Cedar Fair LP, owner of Cedar Point and six other amusement parks and five water parks nationwide, said yesterday it is taking a serious look at buying rival Six Flags Inc. or some of its 30 amusement parks.
Six Flags, which said in August it was for sale, has received takeover interest from about three dozen prospective buyers, many of them private equity firms. The company, whose financial records have been disclosed to possible buyers, has a market capitalization of about $674 million and debts of more than $2 billion.
Stacy Frole, director of investor relations for Cedar Fair, said her Sandusky company has financial wherewithal to buy Six Flags or some of its parks. But the deal would have to make financial and strategic sense, she added.
"If the price is right, we'd go for it," she explained. "This has been going on for a month or two, but Six Flags has only made its financial information available now. Until we look at it, we can't say what we will do."
Such a move would be a departure for the Lake Erie amusement business, which has struggled this year with attendance at some of its parks. Historically, the company has acquired only one park at a time.
Six Flags, of Oklahoma City, has 28 theme parks or water parks in the United States, plus one theme park each in Canada and Mexico. However, only its Magic Mountain theme park in Los Angeles competes in the same market with a Cedar Fair park, Knott's Berry Farm.
A dissident Six Flags shareholder, Daniel Snyder, said two months ago he wanted to replace the company's chairman and chief executive and planned to raise his stake to 35 percent from about 12 percent. Mr. Snyder owns the Washington Redskins football team.
Company officials criticized the bid to investors. Mr. Snyder and his Red Zone LLC investment firm have not entered the auction to buy the entire company, sources said.
The auction for Six Flags comes on the heels of other recent amusement-park sales. Private equity firm Blackstone Group this year bought Legoland, which operates four amusement parks, for $459 million and European park operator Merlin Entertainment for $180 million.
Also, Dubai International Capital, the investment firm backed by the government of Dubai, bought Tussauds Group, known for its Madame Tussauds wax museums, for $1.5 billion.
Wall Street analysts expect Six Flags to fetch a high premium, given its strong brand name. For the full year, Six Flags expects to generate cash flow of $300 million and an 8.5 percent increase in revenues.
Analysts expect Blackstone and Dubai to take a look at Six Flags, but they could be turned off by the company's $2 billion in debt.
Analysts said Cedar Fair might be interested in some Six Flags properties, but it is unlikely to buy the entire company. Cedar Fair last year paid $145 million for Six Flags of Ohio, near Cleveland.
Source : Toledoblade
DUBAI — The Dh14 billion integrated theme park project, Legends in Dubailand, yesterday announced the opening of a new on-site headquarters and commencement of the earthwork for Legends of Arabia, the first of the three theme parks within the development.
The Legends headquarters was officially inaugurated by Mohammed Al Gergawi, Chief Executive Officer of Dubai Holding, promoters of the Dubailand, on Sunday.
Unveiling details of the development plan for Legends, senior officials of Dubailand, Gulf Finance House B.S.C. (GFH), the Bahrain-based Islamic investment bank behind the project and the project's holding company, Legends Development Company (LDC), termed the opening of the new headquarters as a step in developing the mixed-use integrated project which is conceived as one of the largest destinations for leisure and entertainment tourism in the Middle East.
Salem bin Dasmal, Chief Executive Officer of Dubailand, said: "The opening of the Legends headquarters marks the first step in translating the concept of the integrated theme park into reality."
Recently, the Saudi Arabia-based business entity, Tanmiyat Group had announced acquiring the residential and commercial components of the Legends at an investment of $2 billion (Dh7.35 billion). Tanmiyat is also part of the Legends platform through a 40 per cent subscription of a $302 million (Dh1.1 billion) private placement floated to fund the first phase of the project.
Le projet a reçu le soutien d'organisations de lutte contre les MST, dont le sida.
L’Académie proposera des «expositions interactives et high tech». «L'excitation n'est pas le but, a affirmé un porte parole du projet. Cela doit être éducatif et informatif», a-t-il assuré. «Nous ne pouvons pas éviter la principale préoccupation de l'humanité et les questions qui l'accompagnent», a renchérit la directrice des expositions de l'académie, le Dr Sarah Brewer.
Source : Batiactu
Après le retrait de Tivoli dans la reprise du parc berlinois Spree Park, les politiques enclanchent le B, à savoir, une renaturalisation du site à terme.
Vorschlag: Gelände soll renaturiert werden
Nach dem Rückzieher des dänischen Vergnügungsunternehmens Tivoli von einer Investition im Spreepark wollen die Grünen das 20 Hektar große Areal renaturieren. Man müsse den Realitäten ins Auge sehen, dass es keinen Investor für einen Freizeitpark in Berlin gebe, sagte die wirtschaftspolitische Sprecherin der Berliner Grünen, Lisa Paus. Nach vier Jahren vergeblicher Suche sollte Berlin endlich einen "Plan B" ausarbeiten - den Plan für eine Renaturierung des Areals, das ohnehin mitten im Landschaftsschutzgebiet liege. Geld dafür könnte aus einem EU-Programm für Umweltschutz beantragt werden. Nur müsse dies schnell geschehen, denn die EU-Mittel gebe es nur noch bis Ende 2006, so Paus. Länger warten hieße auch unnötiges Steuergeld ausgeben - immerhin werde für die Sicherung des Spreepark jährlich eine fünfstellige Summe fällig. Inwieweit die gut zehn Millionen Euro für die Kredite der insolventen Spreepark GmbH, für die Berlin einst gebürgt hatte, tatsächlich vom Land beglichen werden müssen, sollte laut Paus juristisch geklärt werden.
Der Bezirk Treptow-Köpenick hält indes an den Plänen für einen Freizeitpark im Plänterwald fest. Wie Bürgermeister Klaus Ulbricht (SPD) sagte, liegt der Bebauungsplan dafür fertig in der Schublade. Details, wie zum Beispiel die Frage, wer den Ausbau der Zufahrtstraßen zum Vergnügungspark bezahlen muss, müssten dem Investor verhandelt werden. Der Bezirk hatte sich für das Pariser Unternehmen Grévin ausgesprochen, der Senat wollte aber Tivoli. (sk.)
Souce : Berlinonline
Ratanga Junction ready to roll for Summer
By Fouzia van der Fort
Ratanga Junction will come alive again for summer. Having been on a rollercoaster ride of its own - with discussions on whether it should close altogether - the theme park is back with a new look.
The revamped Ratanga Junction will include a sports lounge with big-screen televisions and a fresh coat of paint.
Century City Property Developments, the owner of Ratanga Junction since June, has plans to take the park to new heights, with ticket prices dropping slightly.
This summer a R95 ticket - down from R100 - will give access to all rides except the Slingshot, and the park is introducing a new R210 family package for two adults and two children under 1,3m tall.
The mini-adventure ticket for children under 1.3m is now R45 instead of R50. Non-riders will still get in free.
Managing director Greg Deans said: "We are formulating plans to improve on the theme park's financial performance and to maximise all its assets."
Park general manager Bill Taylor has been mandated to turn it into the number one family leisure destination in the country and to increase year-round profitability.
"It is a phenomenally exciting product and we are closely examining every part of the business to see how we can improve it, not only in terms of revenues but as to how we can raise the guest experience to encourage visitors to come back again and again," said Taylor.
The park will be opened with a Ratangafest "beer and fear festival" on October 27, after which it will be open from Friday to Sunday until November 26.
Thereafter it will be open daily - except for Christmas Day - until the end of the school holidays
Tropical Islands rechnet mit einer Million Besucher
Brand. Mit einer Million Besucher im Freizeitpark Tropical Islands rechnet der künftige Geschäftsführer Ole Bested Hensing im ersten Geschäftsjahr bis Ende Januar 2006. Bis September seien 780 000 Gäste gekommen, sagte der 41-Jährige. Der Däne ist ab 1. November Nachfolger des malaysischen Investors Colin Au, der sich aus dem Tagesgeschäft zurückzog. Mittlerweile sei der Südbereich des Kuppeldaches mit lichtdurchlässiger Spezialfolie ausgestattet. Sie ermöglicht den Gästen eine natürliche Bräunung.
Source : DPA
Design : Hitmaaan
