California Great America (CGA) Discussion Thread

[Tmcdllr]

Ass-bestos.

[Angry_Gumball]

So how about a ride on Top Gun: The Jet Ghoster, or the now, Inverti-Ghost. We all do know that in 1980, Turn of the Century was possessed

[jedimaster1227]

http://www.cedarfair.com/ir/press_releases/index.cfm?current_root=15&mode=story&story_id=332

 

CEDAR FAIR TO RETAIN OWNERSHIP OF ITS CALIFORNIA'S GREAT AMERICA PARK

• Valuable property expected to remain strong performer for Cedar Fair going forward
  
• Company reaches agreement with the San Francisco 49ers on parking and construction issues
  
• Expects to achieve high end of its annual distribution target of $1.35 to $1.65 per unit in 2012, and $2.00 or more in 2013

SANDUSKY, OHIO, December 6, 2011 –Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment announced today that JMA Ventures, LLC (“JMA”) has elected to not move forward with their purchase of California’s Great America amusement park in Santa Clara, California. As a result of JMA’s actions, the definitive purchase agreement governing this transaction, originally agreed on September 16, 2011, has been terminated.

“We respect JMA’s decision and are pleased to return to the long-term ownership of this exceptional property,” said Matt Ouimet, Cedar Fair’s president. “As we stated at the time the agreement was made, this is a quality park that has terrific employees and serves a strong market. We look forward to continuing to take advantage of the synergies which are uniquely available to us as a result of operating this park as part of our larger portfolio of properties.”

 

According to Ouimet, the termination of this sale does not alter the Company’s expectations of achieving record adjusted EBITDA between $365 million and $375 million in 2011. “In fact, we expect to be at the higher end of our original distribution guidance of $1.35 to $1.65 per limited partner unit in 2012,” he said. “With continued growth in our annual distribution rates and additional debt reduction through our improved operating performance, we believe Cedar Fair will maintain its position as one of the most attractive growth and yield stories in the leisure and hospitality industry.”

 

The Company also announced that it has reached a long-term agreement with the San Francisco 49ers related to the construction of the stadium and parking for NFL and other stadium-related events for the life of the new stadium. The agreement is still subject to the execution of a definitive agreement and the approval of the Stadium Authority and related approvals from the City of Santa Clara.

 

“The combination of an NFL stadium and a premier amusement park in one location offers tremendous and exciting opportunities for family entertainment. We are excited to reach an agreement on construction issues and parking that are important to the stadium project,” said Jed York, president and chief executive officer of the San Francisco 49ers.

 

“This arrangement leads the way to a mutually beneficial relationship between Cedar Fair, the 49ers and the City of Santa Clara,” added Ouimet. “California’s Great America was a strong performer in 2011 and we are confident this will continue into the future as we build the park’s customer base through new marketing initiatives and capital investments.”

[Wes]

Haha no one wants this place.

[-Edge of Beast-]

Well... I didn't know Cedar Fair would want to come back to it. The park sure is/was in a pickle, with the stadium issues and no new rides or attractions for a while. Ah well, I guess this could be good since maybe the new stadium will attract some attention to the park. Who knows though.

[Jew]

The Company also announced that it has reached a long-term agreement with the San Francisco 49ers related to the construction of the stadium and parking for NFL and other stadium-related events for the life of the new stadium. The agreement is still subject to the execution of a definitive agreement and the approval of the Stadium Authority and related approvals from the City of Santa Clara.

 

Translation: we still don't care about this park, but we're at least going to get more money out of the stadium through this deal than if we sold the park to JMA.

[SharkTums]

Poor CGA...it's like the secret santa gift no one wants.

 

Aren't those old Six Flags people acquiring a lot of parks right now!??!

[robman]

So Cedar Fair is just going to try and get money out of the park without adding any new attractions.

[deathbydinn]

As someone who's often at the Illinois Great America, I'm sad to see it's sister park in this state. I hope something good will come of this, but given Cedar Fairs history with it, I doubt it will.

[TPDave]

Wow, this thing is proving harder to ditch than they thought! It'll be interesting to see what their next move is. I doubt they'll want to invest in it but they could shoot themselves in the foot by making it less profitable if they don't...

[Blue Manta]

Wow, now what will the future be like for Cedar Fair and CGA?

[SharkTums]

^^Perhaps they can give it the Geauga Lake treatment.

[jedimaster1227]

^^^But isn't that the story of the Cedar Fair parks in general? Harder to ditch than they thought it would be?

 

[-Edge of Beast-]

As someone who's often at the Illinois Great America, I'm sad to see it's sister park in this state. I hope something good will come of this, but given Cedar Fairs history with it, I doubt it will.

 

I doubt it either. This park isn't doing too well success-wise. This time Cedar Fair should put more effort into it, but they don't have time to be involved with it. This was probably just a money-getting scheme. Let's hope the company will use some of that money at the park or it's gonna be "Geauga'd " in a couple years.

[Tmcdllr]

Well that's just sad.

[gisco]

I don't think the parking is really a big issue. You are probably looking at 4 or 5 Sundays at most where there would be a conflict and those would all be in September and October. This could work out good, drop the kids off at the park while the adults go to the game. Afterwards they enter the park to enjoy the Halloween events and wait for the crowd leaving the stadium to thin out.

[chadster]

Perhaps the parking agreement was to remove the rest of the profitable rides and turn the land into a parking garaga.

[AnonymousReed]

This park is like Micheal Myers, you kill him a ton of times and he never ends up dying

[-Edge of Beast-]

This park is like Micheal Myers, you kill him a ton of times and he never ends up dying

 

No offense, but that's a bad example. They have never tried "killing" the park. I bet deep down Cedar Fair actually cares about the park and they're trying to put a good side to it. But the good side is for the company and it's money, and the bad side is not increasing publicity. Actually gisco made a good point and I bet people will do that.

[robman]

So this is for all the people that think the end is near for the park. Here is an article from the Mercury News. http://www.mercurynews.com/bay-area-news/ci_19482474

 

Also here is a very promising quote from the mayor of Santa Clara!

Matthews said he's also thrilled to hear that Cedar Fair Entertainment plans to "make major investments" in the park, including a new waterslide attraction and roller coaster.

 

So the park won't be dying or closing down anytime soon. If the mayor is excited with the plans that Cedar Fair is making then I would imagine more attractions coming into the park sooner rather than later.

Edited December 6, 2011 by robman

[Geauga Dog]

And the next ride removal will be....?

 

Maybe things will be different under Ouimet compared to Kinzel.

[deathbydinn]

The "new coaster" could very well just be that GCI they want that they can't get built for whatever reason. Or a wacky worm, but honestly, at this point that would be a major investment too.

[jab88]

So this is for all the people that think the end is near for the park. Here is an article from the Mercury News. http://www.mercurynews.com/bay-area-news/ci_19482474

 

Also here is a very promising quote from the mayor of Santa Clara!

Matthews said he's also thrilled to hear that Cedar Fair Entertainment plans to "make major investments" in the park, including a new waterslide attraction and roller coaster.

 

So the park won't be dying or closing down anytime soon. If the mayor is excited with the plans that Cedar Fair is making then I would imagine more attractions coming into the park sooner rather than later.

 

Well that's good news to here, that JMA is not going to buy it after all. Will be nice to see something new come to the park, makes one wonder now what they have planned for where Invertigo used to be at. Maybe the change in CEOs played a factor in this decision coming about?

[robman]

So this is for all the people that think the end is near for the park. Here is an article from the Mercury News. http://www.mercurynews.com/bay-area-news/ci_19482474

 

Also here is a very promising quote from the mayor of Santa Clara!

Matthews said he's also thrilled to hear that Cedar Fair Entertainment plans to "make major investments" in the park, including a new waterslide attraction and roller coaster.

 

So the park won't be dying or closing down anytime soon. If the mayor is excited with the plans that Cedar Fair is making then I would imagine more attractions coming into the park sooner rather than later.

 

Well that's good news to here, that JMA is not going to buy it after all. Will be nice to see something new come to the park, makes one wonder now what they have planned for where Invertigo used to be at. Maybe the change in CEOs played a factor in this decision coming about?

 

I would say the change of CEO's played a huge factor in everything that seems to be falling into place.

[SharkTums]

Even if they get a 'new' coaster, they're still down at least two right!?