Dreamworld owner Ardent Leisure is looking at developing "prime real estate" next to the Gold Coast theme park, potentially selling land that could have been used to expand the attraction.
Ardent on Wednesday said it had appointed a town planner to examine the feasibility of rezoning parts of the site for alternative uses.
The company did not elaborate on what those uses could be, but said it wanted to identify opportunities for unlocking value from the land adjacent to Dreamworld.
"Dreamworld is located on prime real estate adjacent to the new Coomera town centre and core infrastructure," the company said in a statement.
"Ardent has, and will continue to, engage with third-party developers to discuss potential development opportunities and timing for any redevelopment within the precinct."
Ground has already been broken on a Westfield shopping centre close to Dreamworld.
The theme park occupies 35 hectares of a 60-hectare plot owned by Ardent, with expansion of the park having been among the company's long-term options.
Ardent expects its theme parks division to lose money this full financial year after visitor numbers fell following October's fatal accident on Dreamworld's Thunder River Rapids ride.
Ardent said the review of the land would have remained confidential until complete, but it was appropriate to inform shareholders after investors Gary Weiss and Kevin Seymour requested seats on the Ardent board.
The company said it had invited the pair, who together hold a 7.9 per cent stake in the business, to discuss the strategy, though a meeting had not yet taken place.
Ardent added that it will continue to invest in Dreamworld to ensure it remains a key Gold Coast tourist attraction.
Its shares were up 2.5 cents, or 1.2 per cent, at $2.075 at 1248 AEST.
Ardent also operates WhiteWater World on the Gold Coast and has said it expects to post a pre-tax earnings loss from its theme parks of between $2 million and $4 million.
Combined visitor numbers for March and April were down 36.7 per cent, and revenue was 38.9 per cent lower, reflecting the impact of last year's four deaths at Dreamworld, as well as Cyclone Debbie in March.
