NEWS
US
Lego master model builder, party rooms for birthdays and other celebrations, Lego rides and a Miniland exhibit offering a scaled-down representation of Grapevine and the surrounding area. “We believe Grapevine is exactly the right location for a
Apollo to buy Cedar Fair for $2.4bn
APOLLO Global Management, a private equity investment group, has agreed to acquire North American theme parks operator Cedar Fair Entertainment Company for US$2.4bn. Affiliates of JP Morgan, Merrill Lynch, Barclays Capital,
Dick Kinzel
UBS Investment Bank and KeyBanc Capital Markets have provided an aggregate $1.95bn financing commitment in support of the transaction, which will include the refinancing of Cedar Fair’s outstanding debt. Commenting on the acquisition, group chairman,
president and CEO, Dick Kinzel, said: “We have considered a wide range of strategic alternatives over the past several years. After considering these strategic alternatives, we have concluded that the transaction with Apollo is in the best interests of our unitholders.” “This transaction allows Cedar Fair shareholders to
realise significant value from their investment in our company over recent trading levels,” added lead director Michael Kwiatkowski. “Apollo has a strong track record of growing businesses and its desire to add Cedar Fair to its portfolio serves as a testament to our solid business model and the talent of our people.” The merger is conditioned upon, among other things,
the approval of holders of two-thirds of Cedar Fair’s outstanding units, the receipt of regulatory approvals and other closing conditions. Assuming the satisfaction of these conditions, the transaction is expected to close by the beginning of the second quarter of 2010. The Apollo deal marks a significant high point in the
wave of consolidation that is currently sweeping the US amusements industry. In December, Blackstone Capital Partners announced the completion of its $2.7bn acquisition of Busch Entertainment Corporation from Anheuser-Busch Corporation, the transcontinental conglomerate. In the wake of the transaction, Blackstone announced
The Legoland Discovery Centre concept has proven to be popular around the world
that the attractions operator would change its name to SeaWorld Parks and Entertainment, as it seeks to increase its global brand penetration.
Merlin to develop Texas Legoland
MERLIN Entertainments Group, the world’s second biggest visitor attraction operator, has announced plans to build a US$12m Legoland Discovery Centre in Grapevine Mills shopping mall, in Grapevine, Texas. The centre will purportedly offer
a highly interactive and educational three-hour
indoor experience
designed primarily for families with children aged between three and 12. It will provide a range of interactive play areas, including a 4D cinema, master classes from the
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Legoland Discovery Centre,” said Glenn Earlam, managing director of Merlin’s Midway Attractions operating group, which includes LDCs in its remit. “It is ideally situated between Dallas and Fort Worth and is already a popular destination for family visitors. “The inclusion of a quality leisure attraction like the LDC
will, we believe, deliver significant incremental business to both the mall and to the Dallas Fort Worth Metroplex and greater region as a whole. The LDC concept is already successful in Europe and elsewhere in the USA.” In a separate announcement, Merlin has appointed Sir
John Sunderland as non-executive chairman. Sir John, former chief executive and chairman at Cadbury Schweppes and president of the Confederation of British Industry until 2006, takes over from Peter Phillipson, who spent almost three years in the role for the group.
US tourism spending on the slide
THE US Department of Commerce has announced that international visitors spent an estimated US$10.3bn on travel and tourism-related activities during October - nearly $1.6bn (13 per cent) less than in the prior-year period. The Cabinet department said total international visitor
spending was down $18.6bn (16 per cent) between January and October. This figure includes the purchase of goods and services including food, lodging, recreation, gifts, entertainment and local transportation. October 2009 marked the 12th consecutive month in
which US travel and tourism-related exports were lower when compared to the same period of the previous year.
Disney launches Rewards Debit Card
THE Walt Disney Company has launched a new Visa debit card that offers customers a range of rewards throughout the year. In partnership with Chase, the consumer and commercial
banking brand of JPMorgan Chase and Company, Disney’s new Rewards Visa Debit Card provides US checking account customers with several incentives, including 10 per cent off merchandise purchases at Disney resorts, a character “Meet ‘n’ Greet” photo opportunity and reward points on purchases. “This is an excellent new choice for Chase customers who
prefer to make purchases with debit cards because of the immediacy and financial control it provides,” said Charlie Scharf, chief executive officer of retail financial services for Chase. “The Disney Rewards Debit Card introduces a whole new world of Disney benefits to debit cardholders.”
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