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Theme Park Supplier's News of the Week #12 Bolliger Mabillard, MAURER Rides, ETF Ride Systems, Lo-...

World Waterpark Association Success for WWA's 33th Symposium and Trade Show

Hong Kong Disneyland to introdoce Iron Man Experience First major Marvel attraction planned in 2016

Theme Park Supplier's News of the Week #11 Zamperla, Simworx, Electrosonic, Vortex

Theme Park Industry News Roundup #6 Liseber, Universal Parks and Resorts, IAAPA, Herschend ...

Premier Rides wins €8 million contract with Plopsa Gr... New launch coaster to open at Holiday Park in 2014

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Record anniversary edition for Euro Attractions Show More than 8,500 attendees on a record exhibit floor

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Cedar Fair to Retain Ownership of its California's

Great America Theme Park

Update : 11:22 Published by François Mayné the 8 December 2011, Corporate.

Cedar Fair Entertainment Company announced Wednesday that JMA Ventures, LLC (“JMA”) has elected to not move forward with their purchase of California’s Great America amusement park in Santa Clara, California. As a result of JMA’s actions, the definitive purchase agreement governing this transaction, originally agreed on September 16, 2011, has been terminated.

“We respect JMA’s decision and are pleased to return to the long-term ownership of this exceptional property,” said Matt Ouimet, Cedar Fair’s president. “As we stated at the time the agreement was made, this is a quality park that has terrific employees and serves a strong market. We look forward to continuing to take advantage of the synergies which are uniquely available to us as a result of operating this park as part of our larger portfolio of properties.”

According to Ouimet, the termination of this sale does not alter the Company’s expectations of achieving record adjusted EBITDA between $365 million and $375 million in 2011. “In fact, we expect to be at the higher end of our original distribution guidance of $1.35 to $1.65 per limited partner unit in 2012,” he said. “With continued growth in our annual distribution rates and additional debt reduction through our improved operating performance, we believe Cedar Fair will maintain its position as one of the most attractive growth and yield stories in the leisure and hospitality industry.”

Cedar Fair to Retain Ownership of its California's Great America.

The Company also announced that it has reached a long-term agreement with the San Francisco 49ers related to the construction of the stadium and parking for NFL and other stadium-related events for the life of the new stadium. The agreement is still subject to the execution of a definitive agreement and the approval of the Stadium Authority and related approvals from the City of Santa Clara.

“The combination of an NFL stadium and a premier amusement park in one location offers tremendous and exciting opportunities for family entertainment. We are excited to reach an agreement on construction issues and parking that are important to the stadium project,” said Jed York, president and chief executive officer of the San Francisco 49ers.

“This arrangement leads the way to a mutually beneficial relationship between Cedar Fair, the 49ers and the City of Santa Clara ,” added Ouimet. “California’s Great America was a strong performer in 2011 and we are confident this will continue into the future as we build the park’s customer base through new marketing initiatives and capital investments. ”

Cedar Fair Entertainment - - -

Written by François Mayné

François Mayné Publishing Director » Contact Us
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PortAventura Park
(4 articles found)

PortAventura targets foreign markets to boost its growth and reach 5 million visitors read more

PortAventura is smiling again. With an attendance of 3.8 million visitors in 2012 (+3% compared to 2011), the lean years now seem far behind...

CORPORATE | PortAventura Park - Published on March 19, 2013

Investindustrial becomes the sole shareholder of PortAventura and will invest €75 million in 5 years read more

Criteria CaixaHolding, a subsidiary of the Spanish bank La Caixa, has reached an agreement with the Italian investment company Investindustrial...

CORPORATE | PortAventura Park - Published on November 27, 2012

PortAventura opens Europe's tallest roller coaster Shambhala read more

The sun of Catalonia was of the party last May 12 at PortAventura in Spain for the grand opening of what is now the Europe's tallest roller coaster...

FEATURE | PortAventura Park - Published on May 22, 2012

PortAventura invests more than €25 million to open Europe's tallest roller coaster : Shambhala read more

After having inaugurated the family themed area SesamoAventura in 2011, PortAventura will open this coming season one of the most anticipated...

NEW | PortAventura Park - Published on March 13, 2012

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Hydro (Oakwood Theme Park) Gyrotour (Futuroscope) Blue Fire (Europa-Park) Sledge Hammer (Bobbejaanland) Stunt Fall (Parque Warner Madrid) Toy Story Mission Parachute (Walt Disney Studios) Troy (Toverland) Star Flyers (Plopsaland) Uppswinget (Liseberg) Lynet (Farup Sommerland) Grande Roue (Walibi Belgium) Cobra (Paultons Family Theme Park) G-force (Walibi Holland) Stealth (Thorpe Park) El Volador (Bellewaerde Park) Katun (Mirabilandia) Hurakan Condor (Port Aventura)