Posted Friday, January 21, 2011 11:46 PM | Contributed by Rick_UK
Two former Six Flags amusement parks executives have purchased Ocean Breeze Waterpark, a landmark summer attraction near the Oceanfront, and plan multimillion-dollar improvements within the next several years. Kieran Burke, who purchased it with Gary Story, said the park will see improvements in the coming years. The new owners plan to develop state-of-the-art water rides, restaurants and guest amenities, he said.
Read more from The Virginian-Pilot.
So are they going to obsessively add roller coasters and debt, go public and have a shareholder revolt?
Thats a good start to what they could do, i wonder if they have other ways to create problems up their sleeves.
I assume they must be adding at least three dozen waterslides next year while dropping season pass prices to $14.95.
These guys crack me up....
First they overcapitalize a bunch of Six Flags theme parks...in some years spending $150M in CapEx for a single park (SFGAdv in the late 1990's). And as we all know that the cash flow theme parks generate cannot support this kind of CapEx spending in the long run. Remember Cedar Fair pre-Paramount? Like a fine-oiled machine....
Now, while on a smaller scale, they are doing the same thing with waterparks. According to some news reports, they spent over $4M with Nashville Shores last year... Come on....just wait a few years and you will see the same thing happen to NS as with Six Flags....newly aquired waterparks that are over capitalized and can't support their newly found "debt service". It was the fall of Six Flags, almost the fall of Cedar Fair.... and in three years, "Story/Burke" part II will follow the same faith.
Maybe they should partner with Randy Drew and the "Alfa/PARC" crew...that would be interesting.... This industry needs more operators like the Koch's, Hennigers, and Morey's...... Slow and steady wins the race.Last edited by Hanging n' Banging, Saturday, January 22, 2011 7:49 PM
Henniger...I don't know that name. I searched it, but couldn't find any amusement park affiliation.
That's because it's spelled wrong... and they don't own any parks any more. :(
I don't know if I agree the Henninger's plan would work everywhere. The markets with competition are going to need more than a major ride every decade.
A major every 3-5 years is what i would consider the sweet spot.
Kennywood never needed to add rides like Six Flags. They added something new every season, and every 3-5 years something major went in.
....and now, Story and Burke are returning to manage the OK parks Frontier City and Whitewater Bay....
Can these guys just go away yet?
The Morey's with this new coaster have reached critical mass. Unless they plan to move their maintenence off the boardwalk and redevelop the old Hunt's pier, they are in remove and replace mode.
They could potentially buy Sportland pier but that guy hates the Morey's apparently and wont sell just to spite them.
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