ACC306: Leisure Verse Group Limited is an adventure park developer and operator in Southeast Asia. The Group owns and operates: Advanced Assurance and Attestation Case Study, SUSS, Singapore

Leisure Verse Group Limited is an adventure park developer and operator in Southeast Asia. The Group owns and operates three adventure parks under the ADRENALIN brand, each located in Vietnam, Malaysia, and Singapore, which cater to both domestic and foreign visitors and tourists.

Listed on the Singapore Exchange since 2000, the Group is led by Mr Lei, the founder, who has more than 30 years of experience in the theme park industry. He had observed that the theme park industry in Asia was highly fragmented and therefore took the opportunity to capitalise on the weak competition in a growing industry.

In Asia, most theme park developers and operators are franchisees of large Western-branded theme parks and movie-themed attractions. The franchisees are typically required to invest heavily in design, branding, and technology, which entails extremely high capital investment
needs and operating costs.

Such models are not sustainable in Asia as Asian consumers tend to be less leisure-centric and possess significantly lower spending power on leisure pursuits compared to their Western counterparts. The gap is further widened due to cultural differences and priorities in life.

Nevertheless, the latest observable trends in many Asian countries showing rapid economic growth, narrowing the income gap between the Asians and the Western counterparts, and converging cultural similarities, are driving up the demand for more leisure activities.

LVG’s objective is to bridge this gap, by creating its unique genre of international-standard attractions that can be built and operated cost-effectively and address the needs of Asian consumers seeking affordable and healthy family entertainment.

LVG is subjected to various regulations on safety standards, environmental regulations, and licensing requirements in each country it operates in. Many of its licences and permits e.g. Public Entertainment Licence (PEL), require annual renewal and is subject to satisfactory adherence and compliance assessment by the authorities.