Jew Posted February 29, 2020 Share Posted February 29, 2020 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... Link to comment Share on other sites More sharing options...
DirkFunk Posted March 2, 2020 Share Posted March 2, 2020 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. Link to comment Share on other sites More sharing options...
Jew Posted March 2, 2020 Share Posted March 2, 2020 (edited) 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 March 2, 2020 by Jew Link to comment Share on other sites More sharing options...
Midwesterner Posted March 22, 2020 Share Posted March 22, 2020 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. Link to comment Share on other sites More sharing options...
SharkTums Posted March 22, 2020 Share Posted March 22, 2020 I'm guessing the virus was the nail in Indiana Beaches coffin. =( Link to comment Share on other sites More sharing options...
JG-77 Posted March 22, 2020 Share Posted March 22, 2020 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. Link to comment Share on other sites More sharing options...
prozach626 Posted March 23, 2020 Share Posted March 23, 2020 The economy is too unstable for someone to consider making a purchase like this. Link to comment Share on other sites More sharing options...
cal1br3tto Posted March 23, 2020 Share Posted March 23, 2020 My brain says this will amount to nothing, but my heart is totally drinking up this glimmer of hope. Link to comment Share on other sites More sharing options...
prozach626 Posted March 23, 2020 Share Posted March 23, 2020 It's 2020. Everyone relies on emotion rather than logic. Try to keep that glimmer in check, even when the protests start... Link to comment Share on other sites More sharing options...
sfkk Posted March 24, 2020 Share Posted March 24, 2020 Gee if only the Vice President of the only billionaire president we've ever had wasn't from Indiana. Hmm... great opportunity to be a hero here. Got to wonder if Pence has ever personally been here. Link to comment Share on other sites More sharing options...
AmyUD06 Posted March 24, 2020 Share Posted March 24, 2020 Surely you're not implying that the VP does not have more pressing concerns at the moment than saving a failing amusement park, right? Link to comment Share on other sites More sharing options...
ytterbiumanalyst Posted March 25, 2020 Share Posted March 25, 2020 We've never had a billionaire president. Link to comment Share on other sites More sharing options...
SoCalJasonland Posted March 25, 2020 Share Posted March 25, 2020 Surely you're not implying that the VP does not have more pressing concerns at the moment than saving a failing amusement park, right? He can be sure all the unmarried men and women stand six feet apart. Or perhaps in another room? Zing! Link to comment Share on other sites More sharing options...
ytterbiumanalyst Posted March 25, 2020 Share Posted March 25, 2020 ^ Link to comment Share on other sites More sharing options...
sfkk Posted March 31, 2020 Share Posted March 31, 2020 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. Link to comment Share on other sites More sharing options...
sfkk Posted April 9, 2020 Share Posted April 9, 2020 Well, Apex parks group has filed for bankruptcy. No wonder they are being so difficult about season product refunds. https://finance.yahoo.com/news/apex-parks-group-announces-financial-044800755.html Link to comment Share on other sites More sharing options...
DoinItForTheFame Posted April 10, 2020 Share Posted April 10, 2020 We've never had a billionaire president. Are you sure about that? Link to comment Share on other sites More sharing options...
ytterbiumanalyst Posted April 11, 2020 Share Posted April 11, 2020 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. 1 Link to comment Share on other sites More sharing options...
sfkk Posted April 11, 2020 Share Posted April 11, 2020 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." Link to comment Share on other sites More sharing options...
ytterbiumanalyst Posted April 11, 2020 Share Posted April 11, 2020 Hmm, sounds promising. A buyer would definitely want to start operations this year to get some money rolling in. Link to comment Share on other sites More sharing options...
SixFlagsAstroworld Posted April 11, 2020 Share Posted April 11, 2020 If this sale goes through, I need to go to this park asap as it is on my bucket list. Link to comment Share on other sites More sharing options...
Canobie Coaster Posted April 11, 2020 Share Posted April 11, 2020 Great news if this happens! Link to comment Share on other sites More sharing options...
joelwee Posted April 16, 2020 Share Posted April 16, 2020 Just posted on the park’s Facebook page... Sent from my iPhone using Tapatalk Link to comment Share on other sites More sharing options...
Canobie Coaster Posted April 16, 2020 Share Posted April 16, 2020 That's a positive sign! Link to comment Share on other sites More sharing options...
SixFlagsAstroworld Posted April 16, 2020 Share Posted April 16, 2020 Thats amazing! Link to comment Share on other sites More sharing options...
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