Posted Thursday, October 4, 2007 9:20 AM | Contributed by Jeff
It's time for a decision on Wild West World's fate, according to two lawyers involved in the case. Offers are rolling in for the park's rides, Wichita lawyer Ed Nazar said Wednesday. He represents Thomas Etheredge's bankrupt theme park. And the window to sell the rides is rapidly closing with cold weather approaching, he said -- although an industry expert differs on how quickly that window will close. So if California-based Parks America can't come up with a workable offer this week to buy the park, Nazar said he is ready to move ahead with a liquidation.
Read more from The Wichita Eagle.
To not be able to support 1 park is unheard of. The park was new, the ride package was decent, so even with bad weather, people will eventually come out and kick the tires.
They will sell the rides, yes, but the park is worth much more intact. Once the rides start to go, anyone who wants to purchase the land for a park will have to spend more dollars to get it open.
Now they have a closed park, no future direction, and many unpaid bills ranging from vendors, consultants, bank notes, and ride leasing.
Back to the business plan. Who approved this? Most banks would like to know your business plan before forking over major dollars. Somewhere, there has to be the magic 'contingency' line item. If that was funded by this guys house, more pwoer to him.
Did any of the planners or consultants take into account weather, cost overruns, ride down time, etc. If this project was largely self funded, again, that is a huge misstake with potential liabilty from accidents, and lost revenue from poor weather are ride down time.
WTH is up with the city? I mean Joyland is basically done. They get a new park and won't even offer to help? They get their money back in TAX generated and revinew from incoming patrons.
Chuck, who don't think cities should be in the AP buisness but some breaks and help couldn't hurt. Cincinnati Owns a railroad from Cincinnati to Louisville, It operated in the Red for years and for the last 15 years has made money hand over fist from NS (Off topic but business related)
This size of a project would have never been a 100% success with private funding. A secondary market always needs assistance. It happens all over with stadium and convention center projects.
I'll go back to Jazzland, Visionland, Colorado's Ocean Journey, SuperSplash Adventure, (and there are others) where there was govt. involvement in the parks and all failed due to investments being much larger than the market could support. Of course in all of these, there were other factors that attributed to their downfall, but the key to any successful project is not to overbuild.
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