11 Apr 2009

Myrtle Beach / USA: new owner for insolvent Hard Rock Park


The Park which cost $400 million to set up, and was opened in March 2008 only to become insolvent 5 months later, will be sold to FPI MB Entertainment for $25 million. The unknown company is a newly founded joint venture between Freestyle Park International (subsidiary of MT Development Moscow), Roundbox Advisors, Baker Leisure Group, who have already worked for Walt Disney and Six Flags, and a group of local investors from and around Myrtle Beach, South Carolina – including Thomas Hiles and D. Tim Duncan, who were there when the park was founded. At the end of May Hard Rock Park wants to start again with around 750 employees. For the first season under new ownership and new management around 750,000 visitors are expected. The annual ticket price will be halved and the single entry will cost $40 instead of the previous $50. Whether the name of the park can be kept is uncertain due to trade mark right issues. According to Steve Baker from Baker Leisure Group the park should be more family friendly and offer more live entertainment. (eap)