Cedar Fair investing $50 million at Carowinds over three years

Posted Tuesday, August 27, 2013 8:32 AM | Contributed by Jason Hammond

[Ed. note: The following is an excerpt of a press release. -J]

Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced a multi-year expansion project for its Carowinds amusement park located in Charlotte, North Carolina.

"The continued growth in the Charlotte market presents a unique opportunity for our Carowinds amusement park, which we believe is ready for record-breaking attractions," said Richard Zimmerman, Cedar Fair's Chief Operating Officer. "Over the next three years we intend to make several significant investments in both the amusement and water park areas, including new rides and attractions, new and upgraded food locations, and general infrastructure improvements. We plan to expand the capacity of Carowinds in all areas to appropriately serve its market and provide our guests with a 'Best Day of Summer' experience each and every time they visit our park."

The Company, which recently opened a satellite corporate office in Charlotte, expects the expanded park will draw additional tourists to the already popular Charlotte market. It will invest more than $50 million over the next three years and expects to hire an additional 15 full-time and approximately 270 seasonal jobs to support these new investments. As with many of its capital investments across the country, the Company will look to hire local companies to help with the design and construction of this multi-year expansion.

Read the entire press release from Cedar Fair.

Read more and see video from WSOC/Charlotte.

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Monday, September 9, 2013 1:46 PM
rollergator's avatar

IMO - the "no more taxes" pledges of the last generation have led to increasing stresses on State and Local governments - the Feds just don't have the same ability to send revenues downstream to states and municipalities, so those local jurisdictions have come up with their own revenue sources...many of which don't really make the most practical sense at that level.

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Monday, September 9, 2013 4:52 PM

To be fair, Jeff, if your employer's work place caught fire during your work day,you would have benefited. Same if your car had been broken into and the cops had recovered your stuff.

And you experienced fewer traffic delays b/c of the publicaly subsidised bus system. And city paid for stop lights.

+10 to Gator.

Last edited by Captain Hawkeye, Monday, September 9, 2013 4:53 PM

This Isn't A Hospital--It's An Insane Asylum!

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Monday, September 9, 2013 5:06 PM
Lord Gonchar's avatar

But I use all those resources anywhere I go - and I don't pay taxes to everyone.

At the very least to keep it more on topic, when I commute I don't use just these resources in my home community and my work community. I use them in every community I pass through along the way...and I'm not paying taxes to all of them.

I tend to agree with Jeff. You support your home community. It doesn't have to be any more complicated than that.

If everyone does this, it all works out fine...and if commuting workers are such a burden to a community, then it's poor planning on that community's part.

On top of that (and more to Jeff's original post, I believe) - if I'm paying money to a government and have no say in how it is used, that's a broken taxation system.

I'd never heard of paying taxes based on where you work until I moved to Ohio. Like most of the ways Ohio funds things, it's goofy.


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Monday, September 9, 2013 7:13 PM

Last time I looked, Ohio, Michigan, Pennsylvania, Kentucky and Indiana had cities/counties with some form of local income tax that applied to non-residents. Some of them had reduced rates for non-residents.

Its an example of exporting a tax burden. Using non-residents as revenue sources. And though the type of exporting we are talking about here may not be common (outside the midwest anyways), its common in other forms (and has been for a number of decades). Tourism is popular for exporting for popular tourists locations.

It may be becomig more open and purposeful though. All part of a culture of wanting a lot of government services but wanting other people to pay for it.

As for a say, how much influence do you have over the rates of taxation or use of government revenues at any level of government? As impractical as it may be, voting with your feet is much more likely to be effective than is voting with a ballot.

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Monday, September 9, 2013 8:36 PM

Ohio's system is extremely goofy. Communities shouldn't charge income tax period in my opinion. Charge the commodity that you have (ie land, ie property tax.)


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Monday, September 9, 2013 10:39 PM
Jeff's avatar

I'm pretty sure school funding in Ohio is still unconstitutional... after 15+ years. You can see how that's going. But again, this is the state that wrote casino addresses into its constitution, while not bothering to competitively bid out the licenses or require that they be renewed annually. And they hate the gays. If it weren't for Cedar Point, Kings Island and High Street, Ohio could pretty much fall into Lake Erie and I wouldn't care.


Jeff - Editor - CoasterBuzz.com - My Blog - Music: The Modern Gen-X - Video

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Tuesday, September 10, 2013 7:39 AM
jkpark's avatar

Yeah, there's school districts here in Ohio that got funding from state to construct new buildings and are now closing some of them due to loss of students. Now we have these multi-million dollar facilities sitting empty, and the remaining new buildings are too expensive to operate.

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Monday, September 16, 2013 3:51 PM
Tekwardo's avatar

Charlotte Observer confirmed there is a coaster as part of the $50mill 3 year expansion. I also hope they do some of what they're doing at Kings Dominion and add some atmosphere, light packages, and work on original theming.


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Monday, September 16, 2013 3:56 PM
rollergator's avatar

Wingnut....er, Wingrider. ;~)

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Monday, September 16, 2013 4:10 PM
sirloindude's avatar

I'm curious to know how much of that money will go to a phony web page that seems like a leak but is intended for nothing more than getting enthusiasts all excited and making Gonch mad.


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Monday, September 16, 2013 4:12 PM
kpjb's avatar

$3.50.


Hi

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Monday, September 16, 2013 4:20 PM
Lord Gonchar's avatar

kpjb said:

$3.50.

You overpaid.


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Tuesday, September 17, 2013 9:59 AM

He paid extra for Annoy Gonch fast pass.


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Tuesday, September 17, 2013 3:29 PM
rollergator's avatar

That's the *same* monster that tried to charge ME three-fiddy just last week!

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Tuesday, September 17, 2013 11:44 PM

Damn that loch ness monster.


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Wednesday, September 18, 2013 1:27 PM
Jason Hammond's avatar

Don't you mean, Tree Fiddy?


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Wednesday, September 18, 2013 3:34 PM
bjames's avatar

Rumor has it there's a $30 million dollar coaster coming as part of this deal. It seems like it would be hard for them to spend that much on something they don't already have. Unless it's a giant wing coaster.

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Wednesday, September 18, 2013 3:53 PM
Tekwardo's avatar

Not really a rumor, the Charlotte Business Journal gave a breakdown of most of the money, with 30mill going to a coaster (another source in the article sait it was closer to 33mill), 4 mill on the front gate, and 7mill on food choices.


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Wednesday, September 18, 2013 4:02 PM
bjames's avatar

Oh well if they know the precise cost this thing's probably mostly blueprinted out on some desk at a design firm already. The other rumor which might not be an actual rumor I guess is that the improvements will be installed on the North Carolina side of the park because it's that state giving them all the tax breaks.

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Wednesday, September 18, 2013 6:24 PM
Tekwardo's avatar

There was also a cost breakdown of which state would get what. Mecklenburg county just approved tax incentives. I believe the SC side is already giving them incentives.


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