Posted Thursday, March 28, 2002 5:02 AM | Contributed by Shawn
A court hearing today could determine if the management team that led Jazzland Theme Park into bankruptcy remains in control for a third season and if money is available to keep a scheduled April 13 opening. While the owners and new partnership want to open the park on interim financing, the bank acting as their biggest creditor and mortgage holder objects to it.
Read more from the Times-Picayune.
Thursday, March 28, 2002 9:36 AM
This goes back to what I said originally. Now more than ever -get Larry Cochran behind the helm. He has built new parks, he knows how to "ramp up" and build a theme park base. It only seems logical to me that you would want to at least try to open the park under the new team and see what happens.
Thursday, March 28, 2002 2:20 PM
Is there a reason that this park is not a candidate for acquisition by one of the major players: SF, Busch, CedarFair. Is it just the current state of the economy? It seems that the tourist market in New Orleans and the lack of another major park in the area would make it very feasable to make money. 13 million in primary debt isn't that bad, is there something else scaring off purchasers. The park already has several coasters including a CCI so there is a solid ride base already in place.
Thursday, March 28, 2002 3:27 PM
All bet the major players are sitting back and watching...letting some of the dust settle before deciding whether to move or not. Not only will they need to make a profit for the coming year, but make enough to cover last year's losses.
"I'll bet that thing hits 5 Gs going through that loop.....faaar ooouut!"
Thursday, March 28, 2002 6:15 PM
Educated guess-the level of debt has spooked off any of the possible buyers. It wouldn't be the first operation sunk by initial under capitolization.
Friday, March 29, 2002 8:16 AM
Since both Six Flags and Cedar Fair are both still recovering from buying new parks over the last 1-2 years, I doubt they will want to incur more debt. Especially on a park that could be a potential flop. They both like to buy parks that have lots of potential and room to grow. I personally think Jazzland has potential, but if something or someone doesnt help them, that potential will be wasted.
13 million dollars is a small debt when you compare how much the big boys shell out on new attractions every year. But if SF or Cedar Fair purchased Jazzland, there would be ALOT more expenditures than that initial 13 million. After hiring new management and making the park part of "the chain", that number would grow to at least 20-30 million.
Friday, March 29, 2002 10:27 AM
My money would go on CF to eventually buy the park.
2002 - the year of IB's LoCoSuMo!!
Friday, March 29, 2002 12:17 PM
Time is the X Factor now. Larry can get in there and get the place open. If no one else shows up with some cash, the banks have nothing to lose in giving him the chance to operate and try to pay the debt down. Creditors want that park to open. They can't get dime one without the park open.
Friday, March 29, 2002 3:22 PM
It depends on what the attitude of the creditors are. Whether they want all of their money, or fifteen or twenty-five cents on the dollar. Some patience would be called for to find the right buyer for the park, one that would insure a complete return on their investment. If they want to get what ever they can in the short term, then Norton will be called in.
Sunday, March 31, 2002 5:55 AM
Hmmm...I'm guessing that because it's such a new park, no one knows if it's really going to become "STABLE" like the older parks. I think that's why the big boys are not moving in. They are much more comfortable with parks like Geauga Lake and Michingan's Adventure becuase these parks have been around for years.
Sunday, March 31, 2002 4:20 PM
personally i hope cf gets it....
Monday, April 1, 2002 3:58 AM
Why would you hope "CF" gets it ? I find no more compelling reason to cheer for a CF buy out than an SF buyout. Both are experienced chains and could probably run the park in an intelligent manner. SF has been "toying" with the idea of building or buying a park in Louisanna/Mississippi for years. This would seem like a good fit. I'm sure CF would be more than able to run the park as well. I'm still partial to smaller owned and managed parks. I believe that smaller management teams tend to provide more service to the guest.