larrygator Posted April 22, 2013 Share Posted April 22, 2013 (edited) ^Looking at other locations seems is an approach Ed Hart should have investigated already. Edited April 22, 2013 by larrygator Link to comment Share on other sites More sharing options...
chadster Posted April 22, 2013 Share Posted April 22, 2013 Amusement parks and fair grounds no longer seem to be a winning combination, come to think of it, were they really ever? Either way, if Hart continues forward he's not gonna let it fail as he would have a much more invested interest in it's success. It might not draw the crowd size of KI, but with a large enough water park expansion and a few really good rides, it could be a money maker. Link to comment Share on other sites More sharing options...
teknohillbilly Posted April 22, 2013 Share Posted April 22, 2013 I don't know it it's just me thinking this or not, but it does seem Ed Hart almost has a personal desire to get KK going again. I don't know if it's because he had it in great shape before Six Flags raped it, or if it's the bad blood between he and the governor. I'm hoping for the best. Back to the amusement park/fairgrounds thing, was the Tennessee State Fair and Opryland connected, or am I remembering wrong things? Link to comment Share on other sites More sharing options...
lilsam1993 Posted April 22, 2013 Share Posted April 22, 2013 I think its more personal. Ed has spent nearly a decade building this park. Having something torn down that you've invested your own money into isn't worth losing. I believe IMO Kentucky Kingdom is the most sucessful park that has been ran on fairgrounds (Before SixFlags). This park was the real deal before Six Flags took it over and flat out ruined it. Link to comment Share on other sites More sharing options...
larrygator Posted April 22, 2013 Share Posted April 22, 2013 It doesn't take a genius to realize that Ed Hart treats this project very personally. Or he might just be a good actor. Link to comment Share on other sites More sharing options...
teknohillbilly Posted April 23, 2013 Share Posted April 23, 2013 A totally rich man with a personal mission to open the park sure bodes well for things at least. Do any of you all know if the Tennessee State Fair was held at Opryland before it closed? I know they had an area called "State Fair." A couple of years ago (2010 maybe?) there was a move to build an amusement park at the fairgrounds in Nashville, but I think it fizzled with the Old South theme park plans and Dolly initially getting involved in the market there. Link to comment Share on other sites More sharing options...
Jew Posted April 23, 2013 Share Posted April 23, 2013 (edited) ^He's so rich that his investment group could not the financing they needed, so they had to spend more "out of pocket"... Edited April 23, 2013 by Jew Link to comment Share on other sites More sharing options...
ernierocker Posted April 23, 2013 Share Posted April 23, 2013 Do any of you all know if the Tennessee State Fair was held at Opryland before it closed? I know they had an area called "State Fair." No, the Tennessee State Fair is on the other side of town. Link to comment Share on other sites More sharing options...
teknohillbilly Posted April 23, 2013 Share Posted April 23, 2013 Oh Ed Hart's loaded, there's no doubt. He was just being like every other business person - trying not to dip into his own pocket any more than he had to. My dad always said "Rich people don't get rich by blowing all their money." Link to comment Share on other sites More sharing options...
gisco Posted April 23, 2013 Share Posted April 23, 2013 Oh Ed Hart's loaded, there's no doubt. He was just being like every other business person - trying not to dip into his own pocket any more than he had to. My dad always said "Rich people don't get rich by blowing all their money." Exactly, you use other peoples money and let them take the risk while you take the reward. Only a few more days until the lease has to be signed. Link to comment Share on other sites More sharing options...
Philrad71 Posted April 23, 2013 Share Posted April 23, 2013 I will be traveling through Louisville on June 11th and wondered what crowds would be like at SFKK around 1:00 PM. Oh wait.... Link to comment Share on other sites More sharing options...
DarienLaker Posted April 23, 2013 Share Posted April 23, 2013 I will be traveling through Louisville on June 11th and wondered what crowds would be like at SFKK around 1:00 PM. Oh wait.... Don't expect a crowd at Kentucky Kingdom anytime soon unless, they could get something done about lease! Link to comment Share on other sites More sharing options...
Midgetman82 Posted April 24, 2013 Share Posted April 24, 2013 ^^Crowds should be pretty light on that day. I suspect the park to have lots of empty lines on most, if not, every ride. Link to comment Share on other sites More sharing options...
KI Kidd Posted April 25, 2013 Share Posted April 25, 2013 Per an article in the Courier-Journal Ed Hart has requested a 60 day extension of the walk-away period as they attempt to shore up financing. I would be very surprised at this point if they go ahead with this project. Kentucky Kingdom: New operators seek more time to raise money The group planning to reopen Kentucky Kingdom wants more time to raise the money to refurbish the amusement park and is expected to get a 60-day extension from the Kentucky State Fair Board when it meets Thursday morning. “The financing is coming together. We just need a little more time to close all the paperwork,” investor Ed Hart said in an interview Wednesday. “The deal is going to get done. We continue to mobilize, and there is no question” in meeting the promised May 2014 reopening of the amusement park at the Kentucky Exposition Center that last operated in 2009, Hart said. Hart acknowledged that the unidentified primary lender is asking that the Hart group put up more than the amount of equity it initially pledged to secure a needed loan. And, Hart said, “The partnership is willing to fill any voids in the financing.” Hart said he continues to hire for the Kentucky Kingdom operation, with about 15 mostly top management staff now on the payroll. The fair board, which oversees the fairgrounds theme park land, granted Hart’s group in February initial lease rights through the end of April. Since then, the Hart group, doing business as Kentucky Kingdom LLLC, has arrranged financial incentives from state and metro governments and the Louisville Convention & Visitors Bureau. Amanda Storment, fair board spokeswoman, said the agenda for the fair board meeting Thursday calls for the board to consider amending the lease deal to extend Hart’s rights through June 30. “The bank wants more equity, and they (Hart and his partners) are willing to do that,” she said. Hart’s partners are businessman Bruce Lunsford, lawyer Ed Glasscock and the Al J. Schneider Co. They agreed to invest $45 million in park improvements by 2017, including an initial $20 million in partner equity and $25 million in borrowed money. That split now apparently is being changed to include at least slightly more in partnership equity. The Hart group is obligated to spend at least $1 million a year on upgrades of the park, which was abandoned by Six Flags after the 2009 season when it hit the financial skids. Hart’s group has arranged to get $1 million a year in rebates from state sales taxes for each of 10 years and up to $100,000 annually for a decade from the city in the form of rebated occupational taxes generated by the park’s employment. Hart was the primary owner of Kentucky Kingdom for much of the 1990s, until he sold the park to Six Flags for a reported $80 million. Link to article:http://www.courier-journal.com/article/20130424/NEWS01/304240088/Kentucky-Kingdom-New-operators-seek-more-time-raise-money Link to comment Share on other sites More sharing options...
Jew Posted April 25, 2013 Share Posted April 25, 2013 I'm shocked. Link to comment Share on other sites More sharing options...
gisco Posted April 25, 2013 Share Posted April 25, 2013 I'm shocked. Those were my words exactly when I read the opening line that Ed Hart wanted a 60 day extention. He tries to make it sound like the bank is the problem but in reality he hasn't found enough people willing to invest. Link to comment Share on other sites More sharing options...
jray21 Posted April 26, 2013 Share Posted April 26, 2013 I almost posted the exact same thing. Asking for an extension of the walk-away period really tells how it is. I don't want it to fail, but I really don't ever see it coming back. Link to comment Share on other sites More sharing options...
John Peck Posted May 1, 2013 Share Posted May 1, 2013 Extension granted: http://www.bizjournals.com/louisville/news/2013/04/25/fair-board-grants-hart-group-extension.html Fair board grants Hart group extension to get Kentucky Kingdom financing John R. Karman III As expected, the Kentucky State Fair Board at its Thursday meeting granted Louisville businessman Ed Hart and a group of investors an extension to finalize its financing in a bid to reopen the shuttered Kentucky Kingdom amusement park. The deadline for securing a financing package and completing a lease agreement between Hart’s group and the fair board had been April 27, but the board moved that date to June 27. Dr. Mark Lynn, the board's chairman, told reporters following the meeting that he has every confidence that a deal to reopen the amusement park will finally come to fruition. “Everybody wants this to succeed,” he said. “If this doesn’t happen, I will be shocked.” Hart’s plan to reopen Kentucky Kingdom had called for he and his investment group to contribute $20 million in equity and secure a $25 million bank loan. Lynn told the fair board today that the group was unable to get approved for the full $25 million and instead settled for a $15 million bank loan. The $10 million shortfall is being filled by what Lynn called a “special investor financing group.” He declined to elaborate on the make up of that group. Lynn said the latest delay in the Kentucky Kingdom project does not jeopardize a planned opening in May 2014. The amusement park closed in 2009 and never reopened after previous owner Six Flags Inc. walked away from its lease agreement with the fair board the following year. Hart, a previous Kentucky Kingdom owner, has launched several unsuccessful attempts to get the park reopened. His latest venture is through a partnership called Kentucky Kingdom LLLP that includes Bruce Lunsford, his partner in Hart-Lunsford Pictures LLC; Ed Glasscock, chairman emeritus of Frost Brown Todd LLC law firm; and the Al J. Schneider Co., led by president Mary Moseley. Link to comment Share on other sites More sharing options...
Ultimate Posted May 1, 2013 Share Posted May 1, 2013 So has what rides they plan to add/scrap been revealed yet? I'm excited rider what happens Link to comment Share on other sites More sharing options...
jedimaster1227 Posted May 1, 2013 Share Posted May 1, 2013 (edited) ^We know for sure Greezed Lightnin' won't be returning as it is simply beyond repair. It was also noted that Thunder Run could take up to $1 million to rerefurbish to a point in which it is smooth and won't rip itself apart. Hart is expected to add two "major" additions to the park in addition to doubling the size of the water park. Edited May 1, 2013 by jedimaster1227 Link to comment Share on other sites More sharing options...
gisco Posted May 1, 2013 Share Posted May 1, 2013 No surprise that the extension was granted. I can see this going two ways. One is that they take the 15 million from the bank and try and open the park with less money hoping to get more investors or a bigger bank loan later. The other way is that Hart gets cold feet with the amount of money he has on the line and walks away. Link to comment Share on other sites More sharing options...
Jew Posted May 1, 2013 Share Posted May 1, 2013 The $10 million shortfall is being filled by what Lynn called a “special investor financing group.” He declined to elaborate on the make up of that group. Each every news article about the park gets shadier and shadier. Legitimate financial institutions won't give them the money they need? Turn to a "special investor financing group" with no details given. That to me screams high interest loans that are going to suck the park dry... Link to comment Share on other sites More sharing options...
Midgetman82 Posted May 2, 2013 Share Posted May 2, 2013 That, and the fact that the park sits on rental grounds sounds like a wonderful dish... I agree with the shady part, though. At this point, if they were to fail, I don't think any other company/business/group/guy with lots of money will even want to touch the park. Link to comment Share on other sites More sharing options...
Midgetman82 Posted May 30, 2013 Share Posted May 30, 2013 Sorry to double post. I ran by the park last saturday since I was near the area and was interested in how the park was doing. First of all, all of my explorations were done completely outside the fence like the last time I was there (the previous time was my first). The main difference is that they upped security, probably because more kids had successfully snuck into the park, so there were some in-gate security guards casually strolling and following my direction as I took photos. No intentions of going inside, but still got me a bit paranoid. Anyways, I did speak with one of the security guards that followed and he informed me that he had seen the ferris wheel run multiple times, showing that some rides in the park are definitely still operational! Secondly, I found Roller Skater's train sitting next to Greezed Lightnin'. How's it going? Lastly, during the look around, I also noticed that almost every ride, attraction, shop, restaurant, and pavilion had signs posted on them with a number or a number-letter combination. From outside Gate 5 facing Broadbent arena. Much yard-work had been done on Bluebeard's Bounty to remove much of the wild plants that threatened to encompass the ride. #8. Breakdancer. The Whirling Dervish Looking back towards Bluebeard's Bounty. Think they're auctioning them off, or simply mapping them? Link to comment Share on other sites More sharing options...
John Peck Posted May 31, 2013 Share Posted May 31, 2013 The cleaning up and rides running is encouraging. Not too scared about the numbered attractions.... yet, they match up to a inventory sheet composed a while ago. #8 Whirling Dervish/Breakdance #13 Bounty #14 Enterprise ...etc. Just staying optimistic ... and praying to God. Inventory Link to comment Share on other sites More sharing options...
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