Amusement Parks USA

Busch Gardens being sold to Blackstone Group

Busch Gardens being sold to Blackstone Group.

Anheuser-Busch InBev says it will sell theme parks including Busch Gardens in Tampa Bay to Blackstone Group for $2.7 billion, the companies announced this morning in a joint statement. Blackstone owns half of Universal Orlando, which could have an impact on the long-term business model for the 10 Busch Entertainment Corp. theme parks. However, because of Blackstone's business experience in the entertainment industry, analysts expect that operations at the Busch theme parks are likely to proceed with little change noticeable to guests. The long-anticipated sale by the Belgian brewer In-Bev is in line with its efforts to to reduce debt burden after InBev last year took over Anheuser-Busch for $52 billion. Blackstone will pay $2.3 billion in cash and give AB InBev the right to participate in Blackstone's return on its initial investment, an amount that is capped at $400 million. Blackstone said it had "long admired" the theme parks and planned to invest in and grow the company. "We are delighted to be investing in a company with such iconic brands, irreplaceable assets and strong growth prospects," senior managing director Michael Chae said in a statement. Carlos Brito, Chief Executive Officer of Anheuser-Busch InBev said in a statement, "We are pleased to have reached an agreement with a buyer who understands the industry and has a strategic vision for the business."

Metro - Coney’s fest in with whimper

Metro - Coney’s fest in with whimper.

This weekend’s fiesta won’t live up to hype What does Coney Island, the birthplace of the American amusement park, need to make a comeback? A new major roller coaster, according to a panel of amusement industry experts the Bloomberg administration convened Thursday to help hone a vision for the area’s future. But for now, the seaside attraction seems plagued by stalemates and setbacks. Coney Island developer Joe Sitt promised this weekend’s “Festival by the Sea,” opening would be filled with a big flea market, a splashy show of freaks and 25 new rides. Instead, only half the rides will be running and vendors will not be under tents, as planned, due to snafus. The festival will be in full splendor by Memorial Day weekend, Sitt’s spokesman said. Last year, rides from his “Summer of Hope” packed up more than a month before scheduled. The city has been trying to buy Sitt’s land to secure 12 acres (roughly 7.5 square blocks) for amusements. That would be enough space for 30 major rides, including thrill rides, coasters and other family attractions in an “urban” park defined by “grittiness” and “edginess” according to panelist Jack Rouse, CEO of a design studio that has developed hundreds of amusement parks and museums worldwide.

Southern Star Amusement restarts efforts to acquire New Orleans amusement park « ThrillNetwork.com - Sit down. Log in. Hang on!

Southern Star Amusement restarts efforts to acquire New Orleans amusement park « ThrillNetwork.com - Sit down. Log in. Hang on!.

Southern Star Amusement, Inc., is once again seeking to acquire control of the former Jazzland/Six Flags New Orleans amusement park property. The property, city owned but currently still under lease to Six Flags, has sat dormant for the past three years. Six Flags has stated that they have no intention of re-opening the shuttered property. Southern Star Amusement’s redevelopment efforts are slated to include adding water park rides and attractions, rehabbing the remaining rides and buildings, improved landscaping and shade structures. Long term plans, should additional property become available, include youth sports facilities, a hotel, and retail and food venues. Danny Rogers, founder of the company, and long time amusement industry veteran stated, “We made a worthwhile attempt last year to take over operations on the amusement property and were disheartened when we had to pull our offer from the table. As several important factors have changed in the interim, we have resumed our efforts, this time partnering with another themed entertainment industry company. We believe the property is very much worth saving and can become a thriving economic machine that can transform the East side of the city and help with the sustained growth of the New Orleans tourist market.” It is clear that the current team has done their homework and listened to what the community has said were shortcomings of the previous operators. Attention will be given to rides and amenities that will greatly improve the guests’ experience. With the addition of water park rides and attractions, guests can beat the heat by staying wet all day if they so choose. Those that prefer to stay dry will welcome the addition of shade structures, indoor attractions, and misting stations. The team has plans to integrate the wet and dry experience to create a one-of-a-kind venue.

Cancelled grant delays Lake Compounce expansion

www.MyRecordJournal.com - Cancelled grant delays Lake Compounce expansion.

The cancellation of expected state grant money for the expansion of the Lake Compounce water park will delay that project indefinitely.

Hard Rock Park founders say they're due a cut of the profits - Local - The Sun News

Hard Rock Park founders say they're due a cut of the profits - Local - The Sun News.

Some original founders of Hard Rock Park said Thursday they still have intellectual property rights over the park's overall concept and want an annual $500,000 licensing fee and royalties from the park's new owners, who bought the park out of bankruptcy last month, according to court documents. FPI MB Entertainment, the group that purchased the park for $25 million, said the compensation request not only threatens the reopening of the park, planned to be by Memorial Day, but the attraction's entire existence.

Cedar Fair Retains Merrill Lynch & Co. to Explore the Sale of Certain Assets - MarketWatch

Cedar Fair Retains Merrill Lynch & Co. to Explore the Sale of Certain Assets - MarketWatch.

Cedar Fair Entertainment Company (FUN:Cedar Fair, L.P. News , chart , profile , more Last: 8.42-0.21-2.46% 10:22am 03/16/2009 Delayed quote dataAdd to portfolio Analyst Create alert Insider Discuss Financials Sponsored by: FUN 8.42, -0.21, -2.5%) , a leader in regional amusement resorts, water parks and active entertainment, today announced that it retained the services of Merrill Lynch & Co. to assist the company in exploring the sale of certain assets and other strategic alternatives. Cedar Fair's chairman, president and chief executive officer, Dick Kinzel, stated, "We continue to be focused on our commitment to reducing debt. Exploring the sale of certain assets is a proactive step towards strengthening our financial position over the long term." Cedar Fair is a publicly traded partnership headquartered in Sandusky, Ohio, and one of the largest regional amusement-resort operators in the world. The Partnership owns and operates 11 amusement parks, six outdoor water parks, one indoor water park and five hotels. Amusement parks in the company's northern region include two in Ohio: Cedar Point, consistently voted "Best Amusement Park in the World" in Amusement Today polls and Kings Island; as well a

ThrillNetwork.com :: Ghost Town files Chapter 11

ThrillNetwork.com :: Ghost Town files Chapter 11.

As a direct result of the national credit crisis and economic decline, Ghost Town in the Sky announced yesterday that, in order to address the financial and operational challenges associated re-opening and running a theme park that sat dormant 5 years prior to the company purchasing Ghost Town in August of 2006, they have filed for bankruptcy protection and reorganization under Chapter 11 of the Federal Code on March 10, 2009.  

Popular NC Theme Park Files For Chapter 11 Bankruptcy | WSPA

Popular NC Theme Park Files For Chapter 11 Bankruptcy | WSPA.

A popular North Carolina mountain tourist attraction has filed for chapter 11 bankruptcy. Maggie Valley’s Ghost Town in the Sky announced on Wednesday that it has filed for chapter 11 bankruptcy protection and reorganization. In a prepared release, the theme park announced that due to national credit crisis and economic decline and in order to address the financial and operational needs associated with re-opening and running the park, that the move was necessary. “The economic uncertainty, coupled with the banking and credit crisis that has engulfed the nation, has made obtaining a lender very diffciult,“ said Ghost Town’s President and CEO, Steve Shiver. “It is with this economic impact, preserving our relationships with vendors and protecting all of our creditors in mind that we now find no alternative but to file for bankruptcy protection.“

Cedar Fair cuts dividend, considers selling parks - Business First of Columbus:

Cedar Fair cuts dividend, considers selling parks - Business First of Columbus:.

The operator of the Cedar Point and King’s Island amusement parks said Monday it is reducing its dividend and considering the sale of two parks to shore up its finances.

Coney’s future collides with current realities at hearing

The Brooklyn Paper: Coney’s future collides with current realities at hearing.

Mayor Bloomberg’s proposal to reshape Coney Island’s ramshackle “People’s Playground” with rides, attractions, hotels and thousands of apartments collided with scores of critics in the first public hearing of the controversial plan on Tuesday night — but the biggest challenge could be the unrelenting standoff between the mayor and Coney Island land baron Joe Sitt. Residents, merchants, amusement enthusiasts and good ol’ Coney freaks crammed Community Board 13’s public hearing at Lincoln HS on Ocean Parkway to denounce — and, in fewer cases, endorse — Bloomberg’s vision, which is actually a revised offering from an initial plan that provoked stifling resistance from Sitt. The current plans calls for a city-owned theme park bordered by privately built hotels and year-round attractions like bowling alleys and movie theaters in the area between Keyspan Park and the Cyclone roller coaster.