Wednesday, June 6, 2007 2:31 AM
Interesting notes from the article:
* Six Flags is purchasing the city of Vallejo's $52 million dollar interest in the Discovery Kingdom theme park. In doing so, Six Flags will now completely own the park and is now able to exclusively reap all profits generated from the park, while the city is able to reduce its debt load and improve its bond rating.
* Six Flags spent $16 million in improvements this year at the park as a result of the transformation from Marine World to Discovery Kingdom. Anybody else curious as to how the new signage and animal sculptures, one coaster paint job, and a new train ride cost that much?
Here's the story: http://www.timesheraldonline.com/todaysnews/ci_6067745
Wednesday, June 6, 2007 3:08 AM
Hmmm... Seems like all we've been hearing for the last year is how Six Flags is trying to lower their outstanding debt. Seems contradictory, although it may have definite financial advantages. I loved the comment about how poor attendance was blamed on rain. For a marine park.
Wednesday, June 6, 2007 4:12 AM
This is EXCELLENT news. For years, those of us in the Bay Area have been a little concerned about the park's future, but this shows how committed Six Flags is.
The city of Vallejo is expected to make $750,000 annually in a 2.5% park entrance fee. My math says that means the park is expected to take in $30,000,000 each year. That is just raw income I'm sure, but to pay off $16mill in improvements (I agree krax, that seems fairly high) would take a while.
Wednesday, June 6, 2007 8:18 AM
I'm sure some of that $16 mil was infrastructure upgrades similar to what they put in TGE and SFA this year and not just signs and paint. Speakers, Thomas Town, new Point of Sale System etc...
Wednesday, June 6, 2007 8:55 AM
^And it probably takes a ton to take of them critters in their natural habitats of concrete pools. ;)
Wednesday, June 6, 2007 9:00 AM
I'm not sure what the park looked like last year, but I'm also skeptical about the amount of money spent on signage. If they did spend that much money on signage, I'm going to buy stock in the company that suckered them into that deal!