Company buys 2 Texas water parks in deal with Schlitterbahn | AP business
16 Juin, 2019, 10:43 | Auteur: Auguste Feret
Schlitterbahn's New Braunfels and Galveston parks and its New Braunfels resort are being sold to an OH company for $261 million, according to a statement from the OH company.
Cedar Fair president and CEO Richard Zimmerman said the OH company is excited about adding the two Texas water parks.
Prosecutors filed criminal charges against Schlitterbahn co-owner Jeff Henry, the designer of Verruckt, the park's operations manager and two maintenance workers, alleging that shoddy planning and maintenance led to Caleb's death. It recently lost its Corpus Christi park, the newest in its lineup, in bankruptcy court.
Cedar Fair in 2018 drew 25.9 million guests to its parks and reported $1.35 billion in revenue.
Schlitterbahn's New Braunfels and Galveston parks entertained 1.2 million guests and generated annual revenues of about $68 million over the same period of time.
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Following the closing with Schlitterbahn, Cedar Fair's portfolio will consist of 15 parks, more than 2,000 rooms in resort accommodations, two marinas and more than 600 RV sites.
"Cedar Fair is a dynamic, brand-oriented company", Schlitterbahn said in a statement. These properties represent new markets for us with attractive demographics in the growing Central Texas region, and they align with our strategy to identify compelling opportunities to accelerate our growth and profitability.
The transaction is subject to regulatory approval and other customary terms and conditions, and is expected to close during the second quarter of 2019 subject to those approvals and conditions, according to a press release.
Schwab died in 2016 when the raft he was riding on the 17-story Verruckt slide went airborne and hit a metal pole. The park has yet to open to the public this season.
It owns and operates 11 other amusement parks, including its flagship park, Cedar Point, two other outdoor water parks, one indoor water park and four hotels. "Under Cedar Fair's leadership, the Schlitterbahn brand will have an opportunity to grow and expand like the early days when the sky was the limit".
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