Louisville, KY, USA (June 207, 2013) — Ed Hart, President of Kentucky Kingdom, LLLP, along with his partners Ed Glasscock, Bruce Lunsford, and the Al J. Schneider Company, today announced the biggest expansion in Kentucky Kingdom’s 25-year history. The announcement was made just an hour after representatives of the Commonwealth of Kentucky, Metro Louisville, the Louisville Convention & Visitors Bureau, the Kentucky State Fair Board, and The Bank of Kentucky signed the agreements required for the official reopening of Kentucky Kingdom.
Standing just inside the front entrance to the theme park, Mr. Hart remarked, “The highlights of the new Kentucky Kingdom will be the addition of the first new rollercoaster in 17 years and a large expansion of the Hurricane Bay water park. We are doubling the size of the water park, adding three new waterslide complexes, a 12-000-square-foot wave lagoon, and an adventure river, which is six times faster than the existing lazy river. All in all, we will have one of the largest water parks in the region.”
“We will also reopen such signature rides as the Thunder Run wooden coaster, the Mile High Falls giant spill ride, the 150-foot-tall Giant Wheel, the rapid river raft ride, and the Thrill Park Theatre, as well as all of the park’s remaining rides and attractions.”
Added Hart, “We’re not stopping there. In 2015, we will unveil a complete makeover of our suspended looping coaster, T2, and we are well on our way to converting the two intertwined wooden coasters known as Twisted Twins into a much superior ride, which will debut in 2016. We will continue to introduce new attractions each season. In fact, per our lease with the state, we have an obligation to invest as much as $2.5 million each year for as many as 70 years. That would equal an investment of more than $200 million, including our initial outlay of $43.5 million.”
The partners in Kentucky Kingdom, LLLP will provide $28.5 million in capital for the purpose of redeveloping the theme park. Of this total, $18.5 million is equity and the remaining $10 million is a loan. The partners have formed Themeparks II, LLC as a special purpose entity to make that $10-million loan. In addition, The Bank of Kentucky is providing a $15-million loan.
Altogether, Kentucky Kingdom, LLLP has arranged for $43.5 million in funding for the redevelopment of Kentucky Kingdom. Of this sum, $36 million will be spent in the first year and $7.5 million in years two and three as the park ramps up to its full potential.