Cedar Fair officially announced on Monday that they have made the decision to sell the land which currently houses California's Great America to Prologis, Inc. which is a Bay Area-based logistics real estate company.
The sale of land was for approximately $310 million with a lease agreement. This lease agreement enables Cedar Fair to be able to continue to operate California's Great America for a maximum of 11 years, until 2033.
This will certainly come as disappointing news for theme park fans in California and will mean that when California's Great America is permanently closed, Six Flags Discovery Kingdom which is located to the north of San Francisco, will be the only major theme park which exists in the local area.
COVID-19 has hit many businesses hard financially and the reason for this land sale has been give by Cedar Fair as being due to:
"Cedar Fair intends to use proceeds from the land sale transaction to accelerate progress on its strategic priorities of reducing debt to achieve its $2 billion target, investing in high-return projects within its portfolio such as upgrading resort properties, and reinstating a sustainable unitholder distribution."
So, it seems like Cedar Fair has made this difficult decision in order to reduce debt and to have money available to be able to invest at other Cedar Fair properties in the future.
Cedar Fair has indeed got use of the land and can continue to operate California's Great America until 2033 but whether they will make the decision to close the park a lot earlier than this deadline will remain to be seen.
We will keep you up to date with any further announcements on California's Great America. Will you be sad to see this theme park close for good? Let us know by leaving us a comment below or on our Facebook page.