Kings Island to Get $10 Million Capital Addition, Major Thrill Ride

[The Interpreter]

Not to mention that as a subsidiary of a large conglomerate, the Paramount Parks books were rather opaque. . .transactions and financial conditions of the Paramount Parks were not publicly disclosed. I doubt the poster here was privy to the inside accounting information at Paramount Parks. Cedar Fair, though publicly traded, also keeps many financial figures on a close hold basis. It is not a stock company, but rather a limited partnership, and thus has very different accounting rules than most other companies.

[RailRider]

Well GL is going to get a $10 Million boost this year from Kings Island then.

Cedar Point must be in some serious debt after building Millie, TTD, and now Maverick. Man how is that park even staying open. Im surprised they arent charging $20 just to park.

[cincyboy79]

hehe ok so i dont have the financial knowledge that most have in here. but what i do think is that PKI is CF's play ground, with 775 acres of land currently owned and only 364 developed. they are able to add rides that CP may not be able to get for space reasons, unless CP removes a ride, builds in the parking lot (*shudder* an SF idea) etc.

i bought a maxx pass so i sure as hell hope its worth it so far my interest is peaked but as with everything wait and see.

[The Interpreter]

New ride for Kings Island

BY CLIFF PEALE | CPEALE@ENQUIRER.COM

Kings Island will get “a major new thrill ride†this summer as part of an $83 million nationwide capital investment from its new owner.

Sandusky-based Cedar Fair Entertainment Co. said today it would invest in its 12 amusement parks. The program includes an unspecified ride at Kings Island and at Knott’s Berry Farm, the company’s only year-round park. The Kings Island investment will total about $10 million, it said in a news release.

The ride will be announced by the Mason amusement park at a later date.

The biggest investment will be at Cedar Point along Lake Erie, where the company will spend $21 million on a new roller coaster called Maverick. The park has 16 roller coasters, more than any amusement park in the world.

The new ride will feature three inversions and speeds of up to 70 miles per hour. Cedar Fair also will spend $4 million more on restaurant renovations and general park improvements at Cedar Point.

Cedar Fair bought Kings Island and four other amusement parks in July for $1.24 billion from CBS Corp., which sold its Paramount Parks unit.

Since the deal closed, Cedar Fair has cancelled Kings Island’s Winterfest event because of lower-than-expected attendance, laid off about 15 employees as it restructured administrative operations, and dealt with the closing of its Son of Beast roller coaster after a July 9 accident that sent 27 people to the hospital.

Son of Beast will return next summer but without its signature loop.

http://news.enquirer.com/apps/pbcs.dll/art...220019/1076/BIZ

[KIfan73]

I think that what mutedarkeness was trying to say that they aren't going to do anything different with the parks just because they are all owned by CF. Each park is looked at as an individual, which seems like the right idea. It doesn't look like CF is going to say about an under-performing park "well, most of our chain is doing well, so lets spend a ton on this park to see if we can bring it up".

Geauga Lake is of course not out of business, so they still need capital improvements.

[PKIVortex]

What is the big secert? Why doesn't Kings Island just announce it already. We already know we have a good chance of getting X-Flight, and if we are not, a Major Thrill ride sounds nice. But i'm 99.9 % sure we are getting X-Flight.

[WooferBearATL]

hehe ok so i dont have the financial knowledge that most have in here. but what i do think is that PKI is CF's play ground, with 775 acres of land currently owned and only 364 developed. they are able to add rides that CP may not be able to get for space reasons, unless CP removes a ride, builds in the parking lot (*shudder* an SF idea) etc.

i bought a maxx pass so i sure as hell hope its worth it so far my interest is peaked but as with everything wait and see.

If you think that CP is anything but CF's Golden Child, you're mistaken.

[KIfan73]

^True, but obviously CF wants to diversify.

[The Interpreter]

^True, but obviously CF wants to diversify.

And/or eliminate/lessen competition with its owned parks.

[PsycoPath]

Cedar Fair wants CP to be the Thrill/Roller Coaster destination, while they want KI to be more family oriented.

[Rustbucket]

Cedar Point must be in some serious debt after building Millie, TTD, and now Maverick. Man how is that park even staying open. Im surprised they arent charging $20 just to park.

Don't give them any ideas!!

[The Interpreter]

They currently are charging $70 for a parking pass to Cedar Point (and that's a decal that goes on ONE car...and they put it on).

I wonder what the daily parking rate will be in 2007 for that park.

Something tells me we have seen the last year for free season parking with a season pass renewal at the former Paramount Parks.

[glennpc]

Also Glenpc dont be affraid to post around here, we are all pretty nice. If you keep making posts like your previous other PKIC members will respect you because atleast you can support your opinion. Just one thing though, dont be skeptical of Cedar Fair, they are a tremendous company and they will be comitted to Kings Island and making it one of the best parks in their chain.

Thank you for the encouragement.

I guess I'll downgrade my "skeptical" to "nervous." I know Cedar Fair is a great company, and I'm sure they wouldn't have purchased the five Paramont parks if they didn't believe it could take them to the next level of world class entertainment. I'm just nervous about how KI's proximity to CP might affect their decision making when it comes to adding new attractions to the park. I say that because I live in central Ohio, roughly half way between KI and CP. I know a lot of people who decide which park to go to each summer based on which one just put in a major new attraction. Last year many of them went to KI because of IJST. Next year it will be CP because of Maverick. If CFE keeps it going back and forth like that, then KI should do just fine.

I just wish they had given Winterfest one more chance. If anything can be considered an event for the whole family Winterfest is it. I know they more or less fell on their face last year, but look how it got people interested in alternate forms of Christmas entertainment. Even The Beach got over a 50% increase in attendance for their Christmas event. Since they hadn't done Winterfest for 13 years it was basically a new event, and many new events have problems their first time or two. If they could have examined their mistakes and made the appropriate changes then I think they could have turned it around this year.

[trueTEXAN1990]

CP is the crown jewel the "flagship park" of the chain but we all need to look at why CF bought PP. Of course there are probably multiple reasons but one of the main reasons is KI. Who beat CP in attendance last year, KI and with KI they now have a monopoly in Ohio. So I personally think that Kings Island will get alot from CF not to the extent of what CP will get but something close. Just look at the recent press releases from CF the one on SOB they justified spending millions to repair it and now they say they will add a major thrill ride (TBA) and renovations totaling over 10 mil! If you look at it they are only spending more at two other parks KD (which was probably already planned under Paramount) and CP. I think this will be an exciting year for KI and CF. As far as that 10 mil budget i believe that, that does not include the SOB repairs that was part of an earleir press release that stated that CF would pay for the repairs.

[CoastersRZ]

But the money to repair Son of Beast has to come from somewhere. I mean, it is above and beyond routine off season maintenance on the ride. Whether that money comes from the capital budget or elsewhere, Cedar Fair is committed to getting the ride safe for the general public and getting it back open.

[glennpc]

CF will keep the crowds coming to KI. They won't want a 360 acre park to use as a huge tax write-off.

I definitely agree.

I just hope KI doesn't end up being treated like CP's little brother - always being made to walk one step behind, (so to speak).

[trueTEXAN1990]

Well as far as were the money is goin to come from for the SOB repairs we may never know because CF is a LP they dont have to report on everything like a normal public corporation would, but it is my personal opinion that it will not come from the 10mil. budget for KI.

[CoastersRZ]

Well, for the most part, all the other Cedar Fair parks have really played second fiddle to Cedar Point, America`s roller coast. But, Cedar Fair has by no means neglected the other parks. I mean, most of them, save maybe Michigan`s Adventure and Geauga Lake, have recieved major attractions (like some sort of B&M installation) of some sort. While it may not be every year like we have been used to at Kings Island, I in no way think they will neglect Kings Island. KI draws from a large demographic area, and has the advantage of easy access to the interstate system for travelers. Based on the guestimates (which are not exactly accurate) from now defunct Amusement Business, Cedar Fair owns two of the busiest seasonal parks in America (Kings Island and Cedar Point) and a busy park in Canada (Canada`s Wonderland). So while Cedar Point may still remain the flagship of the chain, by no means do I believe that they will make Kings Island become the ugly duckling of the chain.

[glennpc]

Coney ring a bell? Hand-me-downs from another park were what started Kings Island.

You're absolutely right. But once KI openned...

BTW... The old log flume ride from Coney, (which now has a Nick theme), is actually one of my girlfriend and my favorite rides. And we're both 44.

I think that when CF decided that X-Flight was no longer a fit for GL, they looked at which parks could support such a ride (and those that were at least somewhere nearby-I'm still hard for transportation costs being a major factor in the total cost), and KI seemed like a logical choice. Sure, it's a used ride, and sure, it fulfills the need to add a major ride to a large park, but I don't see this as the beginning of a trend during which KI will receive second-hand rides on a regular basis. I don't see CF going down the SF road of regular ride circulation.

Is it actually official that X-Flight is coming to KI?

Even though the idea of hand-me-downs makes me nervous, the way so many here are excited about it, I will definitely be in line to give X-Flight a try.

[glennpc]

... but what i do think is that PKI is CF's play ground, with 775 acres of land currently owned and only 364 developed. ...

I'm gonna show my ignorance with this question...

Is the parking lot considered part of the 364 acres that is developed? If not, then there's very little land left, because the parking lot has gotta be almost as big as the park itself.

Also, I seem to remember reading somewhere in one of KI's history timelines that they originally started out with something like 1500 acres, and then sold off about half of it just a few years after the park openned. Does anyone know if that's true? If it is, where was that land in relationship to the current park boundaries?

[CoastersRZ]

I believe that the parking lot is considered part of the developed land. The park currently still owns 752 acres. Back when Taft purchased the land for Kings Island, they bought 1,600 acres at a total cost of $3.2 million. The land they bought included land on both sides of I-71. It comprised what is now the Golf Center at Kings Island, the Kings Island Resort, the Tennis Master Series complex, and the new Great Wolf Lodge. All of which are no longer affiliated with Kings Island.

And trueTEXAN1990, why do you feel that the money won`t come from KI`s capital budget for 2007? Yes, they don`t have to disclose all their costs to their unit holders. But why do you think that you know the inner workings of the park and Cedar Fair`s budgeting and accounting practices? I`m not saying that I do know their practices either. But what I am saying is that if they are spending millions of dollars to fix the ride, I would think that they would have to allocate money to do that. Whether that comes from the capital expenditure budget or from some other budger I don`t know, and as you stated, we may never know for sure.

[fryler87]

Is it actually official that X-Flight is coming to KI?

No, but I feel confident enough to put money on it-something I don't do unless I'm 99% sure of a result in my favor.

[BoddaH1994]

10million :\ that number keeps ringing in my ear. I dont think its takes 10million dollars to tear down X-flight and re-build it here, and it didn't cost anything to buy the coaster since it was an "inside" trade.

I think Kings Island is geting 2 attractions , X-flight and a mystorus thrill ride =O (im voting for a jump2 )

No it doesn't take 10 million to tear down X-Flight and ship it down here but fixing SOB isn't free. Seriously, you have no idea what your talking about and your passing it off as if you do. It's probably best you just stop talking.

Hey Sparky, weren't you in charge of high steel maintainance work? Oh wait no... when you worked at the park you checked lap bars and pressed buttons. Why don't you quit hopping on people for speculating? I'm not allowed to say too much but I'm willing to say that come opening day, you're really going to have to put a foot in your mouth for attacking Rumor Smasher on this one.

[fryler87]

What a post...a serious burn AND a clue!!!

[WooferBearATL]

I've not seen that rumor smasher has really said anything that has disclosed or lead to anything? Did I miss something profound other that riddles that make no sense and comments that did not add up to anything?

[The Interpreter]

There are other boards that I frequent that have this little icon of a guy eating popcorn and watching with great interest.

That's me right now!

[Browntggrr]

This is probably going to make some of the Paramount fanboys upset, so please don't take any of this personally.

KI under Paramount was considered the crown jewel of all the Paramount Parks. Now that KI is owned & operated by CF everyone is concerned that KI will be the little brother that is picked last for the schoolyard football game. I don't see this happening. I don't see how Paramount treated KI well. Many here have complained that Paramount has been dropping the ball at KI for things like: customer service, cleanliness, pricing etc. before the announced purchase by CF. I believe that CF will give KI the attention that it deserves as one of the best parks in the world.

CP will still get all the bells and whistles, but it also deserves to be treated as the best, because they have been the best for many years now in many catagories. CF did not spend all that money just to just let KI lay by the wayside. Just look at what they have put into GL. Even though it has not paid off at the gate, you cannot say that CF is neglecting the park in any way.

Just as an example- Why didn't Paramount do more for SoB? Yes they did many things, but this is by far the biggest change since SoB opened. It is hard to believe that in less than 6 months after a rather serious accident, a decision was made to remove the loop by CF, but Parmount never considered the change themselves in the pervious 6 years. 6 months extermely fast for such a large decision, so I believe that Paramount knew about the modifications to try and make SoB a better ride, but never pulled the trigger. But I am just speculating.

[WooferBearATL]

Actually, Carrowinds was considered the Crown Jewel under Paramount. Hell, they even moved the offices from Kings Island to Carrowinds.

Kings Island was the Crown Jewel under KECO and remained so even under Lindner's reign.

[The Interpreter]

Wait just a dog gone minute. The state's report points out the many, many modifications made by Paramount Parks in an attempt to make the ride more smooth and less uncomfortable. No one knows, or will ever know, what Paramount Parks would have done after the incident on July 9, 2006. Or, for that matter, if the July 9, 2006 incident would even have occurred, or at least at that particular time and day, had there been no change in ownership. No one knows. And in all probability, no one will ever know.

And know these two things:

* It's totally unfair to hold Cedar Fair totally responsible for an incident on a ride that they had owned for less than two weeks. This is particularly true since the state report indicates there were design deficiencies and that at least some of the modifications made by Paramount appear to have hastened the failure mode that precipitated the July 9 incident.

* It also must be remembered that on July 9, Paramount Parks did not own, maintain or operate the Son of Beast amusement attraction. Cedar Fair did.

[trueTEXAN1990]

I believe that the parking lot is considered part of the developed land. The park currently still owns 752 acres. Back when Taft purchased the land for Kings Island, they bought 1,600 acres at a total cost of $3.2 million. The land they bought included land on both sides of I-71. It comprised what is now the Golf Center at Kings Island, the Kings Island Resort, the Tennis Master Series complex, and the new Great Wolf Lodge. All of which are no longer affiliated with Kings Island.

And trueTEXAN1990, why do you feel that the money won`t come from KI`s capital budget for 2007? Yes, they don`t have to disclose all their costs to their unit holders. But why do you think that you know the inner workings of the park and Cedar Fair`s budgeting and accounting practices? I`m not saying that I do know their practices either. But what I am saying is that if they are spending millions of dollars to fix the ride, I would think that they would have to allocate money to do that. Whether that comes from the capital expenditure budget or from some other budger I don`t know, and as you stated, we may never know for sure.

Your right I'm not some high up executive at CF but I can have and opinion and that is that. I have this opinion because I read somewhere that CF mandated spending millions to renevate the ride rather than tear it down, also the SOB press release came before the 10 mil. budget press release and no where in the budget press release do the state that the money will be used for the SOB repairs. There is my opinion take it or leave it!