Anyone have $3.5 million lying around?

17 11 2008

If you have ever wanted to own an amusement park and just happen to have $35 million available – $3.5 million of that in cash – you can own Hard Rock Park! Though I doubt that anyone reading this really has that kind of money I’m guessing that you may still be interested in knowing who the future owner will be, and if there will be a Hard Rock Park at all. The bidding on HRP will begin on December 15, and I will be trying to follow the latest news on the auction as it is released, though I’m not going to make any promises. As most of you probably know, the park filed for Chapter 11 bankruptcy protection back in September, and at the time claimed that the park would reopen in 2009. There was a lot of skepticism about the claim from enthusiasts, and it seems that they have been proven right with the announced auction. 

When the park opened back in April of this year there were a lot of high hopes for the park, especially from the local economy. Those hopes were not fulfilled, though, as the park opened in the midst of tough economic times that would only get tougher as the year went on. The park has said that a major reason for not being able to draw enough attendance and spending was the result of not having enough money left over after the initial investment for adequate marketing. This is a rather large and problematic blunder to make as a new company, though enthusiasts aren’t faulting the lack of marketing, they’re faulting the pricing. Evidently $50 and a fee for parking was “too much” for getting into the park, though I think it is right in line with most other major theme and amusement parks that have prices ranging from $40-60, as well as anywhere from $10-15 to park your car. I really think that along with their major oversight in not having enough money for marketing, the economy was a big deciding factor in what happened to the park.

In addition to being able to prove that you have the backing already for the $35 million price tag, including the 10% in cash, the buyer must also have enough experience to run the place. The article in the Sun News. And even if there is an approved change of hands there is no guarantee that Hard Rock International will continue to license the brand name to the new owner(s). This will be an interesting process to follow, as there are already a few names being tossed around in the enthusiast community in terms of potential buyers. Hopefully a buyer is found that can turn the new park into a profitable venture, even in these tough economic times.

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2 responses

17 11 2008
Stacey Derbinshire

Nice writing style. I look forward to reading more in the future.

1 12 2008
personal product reviews

There is no way that they will keep the “Hard Rock” name, unless hard rock shells out some major cash…

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