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Hard Rock / Freestyle Music Park Discussion Thread


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To put it bluntly, that is not how Chapter 7 bankruptcy works in the US. The $25 million represents the the amount of money going back to the creditors. They lost their shirts and its the subsequent owners (at least for now) won out, just as they did at Jazzland, Visionland, Bonfante, and good tracts of the Six Flags chain circa 2001.

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Once in bankruptcy it is the job of the Trustee to get maximium value for the unsecured creditors, you are bankrupt when you can't pay off the creditors, and the creditors in effect take control of the assets.

 

Obtaining maximum value that can either be done for selling the company for nominal value on the hope that the future revenues go back to the creditors, factoring off debt, sell parts of the company off piecemeal or through a straight cash sale.

 

Once a plan is established depending on the jurisdiction, the creditors may get a vote on the plan and it eventully will need to be approved by a judge.

 

In this case, a sale was agreed, without further information it can still logicly be assumed that the old HRP debt is not part of the deal, still there is likely some future debt or repayment oblgiations invovled, especially if the land value exceeds the purchase price.

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So here's my question....If all the investors and companies lost everything in the park, how painful is it going to be to get support for the rides and infastructure already in place? I mean if B&M only got $2 million for Led Zeppelin, are they really gonna help the new owners with any problems or maintenance? Realistically, what would the companies stand to gain?

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I am so excited I am going to get a second chance to visit this park. I am not going to take any risks and make sure I get out there within the first week or two of its opening.

 

I am not holding out hope for Wild West World or Granite Park tho...

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Does anyone know more about the finances of the new owners? They may have come up with the $25 to buy the park, but does anyone know if they have the remaining millions of dollars it will take just to get the park open? And operate it for a full season?

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I heard the buyer wants to make it into more of a traditional amusement park, meaning they may cut the entrance fee and just charge per ride... and have wristbands or something.

 

i think this will draw a lot more people because the entrance fee used to be so outrageously expensive!

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Exactly. It may be the same park and the same rides, but other companies and suppliers will know that it is not the same management and be willing to work things out with the new people at the park.

 

Yeah, why wouldn't a company take a chance on the new owners. It is a chance to regain some of the money they may have lost under the old owners. It's purely a business decision. If they can make money with the new company they will do business.

 

I doubt the ride manufacturers lost a lot of money. They were probably paid with the bond holders money.

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So here's my question....If all the investors and companies lost everything in the park, how painful is it going to be to get support for the rides and infastructure already in place? I mean if B&M only got $2 million for Led Zeppelin, are they really gonna help the new owners with any problems or maintenance? Realistically, what would the companies stand to gain?

 

What do they stand to gain? Well, the park was closed and no matter who bought it at this point, they weren't getting their money back. It doesn't matter if Cedar Fair bought the place with sacks of cash, B&M wasn't getting their whole bill paid. So, what they can do is sell them parts and services for maintenance in the midst of an environment in which they're not gonna be getting a whole lot of orders, or they can take some ridiculous moral stance and make no money.

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Here's another article talking about the changes the new owners want to make:

http://www.myrtlebeachonline.com/135/story/788679.html

 

The new owners of Hard Rock Park will let people who bought annual passes last year use them this year at no extra cost, and the single-day ticket price will likely be decreased from $50 to between $35 and $40.

 

I personally don't think this park should even be a $35 park! When I can go online right now and buy a one day ticket to Six Flags Magic Mountain for $39, a park with 16 roller coasters and other attractions, a park with as few attractions as Hard Rock has should not be charging $35!

 

Personally, I feel that $29.99 is as high as the admission should go at this park for what they currently offer.

 

There could be a discount on admission for locals at the ticket booth. The price of an annual pass would also be reduced from $150 to about $75, Baker said.

I don't understand all this focus on the "locals"...

 

HELLO HARD ROCK PARK! YOU NEED TO FIGURE OUT A WAY TO GET THE PEOPLE COMING TO MYRTLE BEACH ON VACATION TO COME VISIT YOUR PARK!!!

 

The group is hoping to attract up to 800,000 visitors this year.

Didn't it take Holiday World like 50 years to finally crack this number? And that's a park with 3 rides in many people's "best in the world lists!"

 

"Overall, people complained about being done with the experience too quickly," Baker said. "If you're charging $50, you really need to provide a three-and-a-half to four-hour stay."

Are you kidding me? This is what the new owner thinks? $50 = 3 1/2 to 4 hours?

 

If you're charging $50 for a park you should be kept busy *ALL DAY LONG* not for just a few hours!

 

Baker said FPI MB would have a back-up plan for the park's branding for the 2010 season if an agreement with Hard Rock Park was not reached, though it would be difficult to rebrand the park for 2009. He said he was unsure whether the opening would be jeopardized if Hard Rock did not agree to keep the branding.

So you're three months out to a proposed re-opening and you still don't know what your park is going to be called or themed after? Ok.

 

I'm just not sure that these people "get it" any more or less than the previous owners do.

 

We shall see. My advice to all of you who didn't get the credits last year...GO GET THEM SOON!!!

 

--Robb

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This is good news, I'm glad to hear there is still a chance the park will open this year. I still have a hard time believing that a new management group can come in and get the park ready for opening in just 3 months. Hopefully they can, but there are a lot of logistics to work out with staffing, licensing, marketing, operations, setting up vendors, troubleshooting max RPM, and probably a million other things that most people wouldn't think of... Memorial Day sounds like an ambitious time frame. I'm keeping my eye on this, and would love to get down there as soon they get things going.

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HELLO HARD ROCK PARK! YOU NEED TO FIGURE OUT A WAY TO GET THE PEOPLE COMING TO MYRTLE BEACH ON VACATION TO COME VISIT YOUR PARK!!!

 

 

 

--Robb

 

Ya know, I would have never heard of HRP if I hadn't been a theme park fan. They didn't do enough advertising. Going down I-95 on the way to Florida, I only saw one sign advertising it. No commercials or anything around Maryland. Shoot, half the people I talk to never even heard of it.

 

 

On the other hand, I was telling one of my friends about the park and its epic failure. Then he said "No way! Theme parks never close!"

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Based on Robb's analysis of the new owners' latest statement, any bets on when this thread will be renamed "Hard Rock Park--Closed Yet Again"?

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Let's hope the people from HR arn"t paying any attention to this simpletons ramblings, or they will never allow him to use the HR name. In which case this dude will be totally screwed as he will have to retheme a whole park in a matter of months.

 

Guy "Now I'm no theorist, but I believe that would be quite difficult." Koepp

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^I'm not even sure keeping the names is really important. Hardly anyone went to the park last year so there wouldn't really be any confusion about why the names changed because if advertised as a generic music park, most visitors will think it is an entirely new park. They could change the names to generic music names that relate to what they were originally without using trademarked names. I think that this would be the most simple and cheap way of rebranding the park without having to pay for the trademarked names of Hard Rock and the bands used. It should also be able to be done in a matter of months. Geauga Lake did it when Cedar Fair took over, so I think a park of this size should easily be able to do it.

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I'm gonna hope for the best with the new owners. Hopefully they will be able to see what went wrong with the park last year.

 

I personally don't think this park should even be a $35 park! When I can go online right now and buy a one day ticket to Six Flags Magic Mountain for $39, a park with 16 roller coasters and other attractions, a park with as few attractions as Hard Rock has should not be charging $35!

 

Personally, I feel that $29.99 is as high as the admission should go at this park for what they currently offer.

 

Robb, while I do agree that $35 is alot, other parks are charging alot more and getting away with it. Look at Magic Springs, they're charging $45 for a one day pass and I'm gonna take a guess that I would have more fun at Hard Rock Park than at Magic Springs. That park. Granted, they do have a waterpark included, but the entire park is very do-able in half a day. Magic Springs is also in a vacation-destination town, much like Myrtle Beach.

 

$35 is alot but it's better than $50.

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Robb, while I do agree that $35 is alot, other parks are charging alot more and getting away with it. Look at Magic Springs, they're charging $45 for a one day pass and I'm gonna take a guess that I would have more fun at Hard Rock Park than at Magic Springs. That park. Granted, they do have a waterpark included, but the entire park is very do-able in half a day. Magic Springs is also in a vacation-destination town, much like Myrtle Beach.

 

$35 is alot but it's better than $50.

I don't know much about Magic Springs since I've never been there, but isn't the park in closer proximity to some of the local attractions, convention centers and golf courses than Hard Rock is?

 

And as far as local cities go, while neither of them boast a huge population, Little Rock's 180k is at least a bit stronger than Myrtle Beach's 22k.

 

I'm not sure if either park REALLY draws from any of the big cities within a few hours drive. Magic Springs has Dallas, the #7 most populous city in the US to pull from, whereas Hard Rock Park seems to pull mostly from Charlotte and Columbia and neither of those two cities even come close to the population of Dallas.

 

Family Kingdom, while no where near as "nice" of a park as Hard Rock seems to have the right idea. They have free admission with a pay-per-ride or wristband option (less than $25), the are open afternoons and evenings only, when it gets cooler and the sun goes down (people stop sitting on the beach and looking for something to do) and they are VERY convenient to anyone staying at the beach.

 

I still think Hard Rock's biggest challenge is getting people who have come to park themselves on a beach for a week to get in the car and drive to the park. Especially during the day.

 

I have no idea if Hard Rock Park can be a success or not, but the park has probably been the most epic failure in the amusement industry recently, but who knows, remember Magic Springs even failed once too.

 

Like I said previously, if you haven't gotten the credits, and the park does in fact re-open, I'd go get them ASAP...and I wouldn't book your airfare too far in advance just in case!

 

--Robb

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