New owners of rundown Australian theme park to turn it into 'Disneyland'

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New owners of a rundown Australian theme park announced a significant investment on Wednesday that will turn it into the "Disneyland of Victoria."

The ageing Gumbuya Park, 65 km southeast of Melbourne, will receive a 37 million-U.S. dollar facelift, including a helipad, that will see it become a "world-class" venue.

It will provide a significant employment boost in the southeast with the number of employees at the park jumping from the current 56 to more than 500 once renovations are completed.

The 40-year-old park, which is still running despite being rundown, will be re-named the Gumbuya Oz-Venture Park and will be marketed to attract local, interstate and international tourists.

As well as boasting rides and bush walks, more than 300 native species already live at the park, including emus, koalas, wombats and dingoes, with more on the way.

Ron Weinzierl, business director of the park, said that a bush resort would be built alongside the park with cabins, camp sites and a hotel to accommodate overnight guests.

"We are excited to develop Gumbuya into a world-class destination for all ages - the Disneyland of Victoria," Weinzierl told Australian media on Wednesday.

The ownership consortium, led by notable Australian businessmen Gerry Ryan, Wal Pisciotta and Adam Campbell, purchased the 166 hectare park in 2016 for 3.5 million U.S. dollars.

Ryan, founder of Jayco Caravans, said that the park was "old and tired" after buying it and he looked forward to injecting new life into it.

"I used to take my kids to Gumbuya when they were little and now I want my grandkids to also experience the fun of a great outdoor park," he said.

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