Wednesday, June 26, 2013

Big News in the Plan to Reopen Kentucky Kingdom

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Ed Hart and his business partners have announced that they have secured enough private funding to move ahead with the reopening of Kentucky Kingdom next Summer.

The deal will be finalized tomorrow, at which time more details may be available.  The group behind the redevelopment, Kentucky Kingdom LLLC, will spend $43.5 million to reopen the theme park - which has sat closed for four years.

The partners in the plan will invest $28.5 million ($18.5 in equity and $10 million from a newly acquired loan) and they have borrowed $15 million from the Bank of Kentucky.  That's a lot of non-bank equity to be put up, so they must be quite serious about this reopening.

This most recent plan also calls for $36 million to be spent on the first year, with $7.5 million spent in years two and three.  You can read more on the breaking story here, and I would expect more news tomorrow!