Jazzland will file for Chapter 11 bankruptcy today and Alfa SmartParks, the current owner, will sell to a group of investors that includes a former Six Flags executive.
Read more from the Times-Picayune.
True, the SLC was a bust, and case in point that you DONT ADVERTISE A NEW RIDE until the footers are poured.
Good luck Jazzland!!
Cooler still, I now KNOW a park that needs me, and (for a price) I'd LOVE to help turn Jazzland into a real regional "destination park"... *** This post was edited by rollergator on 2/26/2002. ***
It seems odd to me that everyone involved with the purchase is so sure that Jazzland will turn a profit as soon as they are at the helm. Even though they paid only about 22 cents on the dollar (31 million compared to 138 million) the park is still in the same place. People (well, most NORMAL people) who vaccation to Newe Orleans don't go there for theme parks, they go there for the French Quarter and Burbon St.
Don't get me wrong, I WANT Jazzland to succeed! But it just looks like one of those cursed locations that will not ever truly succeed. And yes, Mega Zeph is a real gem, I loved it!
Nothing... NOTHING... can prepare you for... the Fourth Dimension!
Also, I am glad Alfasmart is not running the park anymore. That group just doesn't know how to properly run a park, the whole fiasco with cancelling the SLC is the epitome of their incompentence. Looks like a great park that just needs some new management and new way to attract customers.
Doubt they'll use that money for a second wooden coaster, not that CCI or any of us would object, but the park really needs a signature steel ride. Unfortunately a hyper/giga probably exceeds the budget they've got for the next couple years.
It seems as if Alfasmart's frist "theme park" has turn to the worst in there porfolio, geuss they'll just stick to the water park and golf/arcade complexes for now.
While tourism may add some to the revenues of the park, a park this size in this location should probably concentrate on the regional business. With proper promotion and style, New Orleans, Baton Rouge, and environs should be able to support a park on their own.
*** This post was edited by Fierce Pancake on 2/26/2002. ***
*** This post was edited by Fierce Pancake on 2/26/2002. *** *** This post was edited by Fierce Pancake on 2/27/2002. ***
So who's holding the bag on the 'lost' 107 million? Alfa SmartParks? If that's true, they should change their name ... it sounds like the city of New Orleans is taking a sizable hit, there's the 10 million state grant (not a waste as long as the parks open) and there's the HUD loan which will still be repaid.
So the new owners (largely the same management that has been running the park with some new blood brought in; better hope the new guys are more than window dressing) get the park for 31 million while there's waivers of fees to be paid to the city, and while the city guarantees their HUD loans. And you wonder why public financing of projects like this is a bad idea ...
It's going to be interesting to see whether this management team can make Jazzland profitable. If successful, then it's a prime candidate to be sold, at a much higher price, to one of the companies previously mentioned. If not, then perhaps the city of New Orleans will take it over ...
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