Kings Island owner already expects another record year

[rlentless]

I do not believe this already got posted somewhere on KIC.  But seems Kings Island and Cedar Fair is expecting records profits this year.  Management team is stating a good January-March quarter for reasoning of a strong coming season financially.

 

http://www.journal-news.com/news/news/kings-island-owner-already-expects-another-record-/nk5gG/

[NoChickens]

 “We have seen early-season strength across all aspects of our business, including season pass sales, hotel accommodations and group bookings.”

 

  Makes one wonder why they didn't pounce on a certain property across the street. 

[jsus]

Hmm, does anyone know what that property would have gone for?  A complete demo and rebuild would be costly, though.  Management and the board may have considered but scoffed at the idea of spending $30-60 million or so to build a new resort at KI when still finishing the $60 million renovations at Cedar Point's Hotel Breakers.  Hotels aren't cheap to build.

 

Or am I way off, and it would cost nowhere near that much to build a new structure?  There would be no historic preservation to deal with, which surely drove up the cost at Breakers.

 

Edit: That is, unless they have any other water parks to sell off to fund this hotel project.  

[NoChickens]

  Yes, someone does, 

   But, what will it cost the park if an apartment complex goes in, and then files complaints about noise and traffic? 

  To me, and I am in no way an expert, it would seem an opportunity to expand an anchor park. Is this Cedar Point? No. Is there an opportunity to make it more of a destination? Yes.

  The Kings Island Inn, was such a place. Sadly, it's time came and went. IMO largely because it was so, large. When it was built it was one of a very few options. Now there are cheap hotels everywhere around the park. The only upscale choice being GWL, which is great, but priced out of some budgets. 

  An intermediate priced hotel, with a few amenities could have done well. Especially with free transportation to and from the park. A Large pool, with a few slides would make it very attractive to non thrill seekers.

[jsus]

Yeah, yeah..  

 

Oh, I totally agree.  It would have been great to see Cedar Fair buy out the property.  They could've even built a pedestrian bridge or motorized walkway to carry guests over into the parking lot (in lieu of buses/trams).  Sadly, you're probably right regarding the potential for noise and traffic complaints from the "luxury apartment" tenants.  Knowing how things like that tend to go these days, there will be legal action granted against Kings Island, despite the apartments being between a freeway and amusement park from day one.

 

Have plans been finalized for the apartments yet or is there still potential for a last-minute pickup of the property?  Last I heard, the Inn was still standing.

[NoChickens]

 Most of it was still standing opening day, but demolition is also obvious. 

[jdf21972]

I have to wonder when Paramount sold the land to Great Wolf Lodge there was a term of non-competition clause for a resort to be built within a time period.

[Magenta Lizard]

When I went by, at first the only obvious sign of change from the road was that the repainted school buses weren't waiting in the front to ferry patrons over to the park. As I looked closer I could see some buildings farther back seemed to be gone and there were large construction vehicles around. It was weird to be initially presented with the same face that has always been there, tho.

[jsus]

Of course, silly me, Cedar Fair could have bought up the property without having immediate plans to build on it.  That does happen quite often.  Oakland Community College, for instance, bought a building and its land just to implode the building and figure out a use for the property later.

[shark6495]

St. X did the same thing with the old Girl's Town Property

[Gabe]

Since most CF parks, including KI, are mainly visited by day trippers, seasonal attendance has as much to do with the economy and oil/gas prices as it does with a shiny new 1 yr old coaster which screams at you on the lift hill.  Several years ago, when gas prices were at or above $4 a gallon, people didn't come as much, or only came once a year and, if they did, spent very little or nothing inside the park.  Those prices also coincided with the recession-people were being laid off, and disposable income was low.  Flash forward to this year and, with the recession over, season pass sales up, upgraded food options and gas prices expected to remain stable in the $2.25-$2.50 range all summer and fall, Cedar Fair is right to expect big numbers. 

 

As for buying the old KI Inn, I'm certain the asking price for the land was well above what CF wanted to pay.  They are in the amusement park business, not hotel business.  The availability of sub $100 a night rooms within a 10-15 drive to the park likely figured into the discussion as well. It's much easier and cost effective to "partner" with several area hotels (offering park ticket packages along with a lower room rate) than it is to build a full-blown resort or even hotel.