Rainbow's End promises new thrill ride 

Construction of a new "thrilling ride" is underway at Rainbow's End theme park in Auckland but owner New Zealand Experience Ltd (NZE) is not saying what it is.

The ride is of international quality, with an impressive appearance, NZE chairman Tony Frankham told shareholders at the annual meeting on Wednesday.

"It will contain some real thrills and is something that a parent could ride with a child if required, so it's something that will cater to five, six year olds up to 13, 14 year olds and over," he said.

Children will have to be 1.25m or taller to be able to ride.

NZE is hopeful the new attraction, which opens on December 10, will have a positive effect on the number of visitors this season.

The company reported a 12.5% fall in profit to $916,000 in the year to June 30, 2009.

The decrease is a result of the global economic environment, though NZE also places some of the blame on the inability to provide a new attraction at the park due to leasing matters.

"We know that we need to rejuvenate the park by a new ride every three years or so. Until we were able to be satisfied with the extension of our lease, we were unable to put in a ride last year. We think that we suffered because of that," said Frankham.

The park's lease with Manukau City Council was to expire in 2019, but negotiations for an extension to 2035 have progressed, subject to final approval by both the council and Rainbow's End.

The agreement also has to be approved by the Auckland Transition Authority.

"We do not expect there to be any problems."

In August 2008, Rainbow's End raised admission prices to offset rising operating costs, reducing the financial effect of the recession.

NZE said operating costs at the park continue to be closely monitored.

Wage rates are 20% greater than 2006 levels, yet the total of all other non-payrolls costs have been held at 2006 levels.

NZE has undertaken a review of marketing activities, targets, and advertising mediums.

Frankham said new marketing activities will target audiences who have not visited the park recently and have the perception it is outdated.