Thursday December 17, 2009
Another week, another major theme park deal. The buyout group Apollo Management LP is buying out the Cedar Fair chain of 11 theme parks for a cool $2.4 billion in cash and assumed debt, according to the Orange County Business Journal. In addition to its flagship park, Cedar Point, the company's portfolio includes Knott's Berry Farm, Dorney Park, and the former Paramount Parks, such as Kings Island.
Coming on the heels of Comcast's takeover of the Universal Parks and the sale of Busch Entertainment Corp. to The Blackstone Group, the Cedar Fair deal represents another upheaval in the volatile industry. With the economy in tatters and park attendance and revenue in decline, it is apparently a good time for Apollo to set its sights on the beleaguered Cedar Fair and get into the coaster biz. Little is known about the private equity firm's experience in the amusement industry or its plans for Cedar Fair. Apollo is planning to close the sale in the second quarter of 2010.
Thursday December 17, 2009
The nephew of Walt Disney, who bore a striking resemblance to his uncle, died yesterday at the age of 79 after a battle with stomach cancer. While Roy E. Disney wasn't a major player in the theme parks, he did play an important role in many other aspects of the Disney empire. He was instrumental in wooing Michael Eisner, Frank Wells, and Jeffrey Katzenberg to the company in 1984 (and later played an important role in ousting Eisner), which led to a major reboot and expansion of the Mouse House. Disney headed up the animation division under the new regime and oversaw such watershed productions as The Little Mermaid, Who Framed Roger Rabbit? and The Lion King. He also provided a link to the company's roots and often acted as its ambassador.
Tuesday December 15, 2009
Coaster fans will experience afternoon delight (along with morning and evening bliss) when Kennywood introduces Sky Rocket this coming season. The Pennsylvania park recently released the name of its new steel thrill machine.
Kennywood's wonderful collection of roller coasters includes its classic Jazz-age woodies, Racer, Thunderbolt, and Jack Rabbit, the latter of which dates back to 1921. For the seventh ride in its arsenal, however, the park will be going decidedly New Age. Set to debut in May 2010, the high-tech coaster will use Linear Synchronous Motor (LSM) technology to launch passengers from 0 to 50 mph in 3 seconds. Read more about Kennywood's Sky Rocket.
Photo: Sky Rocket rendering courtesy of Palace Entertainment.
Monday December 14, 2009
It's the best of times and worst of times to be planning a theme park vacation. Now's the time to book a sweet deal, because the parks, hotels, and other vendors are offering fabulous incentives to woo cash-strapped or otherwise panicky consumers. It's the worst of times because, well, would-be vacationers are strapped for cash or otherwise panicky. Here's the conundrum: As the economy heads north, the deals will go south. Walt Disney CEO Robert Iger recently said that he expects the company to pull back its discounts in 2010. But there are deals to be had now--if you've got the bucks and the nerve to spend them. See the latest Florida theme park discounts and deals, including special offers for Walt Disney World.
