Monday, August 15, 2022

Palace Entertainment acquires Iowa’s Adventureland, offering new attractions for 2022 and 2023

Palace Entertainment, a subsidiary of Parques Reunidos, one of the leading global operators of amusement parks with more than 60 different attractions assets around the world, has acquired Adventureland Resort in Altoona, Iowa. Adventureland, which has been a family-run business since opening its doors in 1974, has more than 100 rides, shows and attractions for all ages. The acquisition and Palace’s expansion of the venue will introduce Adventureland into a portfolio of some of the best known parks in the world. Similar to Adventureland, many of these venues hold and maintain a unique and timeless heritage where they operate.

Adventureland Park and Resort was founded in 1974 by Jack Krantz. It has been run as a family business by Krantz’s sons and daughter since Krantz’s passing 15 years ago.

“We are excited about adding Adventureland into our portfolio,” said John Reilly, Chief Operating Officer of Palace Entertainment. “We specialize in parks and venues that create experiences to be enjoyed over a lifetime, from childhood to young adulthood to parenting and grandparenting. We are investing in Adventureland to expand its current lineup to include eight new family rides in 2022, plus two all-new attractions for the 2023 season.”

The company also announced that beginning next year, Adventureland Platinum Season Passholders will be able to visit all Palace Entertainment sister parks free of charge, including Noah’s Ark Waterpark, another Midwest destination in the Wisconsin Dells, and Kennywood, the legendary amusement park near Pittsburgh, Pennsylvania. Similarly, Platinum Passholders at other Palace owned and operated parks will also be able to visit Adventureland next summer as one of the many Platinum Pass perks.

“We look forward to our Palace Entertainment team combining their operational excellence with Adventureland’s family-run legacy of entertainment. Parques Reunidos has a unique track record of acquiring and successfully integrating parks, with over 20 transactions completed across 11 countries since 2004. This will continue to be a growth lever for the group, keeping local brands and historical positioning of acquired parks while benefiting from state-of-the-art tools and capabilities to further develop the business,” said Pascal Ferracci, Chief Executive Officer of Parques Reunidos.

“For almost fifty years, our family has worked hard to bring good times to people of all ages who come to the park to create life-long memories,” said outgoing Chief Executive Officer Michael Krantz. “Palace wants to carry these traditions forward so future generations can do the same. That would make our father incredibly happy.”

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