News: ALG Ardent Leisure Group Updates On Impact Of Covid-19 On Its Theme Parks Division, page-84

Approx 1/3 of their H1 FY20 costs were staff and employee benefits (pg.7 https://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=02205003) ~$100m on $300m of expenses. Some marketing in there too juster under $15m.

The remainder of expenses look more or less fixed (ignoring Dreamworld incident expense).

Doesn't seem to take a lot to get that top line revenue moving. If majority of expenses are fixed then opening at a smaller capacity should still be worthwhile imo - and the demand should be there post lockdown

I'd say a larger risk is reputational and OHS related if a patron is later found to have been infected. I would say temperature checks on entry are not out of the question re: US Main Event.