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Kemah Boardwalk and Bullet Discussion Thread


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Kemah will be rebuilt, and quickly too. They have insurance that covers things like this and I was told they are OVER insured. The Bullet was going down for long term work regardless (this time they hope to fix the problem which is causing all the other problems and making it ride so differently from the way it was designed). They will have the restaurants up and running in no time at all.

 

Insurance claims take time, so let's not jump the gun. I'm sure it'll be rebuilt, but I think there's a lot of other things that needs to be done first. Getting a small park open, isn't one of them.

 

Like any other insurance issue, if you have the money you start rebuilding right away. I lost my car to the flood after the storm. I am not waiting for my insurance claim to get through, I fronted the money to get the car towed, get a rental car, etc. The insurance company will reimburse me.

 

Landry's has PLENTY of money, I am 100% confident in saying I am not jumping the gun, they are rebuilding and I would wager they are already in the process of doing so today.

 

I am surprised there is any doubt out there at all about this. I have heard DIRECTLY from the General Manager of the Boardwalk on this subject. Kemah Boardwalk will be back, stronger than ever, and it will take less time than most people imagine to do so.

 

-GG

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^Why are you surprised that there is doubt? Take SFNO for example, same thing happened to a major chain park that happened to Kemah. Has it been rebuilt? No. Will it be rebuilt? No. Now can you really blame any of us for doubting that a little park like Kemah is going to be rebuilt?

 

Honestly, I think after all thats happened the boardwalk will be lucky to get the business that they did before. People lost a lot around there, and I don't think that they really would spend their money on a day at the boardwalk. I just don't see it as a wise move to rebuild right now. Sure in the future they can, but something like this is devastating and recovering from it is even harder. Yes I hope it is rebuilt and that the town of Kemah is as well, but being realistic I don't see rebuilding the boardwalk as a wise decision right now. Nobody is going to visit it. Take a year, make adjustments, then see what things are like then.

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^Why are you surprised that there is doubt? Take SFNO for example, same thing happened to a major chain park that happened to Kemah. Has it been rebuilt? No. Will it be rebuilt? No. Now can you really blame any of us for doubting that a little park like Kemah is going to be rebuilt?

 

Perhaps when you don't know the situations I can see where there may be doubt. However, if you have read this thread any doubt should have been cleared up by now.

 

Comparing it to SFNO is bad as the situations are totally different. Six Flags was fighting bankruptcy and all. Kemah Boardwalk is just the opposite, they were having a record breaking year, and the coaster was a big part of that. While Kemah may be a small park, it is owned by a huge company (Landry's). New Orleans was almost totally wiped out and SFNO relied mainly on NO to support it.

 

Honestly, I think after all thats happened the boardwalk will be lucky to get the business that they did before. People lost a lot around there, and I don't think that they really would spend their money on a day at the boardwalk.

 

The town of Kemah doesn't support the Boardwalk, in fact, its the other way around these days. Kemah Boardwalk is BY FAR the major tax contributor to the town, I have heard as much of 80% of the city tax income is from the Boardwalk. This is even more reason why Kemah NEEDS the Boardwalk to be rebuilt and fast! It is a tiny city with a population of about 2500 people.

 

The customer base for the Boardwalk is largely based on the people who take a day trip from areas like Woodlands, Sugarland, and other metro area of Houston. While most of us in these metro areas are without power, for the majority that is the extent of the 'devastation'. These people are still going to visit the Boardwalk, no question about that.

 

 

I just don't see it as a wise move to rebuild right now. Sure in the future they can, but something like this is devastating and recovering from it is even harder. Yes I hope it is rebuilt and that the town of Kemah is as well, but being realistic I don't see rebuilding the boardwalk as a wise decision right now. Nobody is going to visit it. Take a year, make adjustments, then see what things are like then.

 

I don't agree that because it was devastating that nobody will visit it. The Houston Galleria (a big shopping mall) was opened on Sunday, the day after the Hurricane, and it was jam packed. People want entertainment and a place to get away from things, Kemah Boardwalk is a big part of that for the Houston Metro area and will continue to be so.

 

Finally, after seeing more pics of the boardwalk, it is clear that all the new buildings are standing just fine. Landry's looks like the hardest hit, as it is one of the older buildings there (it was there before the Boardwalk was there). For those who have not been there you should not that most of the restaurants are built on a second level, the lower level provided outdoor seating for some restaurants and in many of the pics that have been post you are seeing the bottom level which is full of debris and ruin.

 

-GG

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The fact that the boardwalk is owned by a huge company just adds to the doubt the Boardwalk will be back IMO. Plus, according to wikipedia, it is only the restaurants owned by Landry's, not the amusements?

 

It wouldn't be a smart business move to jump right back in without fully evaluating the situation. Hurricane Ike theoretically could have completely altered their market reach, business plan, construction costs, etc. It could also theoretically of had no effect on their business. But that's a decision that takes time to evaluate.

 

Just as an example, if I had the option to spend $50 to visit the boardwalk or help my uncle who was displaced by Ike...I'm choosing to help my family. There could be a very small % of their business facing this dilemma, or a very large percentage...but they have to figure all that out before going forward with any plans.

 

I wouldn't be surprised to see them make short turn repairs to get things back open and see what happens (it sounds like they've made it clear at least that much is in the plans), but you can add me to the list of doubters who think the place will be rebuilt "bigger and better than ever."

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I for one don't think it will be rebuilt bigger and better then ever, but I do think it will be rebuilt to pre-hurricane condition. I think it will take some time, but the boardwalk is a big attraction for the area, and I think that investors will find it worth their investment.

 

I'm crossing my fingers that the boardwalk is back up by this May, I'll be taking a cruise out of the port of Galveston and was hoping to make a stop by Kemah.

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The fact that the boardwalk is owned by a huge company just adds to the doubt the Boardwalk will be back IMO.

 

its fine to have an opinion, but back it up with some evidence. So you are saying if it was a small company it would be MORE likely to be back?!? I don't see any logic here.

 

Plus, according to wikipedia, it is only the restaurants owned by Landry's, not the amusements?

 

Tilman Fertita owns the entire complex, including a big chunk of Landry's.

 

It wouldn't be a smart business move to jump right back in without fully evaluating the situation. Hurricane Ike theoretically could have completely altered their market reach, business plan, construction costs, etc. It could also theoretically of had no effect on their business. But that's a decision that takes time to evaluate.

 

I totally disagree. The place is major profitable. Houston is a huge, widely spread out city. As another poster mentioned Boardwalk is now the 6th largest tourist destination for Texans. None of this will change.

 

 

Just as an example, if I had the option to spend $50 to visit the boardwalk or help my uncle who was displaced by Ike...I'm choosing to help my family. There could be a very small % of their business facing this dilemma, or a very large percentage...but they have to figure all that out before going forward with any plans.

 

With the Hosuton Metro area alone being a population of over 5.5 million, I don't think this will be an issue.

 

I wouldn't be surprised to see them make short turn repairs to get things back open and see what happens (it sounds like they've made it clear at least that much is in the plans), but you can add me to the list of doubters who think the place will be rebuilt "bigger and better than ever."

 

Everyone can have their opinions, I'll just add you to the list of people whom I don't understand their logic. That's OK, cause most everyone doesn't understand mine!

 

-GG

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its fine to have an opinion, but back it up with some evidence. So you are saying if it was a small company it would be MORE likely to be back?!? I don't see any logic here.

 

Try working for a large corporation and saying "Hey, I need millions of dollars to start rebuilding the boardwalk without knowing the true extent of the damage, how our market has been affected, what the final cost might be, and so on..." and see how far you get.

 

I certainly can't claim to be an expert in the corporate culture @ Landry's, but I personally think it is safe to assume that there has to be "red tape" involved to ensure their re-investment into Kemah is worthwhile.

 

I totally disagree. The place is major profitable. Houston is a huge, widely spread out city. As another poster mentioned Boardwalk is now the 6th largest tourist destination for Texans. None of this will change.

 

The place was major profitable (assuming that is true...I guess only I need evidence to back statements up?), and might very will still be. But Landry's would be doing a disservice to its investors if they did not properly evaluate the market post Hurricane Ike.

 

5.5 million people, spread out city, and so on...could all be meaningless. What if those 5.5 million now have extra family members living with them? Have to help rebuild their grandma's house? Move with displaced family members to another city? The point is there are SO many variables that could be meaningless or damaging to the boardwalk that need to (and probably will be) evaluated before anything major happens.

 

That's my story and I'm sticking to it.

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Try working for a large corporation and saying "Hey, I need millions of dollars to start rebuilding the boardwalk without knowing the true extent of the damage, how our market has been affected, what the final cost might be, and so on..." and see how far you get.

 

The repairs will mostly, if not all, be covered by insurance. Not sure it will be too hard to convince shareholders to take advantage of the insurance.

 

The place was major profitable (assuming that is true...I guess only I need evidence to back statements up?),

 

No problem. Taken from:

 

Landry's Earnings

 

Notice the part in bold (ie. Boardwalk Bullet)

 

KEY DEVELOPMENTS

 

Landry's Restaurants Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2008 ; Reports Asset Impairment Expense

08/8/2008

Landry's Restaurants Inc. reported earnings results for the second quarter and six months ended June 30, 2008. Revenues from continuing operations for the three months ended June 30, 2008, totaled $311.4 million, as compared to $308.0 million a year earlier, including $66.5 million and $66.6 million, respectively from the Golden Nugget properties. The Company's results benefited from a shift to higher margin amusement and entertainment revenues primarily at the Kemah Boardwalk. Net income was $13,872,000 or $0.90 per diluted share against net income of $6,943,000 or $0.33 per diluted share for the same period in the last year. Revenues from continuing operations for the six months ended June 30, 2008, totaled $606.2 million, as compared to $591.6 million a year earlier. Net income was $15,393,000 or $0.99 per diluted share against net income of $29,059,000 or $1.35 per diluted share for the same period in the last year. The company reported asset impairment expense of $1,593,000 for the second quarter of 2008.

 

Landry's Restaurants Inc., Q2 2008 Earnings/Operating Results Call, Aug-08-2008

08/4/2008

Landry's Restaurants Inc., Q2 2008 Earnings/Operating Results Call, Aug-08-2008

 

Landry's Restaurants Inc. Reports Earnings Results for the First Quarter Ended March 31, 2008

05/9/2008

Landry's Restaurants Inc. reported its results for the first quarter ended March 31, 2008. Revenues from continuing operations for the three months ended March 31, 2008, totaled $294.8 million, as compared to $283.6 million a year earlier, including $69.8 million and $70.7 million, respectively from the Golden Nugget properties and an additional day due to leap year. Consolidated net income for the quarter was $1.5 million or $0.10 per diluted share compared to net income of $22.1 million or $1.01 per diluted share in the comparable period in 2007.

-GG

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Like any other insurance issue, if you have the money you start rebuilding right away. I lost my car to the flood after the storm. I am not waiting for my insurance claim to get through, I fronted the money to get the car towed, get a rental car, etc. The insurance company will reimburse me.

 

-GG

 

I wish I had you as a claimant, back in my adjuster days. I almost never had anyone front money, and expect to get reimbursed.

 

Really, I think the important thing is more about getting everyone's lives back in order. Then let's worry about the Boardwalk.

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On the subject of rebuilding amusement facilities after a major natural disaster, you guys should ask the folks in Miami how important it was to rebuild Miami Metro Zoo bigger and badder than ever. At the time the storm hit, the zoo was considered one of the best in the country, and South Florida was pretty proud of it. The storm virtually destroyed it.

 

I visited eight years later, in 2000, and although some attempts had been made to revitalize the zoo, it was merely a shell of its former self, and honestly, quite depressing. In fact, the incredible aviary, which had had a monorail running through it, looked like the storm had just passed through through the day before. It hadn't even been touched in the eight years following Andrew.

 

From my understanding, only recently has the zoo found the needed support and funding to seriously expand and restore it to what it had been. A large new exhibit will open in December, and I believe it was voted on by the public to create an adjacent water park (don't quote me on that though). Either way, it's 16 years since Andrew blew through, and things are just now starting to look brighter around there.

 

I understand most zoos are much different than private corporations when it comes to capital. But even though rebuilding the Boardwalk can help to aide in restoring some of the morale of the local population, it could take years before they even see the same kind of financial returns they had over the last year. Community should come first. Shame on any business occupying space on KB that doesn't turn its efforts to the community first.

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last time I had a business trip to Houston - I ended up with a weekend in the city. So I drove out to Space Centre and then needed to go somewhere for food - Kemah was the destination.

 

This was pre Bullet days - the rides were ok but it was the monster boat into the bay that had the big Q's.

 

If I find a future trip also has non work days - the boardwalk would be top of the list as it made a very refreshing break from the humidity of the city.

 

The owners know this is the attraction of the place for locals in Houston and visitors and why they will get the food places up and running and then look to the amusements.

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I actually go to school with Michael Fertida, the owner of the boardwalk's son. He said that the damage was not that bad and he said that his dad is looking into companies like Intamin. He says that the rides could have been better. I am going to get a call from Michael's dad about the boardwalk tonight. I'll keep yall posted.

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I went to Dippin Dots' last night and was told that the Boardwalk will be open again by November.

 

In all reality however I think it will be a very long time before we see the boardwalk open again. Though I only know what I've been seeing on the news, Galveston was devastated, and basic infrastructure is far from being reestablished. I do fully believe that the Boardwalk will be rebuilt, not bigger or badder, but roughly the same as it was before. However I don't think we're going to see it operating again until next summer at the earliest. Galveston has a lot of work to do to get the basic needs of life back again, they have to rebuild a lot of their infrastructure, and my hunch tells me that Kemah is not priority #1 for the city at this time. I expect that next summer we will see the boardwalk reopen, but I'd be surprised if we see anything much before that.

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Community should come first. Shame on any business occupying space on KB that doesn't turn its efforts to the community first.

 

Very much agreed. Worrying about fixing up the businesses first seems like a bit of a waste of time since you would still have people who are much more concerned about getting re-established than supporting the businesses. Once the community is set, then the people would more likely be ready to resume their normal lives, which includes the elective choices like shopping, entertainment, and other such things.

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^While true, having a place to take your mind off the situation and bring this type a normality to their lives has it's advantages.

 

You won't know the advantages of having a restaurant open and serving a full menu until you've been through a hurricane, had no power, dealing with getting the necessities, getting reduced or "have it our way" fast food menus, then you find a place that's actually serving a good sit down meal.

 

After a few days of hurricane rations and having everyone stressing around you, this made me feel more like life was getting back to normal more than anything else.

 

I wouldn't knock 'em for getting their business back together.

 

Terry

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^While true, having a place to take your mind off the situation and bring this type a normality to their lives has it's advantages.

 

You won't know the advantages of having a restaurant open and serving a full menu until you've been through a hurricane, had no power, dealing with getting the necessities, getting reduced or "have it our way" fast food menus, then you find a place that's actually serving a good sit down meal.

 

After a few days of hurricane rations and having everyone stressing around you, this made me feel more like life was getting back to normal more than anything else.

 

I wouldn't knock 'em for getting their business back together.

 

Terry

 

True, I have to give you that one as it was nice to be able to have a nice resturant meal once the water was deemed safe to use in food and beverages after Hurricane Floyd. At the same time, however, I think it was easier to enjoy that meal since we didn't have the same problems with damage to our home as others did.

 

I cannot and would not blame anyone who owns a resturant, shop, or other form of business for trying to get it up and going again as it is their source of income, but for me personally, I would have a hard time enjoying a nice resturant meal, or enjoy a movie if I knew my home was destroyed, but then again, it might provide a lot more comfort for others than it would for me.

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So some memories of a little kid here (I was 8 when this story takes place), however I can tell you that after the Northridge earthquake we were thrilled to go eat out. Following the quake we didn't have power for a while (I believe where we were it was only 48 hours, but some parts of LA were down for weeks) and most of the food at my grandparents house (our place was destroyed) went bad during these days. So basically for about a week we ate nothing but peanut butter and jelly. It was a wonderful treat when one of the local restaurants opened again, because it meant that we got a real meal for a night. I'm sure that there are people right now in Galveston who would love to go get dinner out, yes there house will still be gone when they finish eating, however it is at least a small part of normalcy that they'll have back in their lives.

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And you know the best part of having a restaurant opening back again?

 

Getting a ice cold beer, especially a draft.

 

I was in heaven. That beer lasted about 30 seconds before I ordered another one.

 

When Wilma struck, much of south florida didn't have power. Gas lines were long, people stood in line for ice and food. It was most of the people's fault because they didn't think the hurricane was going to be that bad and they didn't prepare. We were fine for a few days, but then my roommates and I managed to buy tickets to go to New York.

 

The day before we left, we found a Johnny Rockets open, but they had a limited menu of a hamburger with just catsup and mustard and a warm can of various sodas. Either you had that or you went hungry. I had to enlighten some lady of that fact when she was trying to customize the burger was getting mad and there was a long line of people waiting to eat. "Do you want it or not? People are waiting! I'm hungry! You can go over to Hooters... that's right they had storm damage and this is the only place that is open." She ended up quietly paying for it and leaving the store.

 

Anyway, once we landed in New York we found a restaurant in the airport and we sat down and order drinks. You would have thought they had gold flakes in that Bud Light and it was personally stirred by angels! It was that good... especially after rationing out warm water and soda to drink for the last three days.

 

Terry

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I had to enlighten some lady of that fact when she was trying to customize the burger was getting mad and there was a long line of people waiting to eat. "Do you want it or not? People are waiting! I'm hungry! You can go over to Hooters... that's right they had storm damage and this is the only place that is open." She ended up quietly paying for it and leaving the store.

 

If I ever get rich, I'm going to hire you to follow me around and yell at people who do stupid crap like that. There certainly would be no shortage of work for you.

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Community should come first. Shame on any business occupying space on KB that doesn't turn its efforts to the community first.

 

Very much agreed. Worrying about fixing up the businesses first seems like a bit of a waste of time since you would still have people who are much more concerned about getting re-established than supporting the businesses. Once the community is set, then the people would more likely be ready to resume their normal lives, which includes the elective choices like shopping, entertainment, and other such things.

 

Trust me, there are PLENTY of people to support the Boardwalk. I went to eat with my family tonight, we had to hit four restaurants before we found one without an hour long wait, and this is just a week after the Hurricane.

 

-GG

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^I'm glad to hear that many people down there are being able to resume their normal lives. Sounds like it is possible that the Houston Area will recover pretty quickly.

 

I want to apologize if it sounded like I was trying to suggest that there was anything wrong with businesses getting things back together. That wasn't my intent. I just feel that people and their homes should be priority number one, as it is a basic need. I will agree though that sometimes it can get really bothersome when you "make do" for a while.

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