It would be the second stage of its transformation after previously spending $32 million on its Steel Taipan rollercoaster.

Included in the next stage is a circus for the Christmas holidays and a new Wave Swinger ride as well as two new kids rides, a themed area based on vintage cars and family friendly rollercoaster.

Dreamworld chief executive Greg Yong said it was an acceleration of the park’s recovery.

All of the theme parks were affected by the border closures and restrictions during the pandemic, but Dreamworld has had the added hurdle of four deaths at the park in 2016.

“Since the announcement of the first phase of Dreamworld’s future growth, while we have faced various challenges, we have also reached some incredible milestones and made some significant improvements both fiscally and, importantly, in relation to our guest experience,” he said.

Yong said there was enthusiasm to return the park to its former glory.

The park’s new $15 million kids area was expected to have new attractions under the Playschool, Bananas in Pyjamas and Wiggles brands.

The refurbishment would also extend into the Ocean Parade precinct and include a reimagined bumper cars and Pandamonium thrill ride as well as a splash zone.

On Tiger Island, handlers would no longer directly interact with the animals and would instead have educational presentations.