In two days, Wild Adventures in Valdosta and its sister park, Cypress Gardens in Florida, will be auctioned. The parks will be sold individually to different companies, bringing a premature end to what could have been the beginning of an entertainment dynasty.
Adventure Parks Group CEO Kent Buescher was successful in turning around Cypress Gardens, a once lush park and much beloved family destination for decades before being dwarfed by its Disney neighbor. Years of decline were turned around in less than two years by Buescher, but at a very high price — the theme park in Valdosta that he turned from a petting zoo and conference center into one of the fastest growing theme parks in America.
When three hurricanes struck Cypress Gardens during its renovation in 2004, Buescher hoped insurance would pay off the loans he took to repair the damage. He put Wild Adventures up as collateral. The insurance paid only a small percentage of the claim, and after filing Chapter 11 in 2006, Buescher and his investors now face an uncertain future as bidders vie for the two adventure parks.
Reports have identified Herschend Family Entertainment, the owners of Dollywood in Pigeon Forge, Tenn., as the “stalking horse” bidder for Wild Adventures in the closed auction, to be held Tuesday in Macon, with reports of two very interested parties in Cypress Gardens. More bidders are expected, but must come with millions of dollars in hand to qualify. Wild Adventures’ opening bid is nearly $36 million and Cypress Gardens is $17.4 million, with 10 percent required in cash up front. The balance is due the beginning of October.
Competition for the parks is healthy, and the communities, employees and season-ticket holders should all be fine as the parks will continue to operate. The investors, creditors, and Buescher all face an uncertain future this week, and we owe them a debt of gratitude for the entertainment and economic impact they’ve provided.
It’s been a wild adventure, Kent. Good luck this week.
What We Think
Our Opinion: A wild adventure
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Shame in Berrien County
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Thumbs up, thumbs down
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Shame in Berrien County
