CHINA'S tourist island of Hainan is set to gain a $550 million recreational destination with theme parks modelled on Gold Coast venues Sea World and Wet'n'Wild.

The operator of the two theme parks, Village Roadshow, has struck a deal with a Hong Kong company in which it will design and manage development of the facilities as well as operate them for 20 years.

The Hong Kong company, Guangzhou R&F Properties Co, will own the venues, Hainan R&F Ocean Paradise and Hainan Wet'n'Wild, which are scheduled to open in 2015.

The deal, announced yesterday, is the second unveiled this month by Village Roadshow.

On October 6, Village Roadshow announced it would build a $50 million Wet'n'Wild in Las Vegas in partnership with former tennis stars Andre Agassi and Steffi Graf.

The Las Vegas park is scheduled to open by next June.

Village Roadshow is taking a 51 per cent stake in the water park, into which it is pouring $US12 million as part of a broader $50 million development that will include an aquatic centre.

The 16.5ha Las Vegas park will have 25 waterslides and will be managed by the team that runs the Gold Coast theme park.

Also, the company is developing a Wet'n'Wild park in Sydney, to open in December next year, and already has substantial overseas interests.

They include Wet'n'Wild parks in Hawaii and Phoenix, Arizona; cinema venues in Singapore and the US as well as Australia, and movie production facilities in Los Angeles.
Executive chairman Robert Kirby said the Hainan deal was the outcome of intensive work and investigations undertaken by Village Roadshow over two years.

"It harnesses Village Roadshow's design, development, and operations management as the lead consultant in a team with specialist expertise drawn from across the world," he said.

It also appoints Village Roadshow as exclusive operator for up to 20 years.

"Our key involvement in every aspect of this project represents significant reward and recognition for our branding and world-class capabilities," Mr Kirby said.

"The park represents an exciting opportunity to work with our Chinese partners and bring the Gold Coast theme park experience to China.

"We see this as an endorsement of the quality of our operations here on the Gold Coast and look forward to bringing this expertise to China, to create a world-class facility there."

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