As part of the arrangements for the acquisition, PARC will simultaneously sell the parks to CNL Income Properties Inc. (CNL), a Florida-based real estate investment trust, and lease back the parks from CNL pursuant to long- term leases. The sale is subject to satisfaction of customary closing conditions, including clearance under the Hart-Scott-Rodino Act and receipt of necessary third-party consents. The transaction is expected to be completed in March 2007.
This would be the defining paragraph for those interested in the long term utilization of this land as amusement facilities. We will see how this plays out.
I'm finding *squat* on PARC. Anyone else have better luck?
Edit: Not *official confirmation* by any means, but there is THIS in regards to '07 Season passes...
"The Company noted that obligations with respect to 2007 season passes and any committed park events, including group bookings and the previously announced Dream Nite promotion, will continue to be fulfilled under the new park ownership."
*** Edited 1/11/2007 3:58:55 PM UTC by rollergator***
...us who live in the Western New York region probably couldn't be more relieved. There were very little reasons to visit the park in the past due to neglect (two water slides in 4 years investment, a park doesn't make!).
...with the seven parks now operating out of Six Flags hands and into another company (of which I know nothing about and what their reputation is), Darien Lake will be the largest in the new "chain". ;)
...They said that all Six Flags branding at Elitch Gardens & Darien Lake will be removed... does that mean that they're goign to trash it, hold an auction, free-for-all, or just give it back to Six Flags?
*** Edited 1/11/2007 6:21:45 PM UTC by jomo***
Uh, yeah. Can't wait to hear more. I hope this means that Eltich and Darien Lake will get more attention, but I just hope that PARC knows what it's doing (and getting itself into). Still, though, $44 mil (and change) for each park seems a little low to me, although that might have been the highest offer on the table. *** Edited 1/11/2007 4:22:50 PM UTC by Arson***
On a side note, I am happy to see that the parks and the whole transaction has already been processed. This could be a huge turnaround. About frickin' time.
Hopefully PARC can turn the parks into cleaner and more innovative destinations. *** Edited 1/11/2007 4:28:35 PM UTC by Al-Shabibi***
It says that season pass from these parks will be honored at six flags.
But it doesn't say if you can use a six flags pass from other parks at these parks.
even if you purchased before this deal.
Looks like you're ok:
"The Company noted that obligations with respect to 2007 season passes and any committed park events, including group bookings and the previously announced Dream Nite promotion, will continue to be fulfilled under the new park ownership. Although the two Six Flags-branded parks involved in the sale, Darien Lake in Buffalo, NY and Elitch Gardens in Denver, CO, will no longer carry the Six Flags brand under the new ownership, any 2007 season passes purchased at either of those parks will continue to be honored at all Six Flags branded parks throughout the 2007 season"
SFFT might be in the chain for demonstration purposes, so other parks can see what they're doing wrong..."Disney-fication"... ;)
I can't help but think that this is good news for Six Flags fans. In the LONG run of course!
DWeaver said:^ In other news, Del Holland better start clearing out his desk.
Meh, I've been trying to get him "pink-slipped" since before the California Con....something tells me it's easier to kill Uma Thurman... ;)
edit: A friend showed me where I likely mis-read the season pass thingy. Reading CLOSELY, it seems to suggest that SPs bought *AT* DL or EG will be honored chain-wide, whereas passes purchased elsewhere *probably* won't be honored at EG/DL...
*** Edited 1/11/2007 4:48:46 PM UTC by rollergator***
SFDL is a nice park, but you have to also look at the factors metioned above.
As for the announcement, I am happy to hear about it. I think it was a smart move.
Conference call tomorrow morning, personally hoping they'll finally announce SFDK and what changes we can expect out here:
*** Edited 1/11/2007 5:45:21 PM UTC by jomo***
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