Theme park operator Village Roadshow has downgraded its earnings forecasts as already weak visitor numbers have been compounded by a wet March and competition from the Gold Coast Commonwealth Games.

Village Roadshow's Gold Coast parks are yet to recover from the impact of the fatal accident at Ardent Leisure's Dreamworld in 2016, and it said on Tuesday that it expects its full year net profit to be below what it forecast in February, when it said it expected a result in the range of $12 million to $17 million.

The company's shares were down 32 cents, or 10.2 per cent, at $2.83 at 1050 AEST, their lowest level in almost six years.