Here's the short C-J article: "Bankrupt Six Flags to close Kentucky Kingdom theme park"

Quote:

Bankrupt theme park operator Six Flags announced Thursday it will walk away from its lease for Kentucky Kingdom and close the park. The company said it had tried to negotiate a new lease with the Kentucky State Fair Board, but its proposals were not accepted.

I assume there's more to come out on this matter. I mean — we don't really know if the Fair Board was demanding too much, or if Six Flags was asking for a reasonable deal.

At any rate, this would seem to be quite a blow to tourism and promotion of the city.

Thoughts?

Steve Magruder — LouHI Administrator and web programmer


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I've always thought having an amusement park at the KFEC was a less-than-perfect idea. With an economy not likely to improve anytime soon, and fallout from that poor girl's severed leg, plus reading articles how the entire Six Flags might go bankrupt, and I'm not shocked.

Have you hugged your penguin today?

Proud member of the "Vast Right-Wing Conspiracy"

Here is Six Flags' full statement:

Quote:

Kentucky Kingdom Rejects Lease Park to Close Six Flags announced today that as it nears the scheduled end of its restructuring process, it has decided to reject its lease with the Kentucky State Fair Board relating to the Kentucky Kingdom park. In recent weeks, Six Flags had proposed a new lease arrangement to the fair board that would have enhanced the viability and future of the park. Unfortunately, those proposals were not accepted and the park will cease operations and the company will move expeditiously to re-locate employees and several of the more than 40 rides and attractions to one of its 13 other markets. "We are deeply disappointed to be leaving such a great fan base in the greater metropolitan area of Louisville and we are grateful to the thousands of employees at Kentucky Kingdom and the millions of guests for their dedication, support and loyalty over the years," said Mark Shapiro, Six Flags President and CEO. "This action relates solely to Kentucky Kingdom," Shapiro continued. "The substantial lease payment has been a significant hurdle for this park in recent years. Our other parks, which reside largely on company-owned land, will be completely unaffected and will open as scheduled for the full 2010 season."

I wonder if maybe this is actually just a ploy to get the fair board to accept the terms they are proposing? While not a fan, I knew many people were and will miss it especially the water park.

I'm sure Holiday World isn't upset it all about this!

I've learned that whatever hits the fan will not be evenly distributed.

This is way out there, but what if...

... what if the fair board wants to unload the property and sell it to the airport, UPS, or some kind of development? After all, it's going to be tough to fill Freedom Hall and the old Cardinal Stadium.

But where would we put the state fair? I dunno, but Lexington's a lot closer to much of the state. Could it happen?

Actually Cardinal stadium is scheduled to be torn down and replaced with an amphitheater. With all the new exhibit space that has recently been built the state fair isn't going anywhere. Because I-264 separates the property from the Airport is not interesting to them nor to UPS. There has been a rumor going around that UPS is interested in the LAP property but with the new investments Ford has planned there that rumor isn't going to come true.

Actually use Kentucky kingdom closes it will give the fairgrounds more property for additional parking or buildings. They are landlocked so the additional property for development will probably be welcomed.

Here's an interesting tidbit from WAVE3 coverage: "Kentucky Kingdom to close over lease disagreement":

Quote:

Kentucky Fair Board spokeswoman Vicki Glass seemed surprised by the announcement. "They sent a proposal to the Fair Board and we have been working on a response. We thought we were still in negotiations with them."

Methinks the Fair Board needs to put out a complete statement on the matter. It's possible they were blind-sided.

Wow. I have a hard time imagining the state fair w/o Kentucky Kingdom. R.I.P.

Redding @ Mojo has posted much of the Kentucky State Fair Board's press release on this matter. Rick calls it "CYA", but I am not so sure. The Fair Board's position sounds plausible.

OK, I got a copy of the entire press release. Here it is...

Statement from Harold Workman, President & CEO of the Kentucky State Fair
Board, Regarding Information Released by Six Flags Kentucky Kingdom

“Six Flags Kentucky Kingdom announced this evening that „as it nears the scheduled end of
its restructuring process, it has decided to reject its lease with the Kentucky State Fair Board
relating to the Kentucky Kingdom Park. In recent weeks, Six Flags had proposed a new lease
arrangement to the fair board that would have enhanced the viability and future of the
park. Unfortunately, those proposals were not accepted and the park will cease operations and
the company will move expeditiously to re-locate employees and several of the more than 40
rides and attractions to one of its 13 other markets.‟

The statement misrepresents what has taken place.

Approximately thirty days ago, the Kentucky State Fair Board (KSFB) reached out to Six
Flags Kentucky Kingdom (SFKK) to offer to extend the park‟s bankruptcy court-imposed
deadline of January 9, 2010 to either accept or reject its lease with the KSFB. The KSFB
initiated dialogue with SFKK in an attempt to allow the park to maintain its operations.
However, SFKK did not schedule a meeting with me until January 4, 2010, only days before
the bankruptcy court-imposed deadline. At that point the KSFB did not have any financial
information regarding the profitability of the park and only obtained that information a few
days ago.

As suggested by the KSFB, we entered into an agreement with SFKK to extend their deadline
and that agreement was approved by the bankruptcy court. The time frame for the park to
accept or reject its lease was extended by 90 days, expiring April 9, 2010. The intention was
for the parties to renegotiate the lease terms during that period.

The parties also entered into a confidentiality agreement shortly thereafter so that the KSFB
could evaluate the park's financial status in order to validate its request for a lease
modification. Representatives of SFKK had told the KSFB that the bankruptcy proceeding
would NOT affect operations and, in fact, the park was doing well.

The KSFB asked SFKK for a written proposal outlining revised lease terms on at least four
separate occasions. However, counsel for SFKK never provided a written proposal and to date
the KSFB has been reviewing financials and awaiting a proposal from SFKK that would
include the proposed terms of the modification.

Tonight‟s announcement by SFKK caught the KSFB completely by surprise. The KSFB
remains ready and willing to discuss any reasonable proposal that SFKK may put forward in
order to continue the park‟s operation.”