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Koch Family withdraws from Bluegrass Boardwalk

project in Louisville, KY

Update : 18:12 Published by François Mayné the 25 June 2012, Project.
Just a few days after the announcement of a delayed opening to 2014, the Koch family has created a stir by stating that she was withdrawing permanently from the Bluegrass Boardwalk project that sought to take over the management of the former Six Flags Kentucky Kingdom in Louisville, KY.

The Koch, already owners of Holiday World & Splashin' Safari, IN, started to work on this project in October last year and obtained a few months ago a lease agreement from the Kentucky State Fair, owners of the land on which the amusement park is. Since then, administrative procedures added to a first study of the facilities and rides closed since 2008 had forced them to delay the opening initially scheduled for 2013.

Koch Family withdraws from Bluegrass BoardwalkWe entered into this discussion last October with full expectation of leasing the park,” said Bluegrass Boardwalk CEO Natalie Koch. “However, we have come to the realization that leasing a park rather than owning it would take us too far from the business model my family has followed for more than 60 years. We and our partners were financially prepared to meet the challenge of reopening the abandoned park, however the many layers of governmental regulations and stipulations ultimately caused them to withdraw .”

Just before this announcement, the Koch had received a positive answer from the state authorities for tax breaks of up $3.9 million (about €3.1 million) over 10 year, paving the way for the signing of the lease and the beginning of the renovation work. “It’s been a lifelong dream for my family to operate a second park,” added natalie Koch. “It’s hard to walk away from what we believed was a winning partnership for Kentucky and our team. But at the end of the day, the terms of the project did not fit our business model. It was time to withdraw.

It is not the first time that a buyer gives up to managing Kentucky Kingdom. The first owner of the park, Ed Hart, has indeed tried unsuccessfully to obtain the management lead after Six Flags left the property despite 18 months of negociations with the Kentucky State Fair. Despite this disapointing news, the autorities and especially Louisville's Major still hope to find a new tenant for the park. Discussions are apparently already under way with new potential operators... But it is hard to say if these will succeed or not...
Written by François Mayné François Mayné Publishing Director » Contact Us
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Kentucky Kingdom (Amusement park)
United States Site : www.kentuckykingdom.com
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Plopsaland De Panne
(12 articles found)

Theme Park Industry News Roundup – Issue #3 read more

NewsParcs' Theme Park Industry News Roundup is a summary of the latest major news related to the theme park industry worldwide. This Industry Roundup reports news specifically on operators, owners, trade associations and...

NEW | Plopsaland De Panne - Published on August 11, 2013
Theme Park Supplier's News of the Week #4 read more

NewsParcs' Theme Park Supplier's News of the Week is a review of the latest news and releases of companies supplying the theme park industry worldwide. This weekly report covers topics such as corporate announcements, financial...

NEW | Plopsaland De Panne - Published on July 23, 2013
Theme Park Supplier's News of the Week #2 read more

We publish today the second issue of our new Theme Park Supplier's News of the Week series of articles, a review of the latest news and releases of companies supplying the theme park industry worldwide. This weekly report...

NEW | Plopsaland De Panne - Published on July 9, 2013
Plopsa Group expects to reach soon the milestone of 3 million visitors per year read more

The Belgian group Plopsa, which operates five theme parks in Europe including Plopsaland De Panne and Holiday Park, said it has welcomed some...

NEW | Plopsaland De Panne - Published on March 8, 2013
Plopsaland De Panne to invest €12 million for a new themed area and a theater in 2013 read more

Belgian theme park Plopsaland De Panne, located along the North Sea near the French border, today unveiled its plans for the 2013 season. Property...

NEW | Plopsaland De Panne - Published on October 18, 2012
A satisfying summer season for Plopsa theme parks in Belgium read more

The operator of theme parks Plopsa Group stated that it was satisfied with the attendance levels during the summer season of its two key properties...

CORPORATE | Plopsaland De Panne - Published on September 17, 2012
Controversy over accessibility measures for disabled visitors in Belgian Plopsa theme parks read more

Theme parks operator Plopsa Group is currently facing a controversy in Belgium after having strengthened accessibility measures for disabled...

CORPORATE | Plopsaland De Panne - Published on July 29, 2012
Belgian theme parks counterattack pessimistic weather reports read more

This isn't really a surprise, the poor weather conditions in Belgium have not really been up to the expectations of theme parks operators since...

ECONOMY | Plopsaland De Panne - Published on July 15, 2012
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