DREAMWORLD has claimed all of its rides were compliant with relevant safety standards as the park's operators announce it will reopen on Friday. 

Park operators said the first day of operations would be a memorial day with proceeds from admission going to the Australian Red Cross. 

"Activities will be limited to smaller rides, animal attractions and the water park," the statement read. 

The same statement also quoted an external safety expert - David Randall the managing director of DRA Safety Specialists - as saying the park had excellent safety standards and the company had complied with a recent audit.

"Dreamworld under the leadership of Craig Davidson, the CEO has demonstrated a commitment to developing and maintaining a strong safety culture across all departments," Mr Randall said. 

Dreamworld CEO Craig Davidson speaks to the media after four people died at the park. Source News Corp
Dreamworld CEO Craig Davidson speaks to the media after four people died at the park. Source News Corp

"A number of consultancy visits to assist in the implementation have been undertaken and include regular training programs with the senior leadership team which have kept them abreast of legislative requirements and changes."

Earlier today the share price of the company which owns Dreamworld, Ardent Leisure Group continued to fall in the wake of the news of the tragedy. 

Legal experts have also said a negligence claim against the group could cost millions. 

"In my experience of acting on behalf of families who've lost a loved one, particularly someone who supported the family financially, the level of compensation can extend to several millions of dollars," Shine Lawyers Partner and personal injury law specialist, Roger Singh told ARM. 

Alison Barrett of Maurice Blackburn Lawyers told The Courier Mail the corporation behind Dreamworld could face a $3 million penalty and any individual responsible could spend five years in jail.

"A tragedy like this isn't an act of God, it's not a freak accident," she said. 

Meanwhile a lawyer acting for a 19-year-old man Samson Sherrin has told SkyNews staff failed to respond to an alert he had fallen into the water on the same ride.

 The boy's lawyer told SkyNews today his client was knocked unconscious after falling of the same ride four months before the tragic accident.