Hard Rock Park Files Chapter 11- Closed Until Next Spring

Hard Rock Park closed yesterday (9/24/08) and has filed chapter 11 bankruptcy. They hope to reorganize their finances and open again next spring.

http://www.hardrockpark.com/

Hard Rock Park Files Chapter 11- Closed Until Next Spring

Wow. That%26#39;s shocking. I hope they can regroup and make a go of it. Has a park ever failed this quickly anywhere, ever?

Hard Rock Park Files Chapter 11- Closed Until Next Spring

Did they have the local high school do their business plan or something? Jeez, after one season they file Chapter 11? I%26#39;m shocked.

The location sucks though, IMO. :)

We were in Myrtle twice this summer and both weeks we rode over to the park to check out the crowds and there were no crowds. Alot of people said too many shows, not enough rides.

Wild West World in Park City, Kansas opened in May of 2007 and closed in July of the same year. They hope to reopen under new ownership and a new name in 2009.

As for Hard Rock Park- I thought the location was an ill conceived idea when I first heard it. A major theme park must be located near a high population area to survive (Disney World was an exception plus Disney had very deep pockets to begin with). With the beach being the major attraction the local small parks didn%26#39;t bother opening until later in the afternoon and were open only weekends in the early and late season and closed the remainder of the year. Not a good business model for an expensive theme park that needs cash flow over an extended operating season. I feel an area like Nashville, which lost Opryland, would have been more appropriate and more successful. We went to HRP once in July and the place was dead. There were maybe 100 cars in the parking lot and no lines for anything. We knew they were in trouble. In my opinion pricing was way out of line for the product delivered. I hope the park can make it as the concept is great but they are in a real jam and attracting visitors over a long season will be tough.

Dollywood is a small park with not many rides. It has a lot colder weather than MB.

The park that is today Dollywood started out very small in 1961 as Rebel Railroad. Basically they had a saloon show, a few shops and a train ride. Through aquisitions and very slow steady growth the park as grown to what it is today. I believe if Rebel Railroad had started with such a huge investment as HRP it would have never survived and Dollywood would not exist today. Dollywood is actually a destination draw itself for many people and I am surprised how many people go to the Gatlinburg/Pigeon Forge area and never visit the national park. I don%26#39;t think most people go to the GB/PF area and spend time every day in the national park so Dollywood is not really in competition with the nationl park. Dollywood also has a lot of appeal with the older folks with the shows, crafts and special events they host. I don%26#39;t see Hard Rock ever attracting the retired folks.

Part of the reason that Dollywood has survived and the reason that Beech Bend Park in Bowling Green has re opened is because Opryland doesn%26#39;t exist anymore. The stupidest thing anyone could have done was close Opryland. Attendance there was good, Gaylord was just greedy and did not want to invest money in the infrastructure of the park and keep it up. Even the CEO%26#39;s have now admitted closing it was a bad idea that has affected tourism here.

I can%26#39;t believe the park shut down already. I had read on their website nthat they would be open when we go 10/9 to 10/13 one of the main reasons I booked this vacation to check out the park.

Too late to cancell now, I%26#39;m really disappointed.

More news and some details of the financial disaster. At least they seem to be considering the option of extending the 2007 seasons passes into next season- of course that%26#39;s up to a judge now. Based on the details in this report I%26#39;m not sure they can make it now. Way too much debt and they burned through a 15 million line of credit that was supposed to be good for 4 years. Loans, bonds and financing are a tough thing to get now especially on such high risk ventures as HRP seems to be now. Read about it here:

www.thestate.com/business/story/536386.html

Wow, I%26#39;m sorry they closed. We were there in July and it was so expensive we didn%26#39;t even try to go, it was going to cost as much for a family of 4 as we paid for our hotel. As for Dollywood you can get a season pass for what you pay for 1 day at hard rock and there is a ton more attraction for everyone.