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Indiana Beach (IB) Discussion Thread


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If Indiana Beach truly ends up closing for good this will be just as terrible as the loss of the Myrtle Beach Pavilion. How on earth can there not be any help from government with a landmark status or help from a wealthy benefactor?

The wealthy benefactors of 2020 don't see "a classic piece of amusement park history that needs to be preserved and modernized", they see "prime real estate for a profitable mixed-use development with high-end apartments".

 

If we take Apex comments at face value, it's just not a good investment. Makes a profit, but not enough to re-invest to keep it viable.

 

If you're making a profit, it isn't a question of viablity (literally profit is viability), it's a question the margins being such that the return on investment won't be great enough. I don't know how they think dumping a butt ton of used rides and equipment on the marketplace is going to recoup that any faster, but I also would guess that they're probably not the most competent crew actually running the show. I'll venture to guess that the real estate sale may have been enough in and of itself to mine value out of the park.

 

We said the same thing. There isn't enough profit for their expected cut AND money leftover to re-invest.

 

The CEO who took over after Al Weber unfortunately passed away was the President of Hard Rock Park, so...

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We said the same thing. There isn't enough profit for their expected cut AND money leftover to re-invest.

 

The CEO who took over after Al Weber unfortunately passed away was the President of Hard Rock Park, so...

 

IIRC there was another CEO as well who was president at Great Adventure before this guy took over. Probably it's more that the investors pulled a ton of cash out of this for themselves, and when that's the case, it doesn't matter who's running it or whether or not the park is "viable" to stay open. It's like Blackstone and SeaWorld - if they can make 3 billion dollars parting out a park and running it into the ground instead of 2.75 billion to run it properly, they'll pick the former.

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We said the same thing. There isn't enough profit for their expected cut AND money leftover to re-invest.

 

The CEO who took over after Al Weber unfortunately passed away was the President of Hard Rock Park, so...

 

IIRC there was another CEO as well who was president at Great Adventure before this guy took over. Probably it's more that the investors pulled a ton of cash out of this for themselves, and when that's the case, it doesn't matter who's running it or whether or not the park is "viable" to stay open. It's like Blackstone and SeaWorld - if they can make 3 billion dollars parting out a park and running it into the ground instead of 2.75 billion to run it properly, they'll pick the former.

 

That’s the same guy. He tanked hard rock, did private consulting work, ran sfgadv, did more private consulting, ended up at apex through consulting with them.

 

The reason I say it’s not viable for anyone is because unless someone is buying it specifically to preserve it and doesn’t care about seeing a return on their investment, who is going to want it? Taking the profit and never pouring money back into it will leave the park in the same situation again when attendance/profits are down because no money has been put back into the park...

Edited by Jew
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  • 3 weeks later...

https://wgntv.com/news/owner-indiana-beach-amusement-park-could-reopen-this-year/

 

There are more detailed articles, and I know I'm a little late with this.

But, more optimism around Indiana Beach not remaining "permanently closed".

Three million in incentives from White County as long as the park remains open for a certain amount of time with a certain number of jobs available. The sale would include the actual land the park is on that Apex previously sold, as well as the park itself. Interest from "multiple buyers" according to Apex.

 

Couple thoughts:

 

1.They're really pushing hard for a 2020 re-opening, which seems optimistic to me. Purchasing the park, hiring new staff, new signage, marketing, maintenance, landscaping, food deals and in-park partnerships. In less than 8 weeks? As we know it's a full time job during an entire off-season for parks to prepare for each spring/summer.

I don't see it happening this year, unless it's a very late opening at best. And you throw the COVID-19 pandemic on top of it all.... just seems very ambitious, but would be an incredible feat if a new owner pulls it off.

 

2. Regardless of if the park opens for 2020, White County and Apex seem confident they will find someone to purchase the park in the long term. Which is encouraging. Just hope it's the right fit. Indiana Beach really means everything to that community. As others have stated, even though Apex did an OK job running the park, IB has so much potential beyond what it's been over the past decade.

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Perhaps, but it also gives extra time for potential buyers to work out the logistics of how to reopen the park without the pressure reopen ASAP, since a lot of the planning that needs to happen to reopen a park like this could happen over the internet.

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Surely you're not implying that the VP does not have more pressing concerns at the moment than saving a failing amusement park, right?

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White County Commissioners are voting on approving the $3 million in incentives today at 4PM. I think this theoretically means they should have a buyer if they have to approve it. We should hear something very soon if not today. Fingers crossed everyone.

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  • 2 weeks later...

Yes. Forbes' valuation is based on his own estimates of his property's worth, which he has repeatedly overvalued and undervalued depending on what is advantageous to him in the moment. He inherited hundreds of millions of dollars and has lost it all by repeatedly paying way more than things are worth and then driving them into the ground--losses so great that it resulted in his not owing taxes for a number of years. He is a liar and a fraudster and only a fool would base anything on the things that come out of his mouth. Banks won't lend to him because he has repeatedly refused to pay them back. The only way he can get any credit at all is through the Russian mafia. This is all well known and well documented. There is a high probability that his net worth is actually negative.

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Good things look very imminent! Good gosh everyone knows we could use some positive news right now.

 

https://www.pharostribune.com/news/local_news/article_e7162c58-7b43-11ea-a504-6782ca71fe03.html?fbclid=IwAR280YR565Jfk50zT2uOlX1kTX3MXN9WaWdhfRJLBcNTIzbIYSOFb_S9omk

 

Even more shocking news from the article:

 

"But it’s her understanding that those involved in the potential sale want the park operational this year."

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