Cedar Fair sells land under California's Great America, will lease back and close park after 11 years

Holiday World installed their last major coaster in 2015, choosing to concentrate on water park attractions instead. Everyone still seems to love ‘em.

I’m not going to worry too much about the fate of the rides at Great America, the steel rides that are still worth anything will likely move. Exceptions to that may be the mouse and the OG, Demon. I rode both of those rides a few years ago and they were both pretty terrible. The park also has a couple of “vintage” flats that are hard to find but are fun and still run well.
The only coaster I’d be concerned about is is their 2013 GCI woodie, Gold Striker. While we can all think of Cedar Fair parks that could use a good ride like that, I wonder if the time and expense of relocation would be a notion they’d entertain.

I just hope the Bayern Kurve isn’t scrapped. Even if it’s a slow version 😁

Didn't they just by a Bayern Kurve from Kennywood?

So…

I’m guessing that should pay off the rest of the loans they took on for the Paramount acquisition, right?

This should put CF on solid ground if the expected recession occurs, it also will put them in a position where they could take advantage of a failing park chain to grow (Sea World) if that chain goes on the market.

As someone who relies on CGA for their home park, this is pretty sad news and frankly a litte surprising. The park has always been pretty busy and SFDK and is pretty far from the center of the Bay Area population. But I guess if the land is worth that much and landlocked (which doesn’t surprise me), then what are you gonna do. I mean, you can basically see into offic windows from Gold Striker’s lift hill.

Hopefully it will be around long enough for my kids to have some good times and good memories and then move from “dad’s lame hobby” because I’ll be pretty heartbroken if they want to have family afternoons at the amusement park and we don’t have a decent park within an hr.

They paid $150 million for the land when they bought it from Santa Clara, and they're selling for $310 million. They have more than $2 billion in debt on the books. The press release reads as an opportunity to get down to $2 billion and start paying the distribution again. Regardless, the great terms they've had for long-term debt will not as great if they have to renew anything in the next few years. Interest rates are up, not horribly, but when you go from 3% to 4% you definitely will see the difference.

ApolloAndy:

As someone who relies on CGA for their home park, this is pretty sad news and frankly a litte surprising.

As someone who lost Geauga Lake after spending 15+ years there on an almost weekly basis every season, I feel for anyone that loses their home park. I still miss it. To quote this very site, Sucks.

I really, really miss Geauga Lake. I used to love that place, and I think the worst thing they ever did was move that amazing water park across the lake.

That said - Wildwater Kingdom's closing was a different kind of sting. Hear me out on this one. A.) it was a close waterpark in a land that doesn't have a lot of water parks or big, outdoor spaces like that outside of Sandusky or Mason and B.) it was the last piece of the old Ohio wonderland once occupied by Sea World and GL. It was the last remnant of an empire that occupied my childhood, and the memories I made going to those places since I was very young.

Did you see the letter sent to the CGA staff? The most tone deaf thing I've read in quite some time.

"This is an exciting time for all of us!"

I'm sure all of those who were essentially told "you're getting fired, but we're not gonna tell you when" are super excited that the company flipped the land for a nice profit.

Bummer, but this poor park has dodged a few bullets, but this is probably the actual swan song. Silicon Valley closed in way back when I worked there in the late 80's, early 90s, and I'm surprised it lasted as long as it has. It's a bummer though. Maybe they could move Gold Striker down to Gilroy. :)

By the way, the price seemed on the low side to me. Land values in the area are ridiculous (this is an older article): https://www.businessinsider.com/silicon-valleys-real-estate-market-...ion-2018-7

A shame, but hardly surprising. I'd be surprised if it lasts 11 years though. If you want to go, this year and next year would probably be the best.

Funny, I thought of Gilroy when the news came out. I’ve never been there to know what kind of space they have, but hopefully they’ll be chosen as suitable adoptive parents by the ride rescue program.
Re-theme that fabulous Schwarzkopf Calypso to twirling garlic bulbs or something.
Or a rebuild of Gold Striker would be awesome….

kpjb:

"you're getting fired, but we're not gonna tell you when"

Alternatively: "You knew this day was coming, because we are sitting in the middle of some of the most expensive real estate anywhere on earth. But now you know it won't be tomorrow. We'll be around for a little while longer."

Maybe not true of everyone, but I've wondered for years how it can possibly make sense to operate this place as an amusement park.

Here's my old man yelling at cloud moment. This is what I hate about public companies. I'm sure the park made money, otherwise CF wouldn't have purchased the land and made so many improvements over the last few years. The only thing that matters is creating value for the shareholders. It doesn't matter that there are hundreds of employees who need to put food on the table. It doesn't matter that there is an entire community that relies on the park for its recreation. It doesn't matter that hotels and restaurants in the area are going to suffer. They found a way to put a couple extra pennies in the pockets of their shareholders, everyone else be damned. The letter to employees from Zimmerman shows that he can't even pretend to care about the people that are affected by this move.

This is the park that nobody wanted. KECO was apparently reluctant to take on the management contract when Marriott bailed, Paramount would have liked to have left it out of their purchase arrangement, Cedar Fair really wanted Paramount to keep it...

But I thought there were some restrictions that limited the land use there to "amusement park" or some such. Was that just because Santa Clara owned the property, and Cedar Fair's purchase some years ago made it possible to close down the park without having to build a new one? I never knew the whole story; I live on the wrong coast for that.

I'm kind of surprised that ProLogis is the buyer, simply because I can't imagine that a development like the one we have here in Etna could possibly be the best use for that property. As I recall, it lacks access, and is sized such that a higher density office-park type development would make more sense than the sort of warehouse complex that ProLogis likes to build; I'd think the land is worth far too much for that. But what do I know about Bay Area real estate? (A: nothing)

As for the rides, they have a rather nice Von Roll 101, and I think it's the only one FUN has that isn't in Sandusky, so I see that becoming an organ donor for the Cedar Point ride. Which is a shame; they could probably install it in another park and make people very happy. They have two Bayern Kurve rides, the one that Great America operates as if it is a kiddie ride, and the one they bought from Kennywood to use as a parts donor. I'd love to see them put both of those back up separately in other parks. I've never ridden Gold Striker, but it would sure be nice if they could find a home for it. Of course we can probably assume that they'll find a home for the Grizzly, just because that's the one ride that most of us wouldn't miss! (How did Taft/KECO build four copies of the Wildcat and mess one of them up so badly?)

--Dave Althoff, Jr.

My first thought when hearing the news:

"I better get out to California to check out the park before it closes."

After checking out the ride collection:

"I guess if I'm in the area I might check it out."

kpjb:

I'm sure all of those who were essentially told "you're getting fired, but we're not gonna tell you when" are super excited that the company flipped the land for a nice profit.

It still beats Dick Kinzel showing up on the third or fourth day of the offseason to tell you that you need to turn in your keys, leave the property, your job is done, and the park is closing.

I was at the park just a few years ago but I took a refresher on the park’s website. The list of old-assed flats is more impressive than I remembered. And it’s fun to compare this park to Chicago in terms of what’s still hanging around from the Marriott days.
There’s a smaller Breakdance, a Zierer Wave Swinger, the Calypso, a Schwarzkopf Enterprise, a Sky Tower, a Chance “swinging claw” ride, a drop tower
(Intamin 1st gen), a Flying Scooters, a Dodgem, a Scrambler, a Sky Coaster, the Von Roll, two water rides (raft and chute), an elongated Disk’O, a butt load of kiddies (already Peanuts themed) and water slides. Looks to me like there’s plenty to go around- either as new attractions or for pieces-parts. So, good.
I don’t think anyone has mentioned Marriott’s original grand centerpiece that endures (at both parks) to this day- the double-decker Columbia Carousel. Here’s my idea for the suggestion box- take California’s ride, fix it up (I rode it and it was looking really tired) and put it on the entrance mall at Dorney for a really unique showpiece. Then take their existing carousel back to Cedar Point and re-install the Frontier Carousel in that original building, returning it once and for all to it’s rightful place. After all these years it still irks me that it’s gone. (It was clear that Dorney needed a ride, but that one?)
And it seems I should point out that when this news broke I laughed at the thoosies who immediately went to deciding what would become of the rides. And now look- here I am…

RIP Wonder World. Uncle Dave's masterpiece won't be forgotten.

RCMAC:

Re-theme that fabulous Schwarzkopf Calypso to twirling garlic bulbs or something.

Can’t tell if this is a joke and to be the “Well actually…” guy, there is a garlic bulb themed teacup style ride a t Gilroy Gardens already.