By going to the SEAS corporate offices, throwing down a sack of cash on Jim Atchison's desk, and saying you'll take the chain's Virginia-based train wreck off their hands.
Rumor: Busch Gardens Parks to Be Sold Off?
- Thread starter Zachary
- Start date
I've been trying to keep up with this thread but somehow missed SDG's post, I have to say I am floored, there has been substantially heavy investment in the park since Blackstone acquired the property, I just thought they were highly profitable and improving the park, I didn't know it had to do with a spending addiction. If they are seriously discussing whether to let the park sit idle for a year there is big trouble, if that is the case it certainly explains the spending cuts but why are they continuing with improvements (in the budget or not). It does make sense that if Blackstone's finance arm financed long term debt at 11% (which they did), and they were going to do an IPO where they recoup the cost of debt anyway, there would be less of a concern with profitability, which definitely points to the reason why they did not disclose financials on the two parks.
It will be interesting to see what happens, having Mickey Mouse plastered all over the park and no HOS would be a much better alternative to no park at all at this point, kudos to SDG for the info.
I have to say its just insane to be reading this thread, six months ago all attention was on a resort that was going to be built, an extra country, year round operation.
All we can hope at this point is the park sells and whomever buys it wants to run it and improve it. Whats funny is I bartend at a Country Club where CEO's hang out (Meadwestvaco, Markel, Alcoa), I was speaking to a member concerning BG about two months ago concerning the improvements, and he specifically stated that is what Blackstone is all about, they buy assets, improve it, and sell it; I never thought in a million years I would be reading a thread like this that soon.
I have to say it makes me pretty damn thankful for the illuminights lightning bugs though.
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Special note: Atchison has been CEO since 2009, that means he is either incompetent, which I doubt, or the over spending had to do with precisely as illustrated above, Blackstone was financing the debt, they not only recouped it upon IPO, raped the SW coffers for a $600 Million pay out, and now the game has changed since they are public. While SG may have a had a spending addiction, Atchison must have known all along.
The only thing I dont get is why they vested so much money in improvements in France as well as the food festival this year. If Atchison has been CEO since 2009, should he not have known all of this coming??
It will be interesting to see what happens, having Mickey Mouse plastered all over the park and no HOS would be a much better alternative to no park at all at this point, kudos to SDG for the info.
I have to say its just insane to be reading this thread, six months ago all attention was on a resort that was going to be built, an extra country, year round operation.
All we can hope at this point is the park sells and whomever buys it wants to run it and improve it. Whats funny is I bartend at a Country Club where CEO's hang out (Meadwestvaco, Markel, Alcoa), I was speaking to a member concerning BG about two months ago concerning the improvements, and he specifically stated that is what Blackstone is all about, they buy assets, improve it, and sell it; I never thought in a million years I would be reading a thread like this that soon.
I have to say it makes me pretty damn thankful for the illuminights lightning bugs though.
_____________________________________
Special note: Atchison has been CEO since 2009, that means he is either incompetent, which I doubt, or the over spending had to do with precisely as illustrated above, Blackstone was financing the debt, they not only recouped it upon IPO, raped the SW coffers for a $600 Million pay out, and now the game has changed since they are public. While SG may have a had a spending addiction, Atchison must have known all along.
The only thing I dont get is why they vested so much money in improvements in France as well as the food festival this year. If Atchison has been CEO since 2009, should he not have known all of this coming??
Blackstone isn't responsible for the current state of the park, the people managing are. While Blackstone certainly had a hand in its demise, the incompetent management that put what THEY want above what the park NEEDS are responsible and will realize that when they either lose their jobs in the sale (We should start a petition to terminate their jobs) or BG goes bankrupt. Either way, I would love to see them fired and would throw a party in celebration when/if it happens.
Forgive me for be impassioned, BGW is my hang out, a stress release, and to see incompetence and financial greed take it down just burns me up. Most men my age are playing golf on Saturdays there is no where I would rather be than at BG with my kids, period.
What I don't get is this (and yes im going to shut up), if cutting cost is the name of the game, why not just rerun two of the same shows from last year, such as the one in Germany, or Viola, why spend the money on choreography, costumes, and scaffolding? They have more people doing the Kommotion than were involved between both Viola and the Germany shows. I don't get it.
What I don't get is this (and yes im going to shut up), if cutting cost is the name of the game, why not just rerun two of the same shows from last year, such as the one in Germany, or Viola, why spend the money on choreography, costumes, and scaffolding? They have more people doing the Kommotion than were involved between both Viola and the Germany shows. I don't get it.
Please, don't feel like you have to "shut up". These forums are for everyone! 
You would have to ask Scott Gasparich, VP of Entertainment, about that. He's responsible for all shows at the park and I, personally, think he is not mature enough to be in an executive position.cmoresps said:
^cmoresps said:
THIS!!
BTW, I have been seeing something more and more lately. I don't easily get offended by much of anything, but as someone involved with SPED programs in public schools, could we please find another descriptor to use other than "retarded"? I'm not calling anyone out or making a big deal out of it, I would just REALLY appreciate it. Thanks...
BEGAWK!!
cmoresps said:
Let's talk about this heavy investment you speak of. The heavy investment on expansion was NOT made by Blackstone but on borrowen coin taken out by BS. BS has pocketed the profit that the parks HAVE made while loading the parks with more debt. The VAST majority of IPO dollars went to BS's pocket to fund their other ventures. Little to no of any coin made has made its way to SEAS pocket.
As far as Mr Suit goes keep in mind he IS a suit. Cutting back extreme dollars and offerings while charging the same is a plus for the stock pricing, see Iger. If a sale is being geared up for then it will surely assist in the stock which will help his image to the BoD. While SG does have an apparent spending addiction like a 16yo with daddy's plastic keep in mind that budget can be shuffled. If cuts are made elsewhere that were NOT required then those funds can be reallocated to other departments.
destroyer421 said:
Blackstone is certainly responsible for it. Using SEAS as a strip mine for cash is exactly the reason behind it. Using profits for their own ventures while saddling SEAS with debt to keep a cash flow coming in for their pocket has entirely helped in creating this fiasco.
cmoresps said:
It would seem a certain person DOES have a very large ego in play here. Staffing and payroll being eliminated is a portion of items that make the cuts significant. If you cut installs of sets, performers, techs, and the like on multiple shows then it all adds up to a large savings. Exactly what the rationale behind KK is yet to be seen other than last minute "uh oh we gotta do something and what can be done the cheapest and quickest?"
chickenking said:
definitely agree here. If you mean to call someone stupid, say stupid, you can change stupid. Retarded is a word filled with hate and ignorance, and comes across as very offensive to people that have individuals with disabilities in their lives.
I changed it when I realized people were offended by it. I didn't mean any harm nor did I want to convey that I have some issue with people that have mental disabilities.
cmoresps said:
Blackstone is an investment company, they buy, build up, and sell to make profit. I expected SWPE as a whole to be sold off to an interested party; however I always had somewhat expected the parks to be sold by brand or individually at one point.
I will say that for 2009 to 2013, I think this would be considered a short term investment. Which is typically unlikely to see, as long term investment can bring in a bigger return. I would have expected Blackstone to keep the park until the resort and full year ops was started, it would definitely bring in a bigger price tag for the parks. I think they may be selling the park just to get rid of the park executives without having to fire them.
I have been silently reading all of these rumor threads over the past few weeks, trying to not get too emotional over the business, but the thing is man, this is my park! You guys get it.
I remember two big things back from the 2008 buyout and sale:
1. A-B's board (the Busch family, essentially) tried to fight off InBev's acquisition of stock for a period of time before they realized they had to settle on selling at a certain cash for stock value.
2. Blackstone was considered to be the most likely purchaser, behind the Busch family. While I am not sure if this is reality, the perception was that this was the family's pet project that served as a conduit for beer sales and personal entertainment.
I remember somebody "doing the math" long ago, though I can't remember it all. The stock held by Busch III, when sold into InBev hands, would have netted him a sizable chunk of money, enough to buy off all Busch Entertainment Corporation Parks.
Now, I know the family favored the parks in Florida first, then Virginia, but do you think it's out of the realm of possibility for the family to buy the parks with their names on them? I hope not, for a variety of reasons.
I remember two big things back from the 2008 buyout and sale:
1. A-B's board (the Busch family, essentially) tried to fight off InBev's acquisition of stock for a period of time before they realized they had to settle on selling at a certain cash for stock value.
2. Blackstone was considered to be the most likely purchaser, behind the Busch family. While I am not sure if this is reality, the perception was that this was the family's pet project that served as a conduit for beer sales and personal entertainment.
I remember somebody "doing the math" long ago, though I can't remember it all. The stock held by Busch III, when sold into InBev hands, would have netted him a sizable chunk of money, enough to buy off all Busch Entertainment Corporation Parks.
Now, I know the family favored the parks in Florida first, then Virginia, but do you think it's out of the realm of possibility for the family to buy the parks with their names on them? I hope not, for a variety of reasons.
I think it's very possible but not probable. I will say there was "rumor" that Auggie was so upset at the way the Williamsburg park has been operated that he possibly wanted to buy it back. I'd like to know where you heard he favored Florida because I was always under the impression that Williamsburg was his baby. Especially Oktoberfest. There was one song that the cast would rehearse that would only be performed when Mrs. Busch would attend the show. If for some wild reason he did buy it back it would definitely be a better park again but I still don't know if it would compare to years before when he owned the breweries. The parks were essentially a write-off and didn't necessarily have to be money makers in their own right. Owning one stand alone park may be a bigger job in this economy than Auggie wants to tackle. But I'm just guessing at this point. Who knows at this point Auggie might get it cheaper than he sold it.
Not trying to feed into the rumors and if this has already been posted sorry. :-D But my MIL, the kids and I were at Kings Creek a few weeks ago and while checking in we were told by them that Busch had been sold to Universal and they had bought the land between Busch and Water Country. Thus making the property value increase for the time shares. I was confused and asked why wasn't it in the news and she said she didn't know but it was a done deal the end of last year/beginning of this year. I've done looking online since I found this out and still can't find anything. I personally think she got her facts wrong but who knows. Why if they did purchase the parks why so many rumors of budget cuts? Surely Universal has plenty of money.
I am certain that she is incorrect. I think some people have gotten this in their heads considering that Blackstone owned a large portion of Universal up until recently. I'm going to make a guess that someone explaining the sale of the parks to this person might have tried to dumb it down and just said, "Oh its owned by the company that owns Universal."
Nutshell. No, the park was not sold to Universal. At least not yet, if they are even the potential buyer.
Nutshell. No, the park was not sold to Universal. At least not yet, if they are even the potential buyer.
I had read that somewhere too and I'm sure it's exactly like you said someone mentioned ownership and she just jumped on it. I do love people giving information without full knowledge but then again she was trying to push more sales on my MIL. Thanks for the info :-D
Thanks for the info :-D