Well yes and no. While the hotel is being built by Great Wolf, it is replacing the Kings Island Campground. Word on the street is that there may be a new campground out behind the green house that grows PKI`s flowers (this is visible straight ahead as a train crests the lift on Top Gun.) I would imagine if it comes true, that if it turns out they are building a new campground, it will come out of PKI`s capital expenditures budget.

Yeah, but they'll also be getting 15% of the revenue from Great Wolf to help offset the cost of the new campground (which is a revenue producer in and of itself). My guess would be that they treat the campground as its own P&L center.

But, you're right--building a new campground will be a cap ex project. However, I doubt they'll try to sell that as the new "ride" for 2006 (or '07)