Village Roadshow axes plans to redevelop Aussie World

Australia's largest theme park operator, Village Roadshow Limited (VRL), has canceled their plans to turn Aussie World into a world-class theme park.

"After extensive research, review and planning, VRL considers that when compared with other opportunities available, the potential returns do not justify the level of investment for the world-class water park which would be required to deliver a significant destination site", the press release said.

With the conditional agreement signed last year, VRL had the option to purchase the land and business from Aussie World.

This is the second time a theme park project has been axed by the company. Last year a plan to turn Melbourne's Werribee Open Range Zoo into a major theme park was canceled.

The future of Aussie World is unknown.

Photo: Wet'n'Wild Water World