Thursday, April 26, 2012

The Latest Bluegrass Boardwalk News

Some promising developments have recently taken place in the plan to reopen Kentucky Kingdom as Bluegrass Boardwalk in 2013. 

Developers have received preliminary approval for $3.9 million in tourism tax credits from the Kentucky Tourism Development Finance Authority.

The park will be eligible to start receiving the credits once Bluegrass Boardwalk has opened.  A study will be conducted to ensure that the plan meets the requirements for the credits, hence the preliminary status.  A nice write up on the latest tax developments is available here.

Developers have also released some initial details on their plans for the revitalized park:
  • Goal: Open Bluegrass Boardwalk in May, 2013, with revitalized rides and water park.
  • Provide: Safe, clean, friendly, fun experience for families, with “freebies” including free soft drinks, free sunscreen and free use of inner tubes.
  • First year investment: $15.6 million. Additional investments will be made by Bluegrass Boardwalk, Inc., each year to ensure steady attendance growth.
  • First year’s schedule: Open for 106 days in 2013.
  • Destination Marketing: Staff will work with area tourism entities to create and promote destination marketing programs to ensure at least 25% of attendance will be from out of state.
  • Projected Attendance Growth: 600,000 in 2013, growing to 782,864 in 2022.
  • Projected Job Creation: 25 fulltime/805 seasonal in 2013, growing to 43 and 976 in 2022.
  • Projected Payroll: $4.7 million in 2013, growing to $6.1 million in 2022.
  • Projected State Fair Board Revenue: $880,000 in 2013, growing to $1.8 million in 2022.
The first year investment of $15.6 million is plenty enough to add a nice variety of attractions at the park, and get it cleaned up and ready to go.  They're also being more than reasonable with their attendance goals, with a realistic growth estimate over 10 years.