Hard Rock - news not so good

[vortexfan]

Impressive note about the Ford Edge. Traveling the WV Turnpike at 70mph, we struck an object in the road that immediately blew the passenger side rear tire. Instantaneously flat. The vehicle did not loose a bit of control or even wobble when the tire blew at such high speeds. This includes the added weight of a full cargo area and a cargo carrier attached to the roof rack. Very impressed with the safety performance of the vehicle and Ford will be receiving a letter from me. Just one more reasson I love my Edge

My family was originally going to buy a Ford Edge. We were all impressed with the comfort and room inside, and it felt extremely powerful as well. Alas, we chose a cheaper car in the end.

[Avatar]

Glad to hear you and the family made it back safely. Those highway blowouts are scary. One of my customers just back over the weekend and they went to MB too. They said they had fun but said it seemed like the area was run down and not like it used to be, then said they are going elsewhere next year.

[RailRider]

Thats the key, the downtown area is older and rundown somewhat, hence the issues HRP is having. I recomend North Myrtle Beach. More resort community, family oriented and less touristy. I wouldn't stay down town, but I love the North area.

[tigellinus]

^^So did you see the signs in NMB for "video games"??? B/c if so, what are those?!?

[The Interpreter]

Hard Rock Park Loses An Investor:

http://www.charleston.net/news/2008/sep/08..._investor53342/

[PREMiERdrum]

http://www.marketwatch.com/news/story/hrp-...D&dist=hppr

HRP closed for season, plans to file for Bankruptcy.

"Plans" to open again for 2009.

[The Interpreter]

Bankrupt debtors normally do not get to name their future. Judges get to help decide that issue, with input from creditors.

[Rollercoast19]

They said they had fun but said it seemed like the area was run down and not like it used to be, then said they are going elsewhere next year.

I hate hearing that from visitors to Myrtle Beach, but I totally understand it. This year was the first time I went down since they took out the Pavilion and when I saw the site my heart broke a little. Coming into Myrtle Beach on U.S. 501 and seeing the Pavilion was always special to my family and I. I am still mad at Boroughs & Chapin for not having a plan for the site and now they won't develop the site until they get their mile long boardwalk.

Former site of the Pavilion:

Part of Hard Rock Park's parking lot around 11:30 on a weekday:

Edit: Added another picture

[tigellinus]

YES!!!!! Who woulda thought Holiday World's first steelie would be a B&M looper with on-board sound!?! Take THAT KI with your little ol' B&M that doesn't do any inversions!!

[The Interpreter]

Official FAQ from the park:

http://www.hardrockpark.com/closinginformation.cfm

[Beast1979]

Have there been any other parks that have lasted only 1 year?

[Shman]

In recent History....Wild West World didn't even last a year.

[The Interpreter]

Hard Times For Park:

http://www.charleston.net/news/2008/sep/26...imes_park55884/

http://www.thestate.com/business/story/536386.html

[RailRider]

Here are some of the highlights from the article on The State.

The park owes at least $343 million and has between $100 million and $500 million in assets, according to court filings.

Slightly used B&M anyone?

The park owes hundreds of millions to bondholders and more than $7 million to vendors for goods and services, such as merchandise

Good luck buying a tshirt next year, if there is a next year.

The park has used a $15 million line of credit for operating expenses from Deutsche Bank that was supposed to last four years Wow way to spread that out over the 4 year period. Max it out.

The problem: Hard Rock generated less than $20 million in ticket sales this season.

Heres a rough estimate on their attendance figure. Figure a ticket is somewhere between $40 to $50 depending on type bought. Nice range for attendance is somewhere between 400,000 to 500,000 visitors. Nice attendance for a smaller park, but for a brand new park that was counting on 30,000 guests a day? If you look at the months July and August with what they expected to average per day, we are looking at somewhere around 1.8 million guests over 2 months. They didnt even pull half of that for the entire opperating seasson...

The park had about 1,200 employees as of Wednesday, but plans to cut down to 75 in the off-season, according to court documents. Several employees said they had been paid in full for their work, but the park said in documents it still owes about $50,000 in wages as well as up to $170,000 in untaken vacation days.

Atleast it sounds like they are paying their employees, but I would be shocked to see it last.

So far this season eight mechanics liens totaling $1.76 million were filed. About $460,000 of those liens had been paid before Wednesday’s bankruptcy filing

The largest lien, $964,609, was filed by Premier Rides

That will make it hard down the road to add any future attractions.

Overall from what I see, if HRP makes it through chapter 11 and reopens next year, I think it will be very hard for them to do business. There are going to be a lot of manufacturers and vendors that have a bad taste in their month over this and the industry isn't that big. So HRP will have a bad reputation and their past history is definately going to be a big negative. Not holding my breat

[Beast1979]

Here are some of the highlights from the article on The State.

The park owes at least $343 million and has between $100 million and $500 million in assets, according to court filings.

Slightly used B&M anyone?

The park owes hundreds of millions to bondholders and more than $7 million to vendors for goods and services, such as merchandise

Good luck buying a tshirt next year, if there is a next year.

The park has used a $15 million line of credit for operating expenses from Deutsche Bank that was supposed to last four years Wow way to spread that out over the 4 year period. Max it out.

The problem: Hard Rock generated less than $20 million in ticket sales this season.

Heres a rough estimate on their attendance figure. Figure a ticket is somewhere between $40 to $50 depending on type bought. Nice range for attendance is somewhere between 400,000 to 500,000 visitors. Nice attendance for a smaller park, but for a brand new park that was counting on 30,000 guests a day? If you look at the months July and August with what they expected to average per day, we are looking at somewhere around 1.8 million guests over 2 months. They didnt even pull half of that for the entire opperating seasson...

The park had about 1,200 employees as of Wednesday, but plans to cut down to 75 in the off-season, according to court documents. Several employees said they had been paid in full for their work, but the park said in documents it still owes about $50,000 in wages as well as up to $170,000 in untaken vacation days.

Atleast it sounds like they are paying their employees, but I would be shocked to see it last.

So far this season eight mechanics liens totaling $1.76 million were filed. About $460,000 of those liens had been paid before Wednesday’s bankruptcy filing

The largest lien, $964,609, was filed by Premier Rides

That will make it hard down the road to add any future attractions.

Overall from what I see, if HRP makes it through chapter 11 and reopens next year, I think it will be very hard for them to do business. There are going to be a lot of manufacturers and vendors that have a bad taste in their month over this and the industry isn't that big. So HRP will have a bad reputation and their past history is definately going to be a big negative. Not holding my breat

Well if they go under (Which can not be ruled out), then we would be happy to collect Led Zepplin!

[The Interpreter]

"We" might, but it would be auctioned off by a bankruptcy court, unless a sale were arranged. It costs nearly as much to move that type of steel coaster as it does to buy a new one. And that does not include paying even ONE NICKEL for the old coaster. In fact, moving what is now Afterburn was only $500,000 less than buying a new one. And that was with Paramount Parks already owning, and thus not paying an additional cent for, Stealth aka Borg: The Assimilator nka Afterburn. Even at a distress sale, it is likely that Led Zeppelin will go for more than the difference between the cost of moving it and a new one. So, two things:

* You are saying you would PREFER a used coaster from another park to a new one?

* You really think Kings Island is going to get a coaster from Hard Rock Park when many Cedar Fair parks are getting next to nothing next year? Cedar Fair is not exactly plush with extra money, and many analysts castigate Mr. Kinzel from time to time now, wondering if the capital budget is large enough.

Besides, much better coasters may be available (heaven forfend) when and if the place that numbers its flags files bankruptcy.

[Beast1979]

^It was a joke, Terpy.

[The Interpreter]

Hard Rock's and Strand's reputations in jeopardy:

http://www.myrtlebeachonline.com/business/story/611031.html

Interesting quote:

A new name?

Some, including Ranta, wonder whether another theme park operator would come knocking at the park's gates with checkbook in hand. Hard Rock Park spokesman Jim Olecki said he would not comment on that possibility.

A spokeswoman for Cedar Fair, the company that owns Carowinds, did not rule out the potential of acquiring Hard Rock Park - though she said the company was focused on the parks it bought in 2006.

"That doubled the size of our company," she said. "That being said, I always like to say never say never. If there's a park at an attractive price ..."

A Six Flags Inc. spokeswoman would not comment on the possibility of buying the park. Burroughs & Chapin Co. Inc., which has been shedding its amusement properties, said in a statement that the company "has no interest in investing in or buying the park."

Gilland said she did not think new theme parks should be built here, but said other types of companies would still do well.

"I wouldn't advise a Dollywood or a Disneyland to start from scratch with a theme park right now, but a theme park is a completely different animal," she said. "This has nothing to do with a manufacturer, for instance, or a producer of anything who is making something for consumption."

Perhaps Cedar Fair MIGHT be able to finance this acquisition, but if they even tried to, those who already thought Mr. Kinzel & Co. overpaid for the Paramount Parks would probably arrange a mutiny. As for Six Flags, the mere thought of them buying ANYTHING right now, much less a failed park, is absolutely hysterically absurd.

[Beast1979]

And the plot thickens....

I don't think Cedar Fair would be one to pounce on the oppertunity immediatly, but here's hoping to get even more bang for my platinum pass!

[The Interpreter]

I would say the chances of Cedar Fair buying Hard Rock Park are about 1/10 of 1 percent. Financing is VERY difficult to obtain right now, we are in a huge credit crunch. And all the factors that made Hard Rock Park such a difficult proposition remain in place. The biggest three are the primary factor in the valuation of real estate: location, location and location.

Hard Rock Park might have succeeded if it were in Orlando or even Los Angeles. It isn't. It's in an area where there is a free beach and seemingly a thousand Family Entertainment Centers to compete with. $50 for an all day experience that can be had somewhere back at home or at least closer to home when and where there aren't other more interesting and cheaper things to do is a tough nut to crack when the clientele is largely 8-22 year olds who have a budget of money (usually doled out by parents) who must choose what to do based on available money and time. Cedar Fair can't change that. They might, at most, buy some of the rides, should they be auctioned off.

[RailRider]

Interesting I dont see any of the major park chains buying HRP. Like mentioned earlier, how could SixFlags buy anything right now? Cedar Fair is trying to regin in the former Paramount Parks and HRP would be another GL in my mind for them. Disney, well acquring parks isn't something they do and Dolly and her pals, well they just seem to be happy focusing on making Dollywood one of the best parks in the industry.

HRP could possible be bought by private investor or from an over seas park management company, but honestly I just dont see a lot of hope for the park. I thought it was doomed to start and there seem to be a lot of mistakes made the entire process.

[The Interpreter]

Just need to add an aside here. Dolly's pals include business partner Herschend Entertainment, which owns many, many things from The Dixie Stampede to Silver Dollar City to a showboat in Branson to Celebration City to Ride the Ducks in many cities and on and on. They also bought Wild Adventures. So, perhaps they might be interested in Hard Rock Park, though I doubt it.

http://www.hfecorp.com/

Also, Jane Cooper, who was CEO of Paramount Parks at one time, is now with Herschend, as is Craig Ross...

[Delirium_Guy]

Just need to add an aside here. Dolly's pals include business partner Herschend Entertainment, which owns many, many things from The Dixie Stampede to Silver Dollar City to a showboat in Branson to Celebration City to Ride the Ducks in many cities and on and on. They also bought Wild Adventures. So, perhaps they might be interested in Hard Rock Park, though I doubt it.

http://www.hfecorp.com/

Also, Jane Cooper, who was CEO of Paramount Parks at one time, is now with Herschend, as is Craig Ross...

Lets also not forget, kids, that Herschend recently aquired the Newport Aquarium as well....so Dolly and pals are quite close you in the Cincy area and they have a very diverse portfolio, as Interpreter pointed out. Herschends has some great people :-) Craig is rumored to be Dollywood bound to be the new GM, he currently is residing at Wild Adventures.

[BoddaH1994]

Cedar Fair certainly lost an asset when they lost Craig Ross. What a great guy.

[Gordon Bombay]

Just need to add an aside here. Dolly's pals include business partner Herschend Entertainment, which owns many, many things from The Dixie Stampede to Silver Dollar City to a showboat in Branson to Celebration City to Ride the Ducks in many cities and on and on. They also bought Wild Adventures. So, perhaps they might be interested in Hard Rock Park, though I doubt it.

http://www.hfecorp.com/

Also, Jane Cooper, who was CEO of Paramount Parks at one time, is now with Herschend, as is Craig Ross...

Lets also not forget, kids, that Herschend recently aquired the Newport Aquarium as well....so Dolly and pals are quite close you in the Cincy area and they have a very diverse portfolio, as Interpreter pointed out. Herschends has some great people :-) Craig is rumored to be Dollywood bound to be the new GM, he currently is residing at Wild Adventures.

Not to mention, in addition to the aquarium they also have a "Ride-The-Ducks" tour in Newport now.

[Braves0511]

Too bad it could go under, and i know im dredging up an old thread, but I had a wonderful idea! They should have put in a top spin of some kind, and themed it around THIS (for those of you who don't want to follow the link...it's tommy lee in his rotating cage of drums...(very very EXTREME language warning, sorry about that but it was such a great idea i had to share haha, and this was the only video I could find that really got the point across.))

[The Interpreter]

Experts: Hard Rock Park Must Use Marketing To Rock On:

http://www.myrtlebeachonline.com/679/story/636142.html

I'm sorry, but I think marketing was near the least of this place's many problems.

[PKIDelirium]

In fact, moving what is now Afterburn was only $500,000 less than buying a new one. And that was with Paramount Parks already owning, and thus not paying an additional cent for, Stealth aka Borg: The Assimilator nka Afterburn.

Quoting an old post here, but when did Afterburn morph from a B&M Invert to a Vekoma Flying Dutchman?

[The Interpreter]

Of course I meant Nighthawk....

http://www.rcdb.com/id2514.htm

Terpy, (who still hasn't really adjusted to Coaster at Dorney Park being Thunderhawk!)

http://www.rcdb.com/id239.htm

[RailRider]

I'm sorry, but I think marketing was near the least of this place's many problems.

While I agree the park had a multitude of problems, they never had a chance because nobody outside of enthusiasts or folks heading in to Myrtle Beach knew about it. You cannot expect to sustain or survive as a park if you plan on only advertising to folks on their way in to MB. We saw more billboards for other attractions in MB than for HRP.

I still cannot belive they didnt advertise heavily in other markets. I have a good friend that lives in Charlotte and he did not even know HRP existed. I asked him to talk to his coworkers and see if they had heard of it or had seen advertising for HRP. Nobody except 1 person knew anything, and the person that did only knew cause her son is a big theme park fan...

Even if HRP was the worlds greatest amusement park when it opened, you still have to advertise when its brand new. Nobody to spread word of mouth and no pre established notions like Disney has. HRP had the responsibility to market and drive guests to the park. Instead they failed on the marketing and never touched the market to bring people to the park. They failed in generating the buzz.

Just think back to Islands of Adventure and when it opened, compare the marketing there with the marketing of HRP. HRP doomed themselves from the begining.