The best block to that is for JCC to ensure the zoning will not and can not change and it's locked into only being an amusement park.
COVID-19 & Coasters: Coronavirus Impacts on the Amusement Industry
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The best block to that is for JCC to ensure the zoning will not and can not change and it's locked into only being an amusement park.
Money talks, and I'm guessing with KM making a huge stink for every park project and if there was a significant amount of development that increased taxes year round to offset what the county makes from BGW then the only remaining factor is large-scale seasonal employment - not sure if that's something a zoning board really cares about though maybe they receive guidance from the board of supervisors?
Realistically, there's not much usable land for such a development thanks to the huge ravines and RPA buffer/other environmental hurdles. However, not sure if the same could be said about other SEAS parks.
Realistically, there's not much usable land for such a development thanks to the huge ravines and RPA buffer/other environmental hurdles. However, not sure if the same could be said about other SEAS parks.
The amount of money that would take would be extremely cost prohibitive to KM. It's not just the taxes BGW makes. Tourism revenue. Hotel revenue. Restaurant revenue. Everything. You aren't talking likely $2-3 million, maybe more like $100million+ in impact to just have something like that happen.
Like I said, the best thing that JCC could do if a buy, sell off, redevelop is a fear.....rezone the land so difficultly that it can only remain an amusement park.
And FWIW the cost to buy the entire park would possibly be greater to then remove, redevelop, then sell housing than it would be to just operate.
Like I said, the best thing that JCC could do if a buy, sell off, redevelop is a fear.....rezone the land so difficultly that it can only remain an amusement park.
And FWIW the cost to buy the entire park would possibly be greater to then remove, redevelop, then sell housing than it would be to just operate.
Cedar Fair would probably try to buy up BGW before AB-INBEV did. Lot of synergies and they can raise prices and cut costs in that environment.
Merlin has been wanting to break into America on a larger scale for a while. If anyone would pounce I would bet them in a BGW BGT buy out.
Actually, no Kingsmill does not through a huge stink for every park project. That is urban legend. Yes, the residents aren't all pleased about a lot of the nosies, but generally, they hardly show up to complain to permit approval meetings. And as far as the color scheme for the rides, that is mostly the county itself requesting that, likely because they want the skyline to remain beautiful and not grow gaudy from bright abstract colors.
I was kind of basing it on the 2021 debacle, but if that's far from normal then I stand corrected.
It strikes me incredibly fucked up that companies are essentially being punished for doing the right thing.
Yeah, but unfortunately this is how the stock market will always work. A company isn’t doing well? Then it’s stock goes down
I'm incredibly uneducated in the stock market, but 2 things: if the whole market is tanking, the amusement industry isn't isolated in the problem - wouldn't lenders/creditors also possibly be at risk if their wealth isn't in liquid assets? Also, wouldn't now or sometime soon be a good time to invest in any company if there's signs it will weather the storm?
Amusement parks have been hit especially badly because unlike many other industries, which can still operate to some limited degree (like restaurants delivering their food, etc.), when the parks are closed, they’re basically not making any money at all. Zilch. And to make matters worse, the industry depends on the middle class having disposable income to spend on the parks, but with people possibly facing months of being laid off and receiving no pay, it makes the prospects of the parks just reopening to business as usual pretty much impossible. Even after the coronavirus itself has faded, the parks will continue to lose a LOT of income.
I’m no investment expert so don’t take my answer to the second question as any form of expertise or advice, but personally I’d be leery about buying anything just yet because we have no idea how much farther things could fall. Just my own take, though.
I'm currently planning on investing in quite a few different areas that are artificially low because of the current situation. I would anticipate that stocks like theme parks will start to rise one they reopen and begin to make money. And even if they don't immediately rebound, if you hold onto them after a year or two they should continue to go back up
In a few articles I've read (paywall is blocking me now) a lot of analysts think Disney and Comcast (Universal parks) will have the best chance to rebound faster because of their diverse holdings.
From an LA Times article re: Disney-
I'm sure the others will, but it may take a while longer. Personally, I'll probably just stick with Disney and buy some more shares. But, at $7 or so a share, maybe I'll dabble a bit with SEAS.
From an LA Times article re: Disney-
I'm sure the others will, but it may take a while longer. Personally, I'll probably just stick with Disney and buy some more shares. But, at $7 or so a share, maybe I'll dabble a bit with SEAS.
Indoor sections (?) of parks across four North East states are now legally required to close.
www.nbcconnecticut.com
Malls, Bowling Alleys and Amusement Parks Ordered to Close Across CT, NY, NJ & PA
The indoor sections of shopping malls, amusement parks, and bowling alleys across Connecticut, New York, New Jersey and Pennsylvania have been ordered to close, Gov. Ned Lamont announced Wednesday. The move is the latest effort to reduce public gathering spaces in an effort to contain the spread...
www.nbcconnecticut.com
Leisure activities really take it on the chin during economic downturns. But this is much worse fornthe parks than earlier ones(2008 crisis, dot com bust) because the effects where more indirect. This time they are completely having to close shop. If this goes well into the summer things could get really ugly.
So I was recently in a big conference call with Goldman Sachs and they stressed that they do not anticipate this downturn to last as long or be as bad as those two recessions. They believe that this will end up just being the necessary market correction that needed to happen from the longest bull market in history. The thinking is that long term this will look now like part 9/11 than 2008 or the dot com burst. Especially because countries are stepping in much early to intervene than they did before. Which by the way is a part of living in a capitalist economy. But I think that discussion is best left for the politics thread.
Whether that ends up being true or not, I don't know but I sure hope so. I tend to let people smarter than me figure that stuff out and those economists are some pretty smart people who definitely know more about this than I do.
Whether that ends up being true or not, I don't know but I sure hope so. I tend to let people smarter than me figure that stuff out and those economists are some pretty smart people who definitely know more about this than I do.
I was on the phone with my financial advisor and he said similar things. Pointed to the massive market sell off is tied to the uncertainty of how long this will last. If it’s shorter than anticipated then you will see a very quick rebound as more people pulled money than necessary. If it lasts some time (July) it will rebound quicker than recessions, but it will take some time as people recognize that acceptability of being out.
Disney credit rating downgraded -
www.hollywoodreporter.com
Disney’s Credit Rating Revised by Fitch Over Virus Impact
Fitch Ratings has put The Walt Disney Company on credit watch, with a negative outlook, over concerns about how the Hollywood studio will weather the coronavirus outbreak.
www.hollywoodreporter.com