Theme parks will be the biggest engine of growth over the next decade for Village Roadshow Limited (VRL), its chair has said.

Robert Kirby made the announcement at the company's AGM last month where he reported pre-tax earnings of AU$154.7m (US$161.3m, 123.7m euro, £100.3m) for the 2012 financial year, up on AU$140.5m (US$146.5m, 112.4m euro, £91.1m) for the previous year.

"We see our theme parks as not only our largest business; it is what we call the new foundation business of VRL", Kirby.

"Theme parks will be the biggest engine of growth in the coming decade and beyond."

In October VRL announced it was taking a 51 per cent interest in a Wet'n'Wild water park in Las Vegas, due to open next May.

VRL's investment in the US$32m (24.5m euro, £19.2m) water park comprises US$12m (9.2m euro, £7.5m), the use of the Wet'n'Wild brand name and management expertise.

The 41-acre park will feature more than 25 slides and attractions and will have the capacity to entertain more than 650,000 guests annually.

Wet'n'Wild theme parks are also under construction in Sydney and China's Hainan Island.

VRL is Australia's largest theme park operator with Sea World, Warner Bros. Movie World, Paradise Country, Australian Outback Spectacular, Village Roadshow Studios and Sea World Resort, as well as the Wet'n'Wild brand.