Friday, September 26, 2008

UPDATE: Hard Rock Park to reopen in '09

I had mentioned yesterday the report that Hard Rock Park in Myrtle Beach had closed. Word now is that it will reopen in 2009.

"After an inaugural season rocked by poor attendance and tight credit markets, Hard Rock Park wants to reorganize its debts, cut costs and market the park to a wider audience in an attempt to survive in 2009," says the Charlotte Observer.

"The park, off of U.S. 501, blamed a drop in tourism and its own inability to advertise out of the Myrtle Beach area for its cash problems, which forced it to grind to a halt Wednesday when it filed for Chapter 11 bankruptcy.

"The park plans to reorganize under Chapter 11 and reopen in April. Under Chapter 11, businesses keep their creditors at bay while trying to rework their debt."

Hard Rock Park apparently "did not have cash for enough out-of-market advertising - which had a 'devastating' effect on attendance, according to documents.

"About 80 percent of visitors decided to come to the park before they came to Myrtle Beach, the park said in the documents.

"The park owes at least $343 million and has between $100 million and $500 million in assets, according to court filings. ..."


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