Six Flags Kentucky Kingdom to close over lease disagreement
February 5th, 2010 - 3:09 pm ICT by BNO NewsLOUISVILLE, KENTUCKY (BNO NEWS) — Six Flags on Thursday said it decided to close its Louisville-based Kentucky Kingdom amusement park over a lease disagreement.
The decision to close the park, which was opened in 1987 and had more than 40 rides, came as the company neared the end of its restructuring process.
Six Flags said the lease for the ground was “way too high”, making it “extremely difficult” for the park to achieve profitability. “The substantial lease payment has been a significant hurdle for this park in recent years,” Six Flags President and CEO Mark Shapiro said. “Our other parks, which reside largely on company-owned land, will be completely unaffected and will open as scheduled for the full 2010 season.”
The company said it initially proposed a new lease arrangement to the Kentucky State Fair Board, but was not accepted. Therefore, Six Flags decided to reject its lease with the board.
Six Flags says it will attempt to re-locate employees and several of the more than 40 rides to one of its 13 other markets. “We are deeply disappointed to be leaving such a great fan base in the greater metropolitan area of Louisville and we are grateful to the thousands of employees at Kentucky Kingdom and the millions of guests for their dedication, support and loyalty over the years,” Shapiro said.
- Air India board decides on loan restructuring, cost-cutting measures - Nov 29, 2011
- Air India board to meet Tuesday - Nov 29, 2011
- Signature HealthCARE LLC to relocate to Louisville, KY, creating 120 new jobs - Mar 16, 2010
- Humana Inc. To Cut 2,500 Jobs This Year - Feb 18, 2010
- 'Headless monk' forces UK amusement park to relocate water ride - Feb 08, 2011
- Raytheon Missile Systems to expand their operation in Louisville, KY - Mar 25, 2010
- Punjab goes ahead with PSEB unbundling despite staff strike - Apr 15, 2010
- Eureka Forbes 40x10 ft flag in Limca Book of Records - Oct 04, 2011
- Louisville Airport Bomb Scare Resolved - Dec 02, 2010
- KFC eyes 500 restaurants in India by 2015 - Dec 18, 2011
- Tilaknagar Industries' plants get 'mega project' status - Apr 17, 2012
- Teen dies at Brazil amusement park - Feb 26, 2012
- Air India's turnaround plan approved (Roundup) - Apr 12, 2012
- Kentucky to fund a $51 million extension of Blankenbaker Parkway - Mar 25, 2010
- Noah's Ark and Tower of Babel to be built in Kentucky - Dec 03, 2010
Tags: amusement park, bno, ceo mark, dedication, disagreement, fan base, hurdle, kentucky state, lease arrangement, lease payment, louisville kentucky, loyalty, mark shapiro, metropolitan area, new lease, profitability, restructuring, six flags kentucky, six flags kentucky kingdom