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BREAKING: Hard Rock Park Bankrupt: Files Chapter 7


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Well that article mentions several interesting bits of information. First, that PARC management was interested in the property, although apparently not interested enough to submit a formal bid on Hard Rock Park.

The company that came through and bought up Six Flag's cast-offs does not want HRP....That speaks volumes, not just of HRP, but also of our current economy.

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Hard Rock's reopening not likely before 2010, state official says; minimum bid set at $35M:

http://www.charleston.net/news/2008/dec/16...heme_park65159/

Interesting quote:

..."The failure of the operation does not reflect on the overall market," Prosser [director of the state Parks Recreation and Tourism Department] said.

"The previous group did not spend the money they needed to spend to market it."

He said having an empty amusement park doesn't hurt Myrtle Beach, which is the biggest draw in the state's $16 billion a year tourism industry.

But, if open, the park would draw new visitors to the area, Prosser said...

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It is NOT total disarray. The park is now in the hands of the court, whose obligation is to serve justice. The creditors will be represented by a trustee in bankruptcy, who will doubtless pursue the liquidation of the bankrupt's assets...i.e., sell off the rides and other personal property and offer the real property for sale at auction as unimproved land. Unless, of course, a viable proposal QUICKLY emerges that serves the interests of the creditors while allowing the park to continue. While possible, this doesn't seem very likely at the moment.

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It is NOT total disarray. The park is now in the hands of the court, whose obligation is to serve justice. The creditors will be represented by a trustee in bankruptcy, who will doubtless pursue the liquidation of the bankrupt's assets...i.e., sell off the rides and other personal property and offer the real property for sale at auction as unimproved land. Unless, of course, a viable proposal QUICKLY emerges that serves the interests of the creditors while allowing the park to continue. While possible, this doesn't seem very likely at the moment.

Easy now, I should have stated who I felt "total disarray" was referring to. What I was referring to is the idea of the people who created Hard Rock Park, those who tried to operate it, and now the process to give the park to a new buyer falling through. Up until the newest court preceding, The whole instances surrounding Hard Rock Park exhibited a lack of order.

The whole story behind Hard Rock Park was a mangled, orderless mess. So yes, I would say that aside from your court preceding the whole thing has been in disarray, and Bankruptcies typically are messy for everyone involved.

Not to mention, supposedly many people who thought about evaluating a decision on whether or not to buy Hard Rock Park filed complaints saying they were not given adequate time to make a decision, a decision that very well could have given the creditors more of what they were due than an all out liquidation. Or it could have yielded less. A lot remains to be seen, lets just hope that the court doesn't put together the same type of executive board that was put together multiple times to salvage Conneaut Lake Park.

Obligation does not always match up with Duty. Let's hope it does here.

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No Hard Rock Park has nothing to do with Hard Rock Cafe, they only paid for naming rights. Very expensive naming rights.

A park can succeed right now, even a brand new one. There are many factors to why HRP failed.

Just because an insdustry is well established does not mean new players cannot enter the market and become successful.

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And, in addition to poor marketing and bad location, you can add a certain arrogance that resulted in:

* initial refusal to discount in any way

* very limited promotion as "our product is so good, we built, they will come."

And, what appeared to be a complete lack of understanding that Myrtle Beach *isn't* Orlando. I think one of the things that could have helped them the most would have been a "twilight" promotion with substantially reduced admission after 5:00p. (Park hours of noon-midnight probably also would have been a good idea...) People do two things during the day at MB...beach or golf.

I remember reading an article while HRP was under construction that worried about rather MBSC had too small of a full-time population to support a park like this. One interesting fact that the article mentioned was that Orange County Florida (Orlando, essentially) had a bigger year-round population in 1970 than Horry County did in 2004.

But, it really was a nice park...I had a great day there. (Although, I'm sure the complete lack of crowds helped contribute to that...)

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