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Report: Hope fades for rescue of shuttered Kentucky Kingdom theme parkSubmitted by Nick Sim on Wednesday, October 24, 2012 16:17
A second bid by former owner Ed Hart to take control of the closed Kentucky Kingdom theme park is unlikely to be accepted, according to reports.
WHAS11.com cites unnamed state officials as claiming that Hart's proposal is set for rejection unless significant changes are made. Hart's firm, the Kentucky Kingdom Redevelopment Company (KKRC), has already seen one plan to reopen the park collapse after financial terms could not be agreed.
KKRC has detailed its plans for Kentucky Kingdom, revealing that it would spend $120 million to revitalize the defunct property. This would include doubling the size of the attached water park at a cost of $50 million, and replaced the former Greezed Lightning roller coaster with a major new $15 million coaster.
According to the report, the major issue to be resolved remains how the $120 million would be raised. The state is keen to avoid guaranteeing Kentucky Kingdom's debts, with KKRC having proposed that it use the park's rides as collateral for a loan. Several other concerns are outlined in detail over at WHAS11.com.
Kentucky Kingdom has been closed for nearly 3 years, following a failure by former operator Six Flags to agree changes to the park's lease. The Kentucky State Fair Board claimed at the time that the company proposed that it pay no rent for the remaining nine years on the lease - instead offering a cut of any potential future profits.