Cedar Fair Corporate Development Discussion Thread (FUN)

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Postby Airtime&Gravity » Wed Dec 16, 2009 5:07 pm

Wow, wasn't expecting this, and this could be great for the chain. While Cedar Fair parks aren't bad, they could still use a lot of work. If the new owners are able to do to Cedar fair what Shapiro has done to Six Flags, this will be a very good thing. I don't think this company is the kind to close under-performing parks, so I don't think we will see any closing soon.

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Postby Sir Clinksalot » Wed Dec 16, 2009 5:15 pm

robbalvey wrote:^ Agreed. However I have no idea of what Apollo's past actions have been with other entertainment companies. They have bought AMC Entertainment, Harrah's Entertainment, and Norwegian Cruise Line, for example.

Did they de-comission any NCL ships? Did they close any Harrah's casinos? Did they shut down any AMC theaters?

If their pattern with other companies has been to shut down underperforming venues in an effort to keep the thriving ones going, then I'd be a bit concerned if I was CGA or MI, but if this hasn't been their approach in the past, I'd doubt it's something they would do...at least not right away.

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That's a good point Robb. In the case of the ship-line, It's pretty hard to de-commision a ship (depending on it's age) but it's possible they sold some. Not sure though.

Interesting enough, Neither NCL, Harrah's or AMC is listed among their Portfolio Companies. At least not that I can see (but they are listed on Wikipedia as joint ownership with other corporations)

http://www.apolloic.com/public/portfoli ... ?pageid=12

Also of note, they own "Claire's Boutique" which I know has closed some stores recently. But that's probably more the economy rather than liquidating/consolidating.

IMO, it's WAY too early to tell if this is going to effect any parks, but one can't help but speculate.

I would think rather than closing any parks, the possibility of selling off lesser parks perhaps?

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Postby DirkFunk » Wed Dec 16, 2009 5:24 pm

robbalvey wrote:^ Agreed. However I have no idea of what Apollo's past actions have been with other entertainment companies. They have bought AMC Entertainment, Harrah's Entertainment, and Norwegian Cruise Line, for example.

Did they de-comission any NCL ships? Did they close any Harrah's casinos? Did they shut down any AMC theaters?


NCL has seen some changes, but I don't think they're any that are outside the norms of the industry for a multinational company like that. Some ships were transferred to it from Star Cruises. One of the US flagged ships was taken out of the Hawaii routes. The SS United States wasn't refurbed. Harrah's has only expanded over the last few years. They just announced plans to buy Planet Hollywood in Vegas, and have done a made a number of purchases in the last 36 months in smaller markets.

I don't know what to expect, but I'll hope for the best. As far as I'm concerned, this might be a good thing for Knotts in terms of re-establishing its roots.

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Postby robbalvey » Wed Dec 16, 2009 5:25 pm

Sir Clinksalot wrote:That's a good point Robb. In the case of the ship-line, It's pretty hard to de-commision a ship (depending on it's age) but it's possible they sold some.

That's actually what I meant.

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Postby DirkFunk » Wed Dec 16, 2009 5:28 pm

Since Kinzel has completely lost touch with the aspect of the modern park and the guest itself, this has proven to be negative for the parks and the the company.


Its a not so big secret that Kinzel is likely retiring after next year.

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Postby daveydo5172 » Wed Dec 16, 2009 5:35 pm

Harrah's has not shut down any of its casinos....yet. They are planning to acquire Planet Hollywood Hotel and Casino here in Las Vegas.....Harrahs also happens to be in debt though by over 20 billion dollars.

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Postby robbalvey » Wed Dec 16, 2009 5:40 pm

DirkFunk wrote:
Since Kinzel has completely lost touch with the aspect of the modern park and the guest itself, this has proven to be negative for the parks and the the company.


Its a not so big secret that Kinzel is likely retiring after next year.

Hasn't he been "likely to retire" for the last 10 years or so now?

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Postby Electerik » Wed Dec 16, 2009 5:44 pm

^ I guess he will, now.

So...this company just buys other companies? And then...runs them? That's their whole purpose as a company?
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Postby DirkFunk » Wed Dec 16, 2009 5:49 pm

I'm just sayin' what I've been told about Kinzel. Don't kill the messenger.

Yeah, they're a private equity firm, like Blackstone, Carlyle Group, Colony Capital, etc. The idea is that they can finance aspects of an undervalued business that it by itself cannot (debt, expansion, whatever), and then over the long run, they can make boatloads of money.

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Postby ginzo » Wed Dec 16, 2009 5:51 pm

Electerik wrote:So...this company just buys other companies? And then...runs them? That's their whole purpose as a company?


Private equity firms, in theory, can have an advantage in that they don't have to run everything to look good for stockholders. In other words, they can try more long term strategies and not have to worry about Wall Street punishing them for a bad quarter or two.
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