A bankruptcy judge has approved the sale of the Hard Rock Park near Myrtle Beach, South Carolina. The park is to be sold to FPI MB Entertainment LLC for $25 million. The park cost $400 million to build, making the sale quite the bargain. The sale, to close on Thursday, was challenged by another company, Coastal Entertainment. The judge denied Coastal Entertainment, saying the offer was ‘too little, too late.’
FPI MB Entertainment LLC has, among it’s partners, two of the original investors in the park. Baker Leisure Group, a Florida company who has worked with Disney and Six Flags, is also among the partners in FPI.
According to Myrtle Beach Online, FPI said it had agreed to destroy the Hard Rock branded merchandise before the park reopens IF they could not reach a new licensing agreement to continue using the Hard Rock brand. FPI indicated that they did want to continue to use the brand.
This has been a most bizarre saga. The park, a victim of bad timing and poor PR management, is nice little park and is a heck of a steal at $25 million dollars. The parks two major rollercoasters, Maximum RPM and Led Zeppelin, cost more than that. Its admission price was way too high and tourism in that area was down. Add to that the high gasoline prices and a general lack of promotion and you have a recipe for failure. The pullout of a major investor did not help either.
The new owners hope to have the park open before Memorial Day weekend.