Hard Rock / Freestyle Music Park Discussion Thread

P. 292: Hard Rock Park buildings being demolished
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Postby robbalvey » Sun Dec 21, 2008 9:12 am

Screamscape is reporting that NO ONE BID ON THE PARK!!!

Amazing...

http://www.screamscape.com/html/hard_rock_park.htm

(12/19/08) I’m personally a little shocked, but apparently there were no qualifying bids put in for Hard Rock Park. With just $3.5 million down, buying an entire theme park for $35 million is steal… even if all they wanted to do was raze the property and relocate the rides elsewhere. Some blame has been placed on not only the current economic conditions, but also some parties have complained that they didn’t feel that they had enough time to do the proper research on the park and the local market. As such, there are rumors that some parties may have asked for an extension to sometime in January to put in new bids.


It goes on to say there have been some talks with PARC Management but they want the city and county to cough up $5 million each which was refused.

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Postby carolinacaniac » Sun Dec 21, 2008 12:45 pm

That almost makes as much sence as going to a Ford dealer, and asking them to pay you 5,000 bucks to buy a new car. I would assume that the city and county are also facing budget issues as they probably didn't recieve the same revenues they did a year ago. It will be interesting to see what happens.

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Postby Jew » Sun Dec 21, 2008 3:17 pm

^Have you noticed the ads dealerships are running lately? You practically *DO* get 5,000 back. It's a win-win situation, since the dealer would not otherwise sell the car.

It's the same idea for Hard Rock Park: if the city and county want the potential economic boost from HRP, they have to help it survive too.

Personally, I'm not reading too far into the lack of bids. I think Screamscape is dead on. Lining up at least $35 million in credit (or paying in cash) is no easy task with the way things are. Companies are definitely going to want to do their own market studies, appraisals, etc. before making that committment. Without a doubt, someone will still end up buying the park once all the proper analysis is done. I certainly wouldn't take the word of HRP management!

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Postby carolinacaniac » Sun Dec 21, 2008 5:17 pm

I have not seen any ads like that here, I was simply assuming that things had gotten so bad with the auto industry that offers like that could not be done. Might be different though since the LA area is a completly different beast than that of Eastern NC.
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Postby jarmor » Mon Dec 22, 2008 2:06 am

i know in columbia some car places are doing 2 cars for one...too bad the jag dealership hasn't jumped on the bandwagon!
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Postby robbalvey » Fri Jan 02, 2009 1:38 pm

Well, it looks like the story of Hard Rock Park has now ended according to Discovery Myrtle Beach:
http://discovermyrtlebeachforum.com/ind ... topic=1782

This is a sad story to report. Hard Rock Park has filed for Chapter 7 bankruptcy. Attorneys for the park asked the Delaware bankruptcy court to alter its bankruptcy fomr Chapter 11 to Chapter 7, which would appoint a trustee to the property and liquidate all its assests.

"Despite considerable effort ... the debtors were unable to consummate a sale of all, or substantially all, of their assets on terms and conditions acceptable to the debtors, the [creditors] committee, and the lenders within sufficient time to permit an orderly conclusion of these cases under chapter 11, given the considerable constraints on, and ultimate availability of, postpetition financing," the filing states. "Because the bid and sale process has been unsuccessful thus far, there exists no reasonable prospect of success in the immediate future. ... Regrettably, conversion of their chapter 11 bankruptcy cases to cases under chapter 7 of the bankruptcy code thus appears to be the only remaining means of allowing the debtors' assets to be liquidated and potential causes of action to be pursued and monetized for the benefit of creditors

In financial documents, the park shows a it made just $21.5 million dollars between April 2008 - September 2008 an owes almost $300 million. The odds of most creditors (including Discover Myrtle Beach) to receive any money from the liquidation stands about a 0% chance.

Hard Rock International, who licensed the 'Hard Rock' name to HRP Operations said in a court filed that the park damaged its reputation and did not live up to its agreement to thoroughly advertise and market the park.

"The park is not known as a destination of choice in Myrtle Beach, but is widely associated, as reported in the state and local news, with financial problems that have negatively impacted operations," the company said in the documents dated Dec. 23. "Hard Rock [trademarks] have been, and continue to be, harmed by the [park's] conduct."

Hard Rock International is also asking a judge to turn over memorabilia loaned to the park, such as the Magical Mystery Tour bus.

Now that the park is official finished, we'll be doing a series of articles detailing the park from our perspective.

More to come...

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Postby Airtime&Gravity » Fri Jan 02, 2009 1:49 pm

I'm not surprised given that no one even bid on the park. Hopefully the rides find new homes, and hopefully whoever buys Life in the Fast Lane can actually theme it. I'm also curious to see who buys Maximum RPM since it had so many mechanical problems.

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Postby coasterdude5 » Fri Jan 02, 2009 1:55 pm

Very sad... I feel bad for Hard Rock International - Most people don't know that they only licensed the name to the park.

I was hoping someone would come in and pick the park up for a second chance but that would have been shy of a miracle.

RIP HRP.
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Postby King_K. » Fri Jan 02, 2009 1:58 pm

I figured no one would shell out the money to buy the park whole. I guess next time they should plan to build a theme park in places where they can actually make money, like Orlando, Ohio, or Cali and not on top of former entertainment venues that failed.

Better luck next time. :roll:

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Postby holyblakbelt » Fri Jan 02, 2009 2:02 pm

Another victim of the economy. The park never really hit the ground running. They tried to make it into a decent park, but in the end, another one hit the dust.
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