The Ardent Leisure Group (ASX: AAD) share price has edged higher in early trade after the entertainment company released a trading update for its embattled Dreamworld business.
At the time of writing its shares are up 1.6% to $1.58.
In February its Theme Parks division recorded unaudited revenues of $4.4 million, down 35% on the prior corresponding period.
Although this is still a big drop, it is a vast improvement on the previous two months. In December and January the division recorded reductions in revenues of 63% and 50.4% respectively, compared to prior corresponding periods.
An improvement in visitor numbers has been key. In December theme park visitor numbers were down a whopping 63.5% compared to 12 months earlier.
Things improved in January when numbers were down 44%, before improving further last month with visitor numbers down just 33.6% compared to the prior corresponding period.
Is this the time to buy?
Whilst the company's Theme Parks division still has a long way to go before it will return to growth, I am pleased to see things improving as they are.
So with its shares down 34% year-to-date, I think Ardent Leisure represents a good buy and hold investment option. In light of this I would choose it ahead of its rival Village Roadshow Ltd (ASX: VRL).
Especially with its lucrative Main Event centres in the United States expected to be a key driver of growth for the next decade. Management believes there is the potential for upwards of 200 centres throughout the United States, up from 31 centres today.
