It’s been a wild ride

Published 1:23 am Thursday, September 27, 2007

VALDOSTA — A bankruptcy judge in Macon will issue the final ruling today that will clear the way to sell the two parks that were a part of Adventure Parks Group LLC.

The successful buyers at Tuesday’s auction were Herschend Family Entertainment Corp., paying $34.5 million for Wild Adventures in Valdosta, and Land South, paying $16.8 million for Cypress Gardens in Florida. While the future of the two parks is now decided and apparently secure, the man whose vision created one and revived the other remains undecided.

“It’s been an interesting ride the last couple of years, and not very fun at times,” said Kent Buescher, president and chief executive officer of APG, adding that both companies have extended “good offers” to him, but he is not making any personal decisions about his future until he is certain the parks and employees are taken care of.

“We created a really wonderful place, made friends and brought 12 million people to Lowndes County … and it all started with two horses, a calf and a goat,” he said. “It’s been an honor and a privilege for me and my family. It’s been my life for the past 17 years, and we want a smooth hand off.”

Pending the judge’s decision today, Herschend will close on Wild Adventures Friday and Land South will close on Cypress Gardens on Oct. 15, ending a brief but mutually beneficial relationship that began in 2004 when APG purchased the Florida attraction to preserve the gardens and bring in entertainment and rides to revitalize the beloved landmark.

Three hurricanes that hit back to back during renovations in 2004 caused $30 million in damages to Cypress Gardens, with approximately $10 million paid by insurance carriers to date, and the rest still in negotiation. Buescher said he will see the claims through regardless of his involvement with either park, saying, “The clouds that have been hanging over the parks since the hurricanes hit had to be lifted.”

Valerie McCarty, spokesperson for Herschend Entertainment, was in town Wednesday at Wild Adventures as the company is eager to begin its ownership transition. A team of company employees will be arriving over the next several days, and will be meeting with the 600 full- and part-time employees to offer reassurance and present the company’s plans for the park’s management.

Herschend owns, operates, or partners in 17 properties in seven states, including Branson’s Silver Dollar City, Dollywood in Pigeon Forge, Tenn., and Stone Mountain Park in a partnership with the state of Georgia. The company’s corporate office is in Atlanta with an office in Branson, Mo., as well.

McCarty said it will be “business as usual” at the park throughout the hopefully smooth transition period. She said the value Wild Adventures offers its guests, in addition to the family atmosphere, is “aligned with what Silver Dollar City and Dollywood already do.”

She said the plans that are already in place will continue as far as events scheduled, including the annual Halloween event, Phobia, which begins tomorrow night. “Herschend’s interest in the park is because it’s so successful and well run,” adding while it’s premature to discuss any specific future plans, there’s no reason to believe anything significant will change for the guests of the park.

Buescher said he feels both companies were the best possible buyers for each park and he is happy with the results of the auction. “My official role the last 18 months was to maximize the value of both parks for the creditors and I’ve done everything possible to do so, including selling something I didn’t intend to sell (referring to Wild Adventures). I hope to still make a difference in the community and Valdosta is my home, irrespective of what happens.”

As for Herschend, Buescher said the company is “so closely aligned, we couldn’t ask for a better group to hand the torch to. It’s gratifying and bittersweet.”

According to Buescher, the judge will decide the fate of the creditors today as well, at least the majority of them, and while most but perhaps not all will be paid, “there won’t be anything left for the investors.”

Wild Adventures began as Liberty Farms, a small petting zoo and conference center, and evolved gradually into the park it is today. “I laid out every single ride, every building, everything in this park. It’s been my privilege to be here. I’ve enjoyed every minute of it,” Buescher said.

All scheduled shows will continue and all current passes will be honored at both parks.