Friday, May 28, 2010
Kentucky Kingdom To Replace Six Flags
KENTUCKY....
The Kentucky State Fair Board has unanimously approved a proposal to reach a deal with Ed Hart and his KK Redevelopment Co. by late July. Hart, who rescued Kentucky Kingdom from bankruptcy more than a decade ago, has been selected to replace Six Flags as operator of the 58-acre theme park after bankrupt Six Flags announced in January it would walk away from its lease for the park. Rehabilitation of the park could cost up to $20 million, with the Fair Board borrowing the money through a bond issue and Hart contributing up to $3 million. The fair board must still negotiate ownership of attractions and rides with bankrupt Six Flags, but officials say those issues should be worked out in the next 30 days. Last year, the park drew 500,000 visitors, down from a peak in the mid-1990s of 1.3 million. Closure of the park this season is expected to cost area hotels roughly 10,000 overnight stays, but park officials say they're committed to reopening in 2011.
The Kentucky State Fair Board has unanimously approved a proposal to reach a deal with Ed Hart and his KK Redevelopment Co. by late July. Hart, who rescued Kentucky Kingdom from bankruptcy more than a decade ago, has been selected to replace Six Flags as operator of the 58-acre theme park after bankrupt Six Flags announced in January it would walk away from its lease for the park. Rehabilitation of the park could cost up to $20 million, with the Fair Board borrowing the money through a bond issue and Hart contributing up to $3 million. The fair board must still negotiate ownership of attractions and rides with bankrupt Six Flags, but officials say those issues should be worked out in the next 30 days. Last year, the park drew 500,000 visitors, down from a peak in the mid-1990s of 1.3 million. Closure of the park this season is expected to cost area hotels roughly 10,000 overnight stays, but park officials say they're committed to reopening in 2011.
# posted by Homer Owens @ 12:07 AM 
