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The future and ownership has now fallen to Queenstown tourism operator Matt Wong, who jumped at the opportunity to take over the attraction.
Wong explains the attraction, which was "designed to simulate the freefall of skydiving in a controlled indoor environment", was aimed at the area's international visitors.
However like so many of the regions adventure attractions they were faced with dire straits following the Pandemic and closure of New Zealand's borders, last year.
Following the disappearance of Queenstown's international market, Texas-based parent company pulled the ripcord on operations, offering it for sale.
It was at this point Matt and wife Amy took over the business. At a point when iFLY had seen a 80% decline in customers, it was a brave decision.
Wong says: "We had to make some fast decisions to better cater for our locals and domestic visitors. Thankfully it's worked well and has created a great opportunity for us to keep the business locally-owned and operated going forward."
Adjusting prices, and times for the mostly weekend leisure visitors Wong says he was able to reverse-engineer the business into a domestic-focused attraction.
Tracking their performance against the 80 other indoor skydiving centres operated by Sky Venture International worldwide, the Queenstown operation was one of the most profitable during 2020, thanks to the lack of a prolonged national lockdown.
The $15 million wind tunnel built at the foot of the Queenstown Skyline gondola on Brecon St, was a prime position for more casual visitors.
It was not disclosed how much the business was sold for by Austin-based iFLY international. Matt Wong will remain as part of the directorship, with colleague Josh Easby.
Outgoing director and former CEO Simon Ward will continue to support the iFly New Zealand as an advisor.