Bonfante Gardens sells land, drastically reduces debt
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Bonfante Gardends says there's been a positive development -- the sale of 32.9 acres of surplus land to Shapell Industries, bringing the park closer to restructuring its existing debt. Shapell plans to build 117 single-family homes on the land. When the tender process is completed, Bonfante Gardens' debt will move from approximately $70 million down to approximately $12.5 million of remaining senior bonds, the company says.
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This is both good news and bad news. Any bets as to how long before those people that buy those houses start complaining about living next to an amusement park? While I understand the need to improve the financial situation, I am not sure this solution will be the best in the longrun. Hopefully they will get good neighbors and it won't be an issue. But as experience with other parks has shown, that's unlikely.
Fortunately, BG isn't into building scream machines, so noise shouldn't be a problem for the park.
This is fantastic news; my one day there last summer turned out to be one of the most memorable days of the last decade. I cannot wait to return and bring along some friends to introduce to the park.
This is fantastic news; my one day there last summer turned out to be one of the most memorable days of the last decade. I cannot wait to return and bring along some friends to introduce to the park.
That was my thoughts, Robo. Bonfonte seems like a very quiet park to me, very laid back and quiet. No major coasters, no major flats. Just a few rides in a garden. I need to get there eventually.
What is that? Like an 82% reduction in debt? They obviously got a nice return on that 32.9 acres of land. Also, while operations still run in the red, I would imagine the margins have improved since Paramount Parks took over management due to their economies of scale and marketing power.
In the long run, I think anything that helps save a park is ultimately a good thing...
Joel
This is interesting, first thing, those house they are calling "Single Family Homes" are all part of the Eagle Ridge Development where all of the houses are 5-7 bedrooms and 1 - 10 Million Dollars. As far as complaints when I moved in there we were forced to sign a waiver stating we knew there was an amusement park there and there was a possibility of noise
All "Single Family" means is that they're built for one family, as opposed to a townhome, apartment or condominium development.
So while they're seriously fat-paid, Gold QBOT snatching single families, the description is correct.
-'Playa
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