Posted Thursday, December 18, 2008 10:02 PM | Contributed by Jeff
A company interested in running Hard Rock Park had a conference call with city and county officials, asking them to help work out a deal to save the property, officials said. The company, PARC Management, told the public officials that there were no bidders with enough money for the $400 million theme park, which filed for bankruptcy in September and went to auction on Monday.
This is such a shame, but from what I've heard, marketing was a disaster for this park. Anyone want to take out a REALLY large loan with me and buy it? LOL
This post could also be titled, "PARC Management interested, but not willing to commit to this serious of a relationship right now".
Sad to see it happen but all the bidders (including PARC) are buisnessmen, even at a "sale price" this is just not a good time to buy an unsuccessful park. But why waste their breaths even contacting city and county? If a successful coorporation is unable to back a large investment of this nature why would a local government in a struggling tourist market?
It was unsuccessful only because it was insufficiently funded, and improperly marketed. The original concept is a good one, a multiple concert venue with rides. I think that they lost sight of that somewhere along the line, probably when they realized what it would cost to fill those stages all the time. With no cushion to fall back on while they worked out the kinks, they were doomed (kind of sounds familiar, doesn't it?).
Not even for a dime on the dollar.
Should have been located in Las Vegas originally.
That would have gone 180 degrees against the current trend in Vegas.
Yeah, Vegas got all family friendly (well, in their minds), and they've been working hard to go back the other way. Thankfully.
Would it be dumb to think that Brooklyn would be a great location for this park? "Water under the tree" at this point. I was hoping Universal would pounce, but with the exorbitant spending on Pottyland I guess they have to watch their pennies.
Hard Rock Park was sufficiently funded. They made it an entire season before closing and their attendance is said to have fallen FAR short of projections. I don't care if they had another hundred million. There comes a point where you're going to pull the plug because something is not running right.
There is also a very good reason why there isn't a major theme park in Las Vegas. It's too hot in the summer and too cold in the winter and those are the times when the kids are off from school. There also isn't much of a population to support a theme park and as stated the tourists who go to Las Vegas aren't interested in theme parks. MGM Grand Adventures failed for a reason. No one was quick to rebuild Wet 'n Wild after it closed too.
I'm with Brian Noble. I don't care how bad the economy is, if you can buy something for 90% off, why not? That's assuming they'd accept the minimum bid.
Yeah yeah, I know it's not that simple, but even operating at a loss for several years, new owners could experiment with all sorts of things to attract the peeps before they even reach the original investment.
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