Dreamworld won't reopen before funerals have been held for the four people killed at the Gold Coast theme park in an accident earlier this week.
Chief executive Craig Davidson announced on Friday the parent company's CEO Deborah Thomas had ordered the park remain closed until at least that time.
Mr Davidson also said no rides at the park would open until internal and external safety audits were conducted on every attraction.
Gold Coast mayor Tom Tate had earlier said Dreamworld should only be reopened when the families affected in the tragedy are ready.
Dreamworld originally announced they would open the gates for a memorial day on Friday before resuming usual business on Saturday, however, those plans were cancelled following discussions with police who are still investigating the tragedy.
"My view is that when the families are happy with it and they're ready to move on," Mr Tate said.
Mr Tate attended a memorial service at Dreamworld on Friday morning along with the 1000-plus staff at the park.
While he admitted the organisation acted too fast to announce the memorial day without having absolute clearance from the police, he said criticising the park would not help the situation.