Louisville, Kentucky, June 26, 2013 – Ed Hart, the President of Kentucky Kingdom, LLLP, a partnership consisting of Mr. Hart, Ed Glasscock, Bruce Lunsford, and the Al J. Schneider Company, announced today that the partners will hold a press conference at 12:00 noon tomorrow (Thursday, June 27, 2013) at the fountain just inside the front entrance to Kentucky Kingdom. The press conference follows the monthly meeting tomorrow morning of the Kentucky State Fair Board, which is considering the financing plan submitted by Mr. Hart and his partners.
“Kentucky Kingdom has been closed for four long years,” Hart said. “My partners and I are proud to announce our plans to spend $43.5 million to return the park to its former position as Kentucky’s number one paid tourist attraction.”
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.
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