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Knott's Soak City Palm Springs sold by Cedar Fair!

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  • News Knott's Soak City Palm Springs sold by Cedar Fair!

    Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced that it has sold Knott's Soak City Palm Springs, a stand alone water park in Southern California, to CNL Lifestyle Properties, Inc. ("CNL"). Terms of the agreement were not disclosed and are not material to Cedar Fair's results of operations. The sale of the Palm Springs water park has no impact on the Company's other properties located in California.

    CNL will retain the rights to the Knott's Soak City Palm Springs name through the end of 2013 and no impact to customers is expected during this transition. The park will continue its regular operating schedule and all season passes sold will be recognized through the park's 2013 operating season currently scheduled to close on Sunday, October 6, 2013.

    The Company noted that the net proceeds from this sale will be reinvested in their core assets including the multi-year refreshment of hotel properties in Sandusky, Ohio which was announced last year.
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  • #2
    Re: Knott's Soak City Palm Springs sold by Cedar Fair!

    They just sold the Soak City in San Diego also a while back, didn't they?

    It looks like the Buena Park location will be the last one standing under the Cedar Fair name.


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    • #3
      Re: Knott's Soak City Palm Springs sold by Cedar Fair!

      ^ Yes, they sold the SD location to Sea World.

      There is one additional waterpark in the chain that is not attached to a theme park anymore (Geauga Lake) so it wouldn't be surprising to see that one sold off at some point. Most of the other parks have an attached (and in most cases included) waterpark. Especially on the East Coast.

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      • #4
        Re: Knott's Soak City Palm Springs sold by Cedar Fair!

        I wonder if CF is trying to divest themselves of any stand alone water parks.
        Current coaster count: 179
        100th coaster: Phantom's Revenge at Kennywood
        150th coaster: Intimidator at Carowinds
        last new park addition: Six Flags Great America

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        • #5
          Re: Knott's Soak City Palm Springs sold by Cedar Fair!

          Yes, they have indicated that on conference calls.

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          • #6
            Re: Knott's Soak City Palm Springs sold by Cedar Fair!

            There is a Soak City water park at the Sandusky, Ohio property adjacent to Cedar Point.

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            • #7
              Re: Knott's Soak City Palm Springs sold by Cedar Fair!

              Wow, I have memories of that water park. My family and cousins used to drive out to Palm Springs all the way from Corona and Riverside just for a day at the water park. Now why not the only near Knotts? I think its because it was less crowded or something. But either way that water park will forever be known as Knott's Soak City Palm Springs to me. I won't forget the memories there.

              Total Tender Rides: 20
              Total Lilly Belle Rides: 9
              Total Dapper Days Attended: 2
              Total Mark Twain Wheelhouse Rides: 5

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              • #8
                Re: Knott's Soak City Palm Springs sold by Cedar Fair!

                They are not interested in divesting the one's adjacent to the amusement/theme parks. They have stated it works at Cedar Point and Knott's. They can market a second gate, people might stay in the hotel and do the theme park one day and the water parks the next, etc. However going back to the purchase of the stand alone water parks, even Kinzel used to say margins were low and they only made it work by bulk buying with Buena Park, etc. As they continue to state on conference calls, these are not "core assets."

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                • #9
                  Re: Knott's Soak City Palm Springs sold by Cedar Fair!

                  Originally posted by Bongo View Post
                  Wow, I have memories of that water park. My family and cousins used to drive out to Palm Springs all the way from Corona and Riverside just for a day at the water park. Now why not the only near Knotts? I think its because it was less crowded or something. But either way that water park will forever be known as Knott's Soak City Palm Springs to me. I won't forget the memories there.
                  I would guess that they would keep the Buena Park location because it's pretty much a part of the "resort" area there. It's sitting on the overflow parking lot and if they sold it to another company it would still be on Knott's land. I am sure business is decent at that location as well, which might help. This is just a total stab in the dark, though.

                  Edit: Just read jazma's post and I think that sums it up pretty well.

                  Originally posted by jazma
                  They are not interested in divesting the one's adjacent to the amusement/theme parks. They have stated it works at Cedar Point and Knott's. They can market a second gate, people might stay in the hotel and do the theme park one day and the water parks the next, etc. However going back to the purchase of the stand alone water parks, even Kinzel used to say margins were low and they only made it work by bulk buying with Buena Park, etc. As they continue to state on conference calls, these are not "core assets."


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                  • #10
                    Re: Knott's Soak City Palm Springs sold by Cedar Fair!

                    jazma while it is nice to know the information on the water parks, if you are privy to private information on a conference call, it needs to stay private.

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                    • #11
                      Re: Knott's Soak City Palm Springs sold by Cedar Fair!

                      Cedar Fair Conference calls that he refers to are available to be listened to by the general public. They listed on their website Cedar Fair Entertainment Company

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                      • #12
                        Re: Knott's Soak City Palm Springs sold by Cedar Fair!

                        Sorry, I was referring to private company conference calls that occur between the Cedar Fair parks. I did not know of the shareholder conference calls.

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                        • #13
                          Re: Knott's Soak City Palm Springs sold by Cedar Fair!

                          will this sale change much of the park?

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                          • #14
                            Re: Knott's Soak City Palm Springs sold by Cedar Fair!

                            Originally posted by sir clinksalot View Post

                            There is one additional waterpark in the chain that is not attached to a theme park anymore (Geauga Lake) ....
                            Apparently they don't have much of an advertising budget - I live in Ohio and until you posted this, didn't realize that was still open!

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                            • #15
                              Re: Knott's Soak City Palm Springs sold by Cedar Fair!

                              Geauga Lake has a complicated history. In brief it was a lakeside resort and park-then Sea World of Ohio-then Six Flags Ohio -then bought by Cedar Fair and renamed Geauga Lake-the old Sea World section became Wildwater Kingdom. Geauga Lake closed a couple years ago-it never had good attendance numbers (too close to Cedar Point), but Wildwater Kingdom is still in business as far as I know.

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