of our Netflix partnership, the world-premiere of the Vegesaurs experience, our famous NYE festival and the launch of the heritage-listed Wild Mouse roller coaster following its two-year restoration.”
Luna Park Sydney features 17 amusement rides, the heritage-listed Coney Island, 7,000 square metres of building floorspace including Sydney’s Immersive Big Top and the 1935-built Crystal Palace as well as a 389-space car park.
The property has benefitted from a major investment in redeveloping its Big Top as a 3,000 square metres multi-purpose venue, catering to growing global demand for “captivating and all-in experiences”.
Images: Luna Park Sydney in its landmark harbourside location (top) and ist recently introduced Lite-Brite experience (below).
Born in the English county of Dorset, Nigel Benton is the co-founder and Publisher of Australasian Leisure Management, Australia, New Zealand and the Asia-Pacific’s only magazine for professionals in all areas of the leisure industry and the www.ausleisure.com.au website - the go to news resource for industry leaders and professionals.
With a long-term commitment to communicating all that is best about the leisure industry (aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues) his career has been defined by an ability to develop and implement industry communications.
Starting his career working in heritage visitor attractions and then adventure travel in Africa and the Middle East, an interest in writing about his experiences led to his change of career into magazine journalism and publishing.
In addition to publishing, Nigel speaks on marketing communications at a range of industry events.
He was made a Life Member of the World Leisure and Recreation Association in 2006 and is a Fellow of the Royal Geographical Society (London).
As of October 2024, he was inducted into the Australian Fitness Awards Roll of Honour at the 2024 AUSactive National Awards.
Among a range of published works and features, his comments on a Blog (blogspot) from 2007 to 2011, when this website went live in its current form, may be interesting to reflect back on.
His philosophy on life is to be kind to all and to indulge those that you love.
His passions include family, Newcastle United and motorcycles (especially British ones) as well as caring for Stella the pug.
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