Murphy Bros. to buy Park

[patric]

Bells Amusement Park wasnt so lucky...


A Tulsa carnival company has signed a letter of intent to buy Wild West World for $2 million.
http://www.kansas.com/news/story/328688.html

Spectacular Attractions, doing business as Murphy Brothers Exposition in Tulsa, also plans to spend $4.2 million to reopen the bankrupt park with about 35 mobile and permanent rides.

The entire $6.2 million deal -- which would include the park's 98 acres and existing buildings -- would be financed by industrial revenue bonds issued by the city of Park City. The park is north of Wichita along I-135.

A sale contract -- pending for six weeks -- remains unsigned as negotiations between Spectacular Attractions and lenders in the bankruptcy case continue, according to sources close to the park's bankruptcy.

Thomas Etheredge opened Wild West World, a $30 million western-themed amusement park, on May 5. He closed it and declared bankruptcy on July 9, leaving behind $24 million in debt.

Most of the park's rides have been removed and a series of auctions disposed of the remaining items.

The business plan

The prospective group is headed by Jerry Murphy, who runs Murphy Brothers, and former Wichitan Michael Chesser, a CPA and mortgage broker who is president and founder of Apartment Income Investors and the Chesser Mortgage Group.

Murphy said he's excited about the possibilities at Wild West World.

"Would we like to do a deal there? You bet," he said. "Have we? Not yet.

"But if we do a deal there, I'm extremely confident we can create a big facility that will be well accepted by the public."

A business plan obtained by The Eagle estimates $2.2 million in first-year profits, based on 150,000 season attendance, a $15 admission charge and average per-visitor expenditures of $25 to $32 daily.

It's a plan closer to what industry analyst Gary Slade, publisher of the trade publication Amusement Today, has insisted would work at the park.

"My years in this business tell me clearly that your property will not work as a theme park open from 10 a.m. to 10 p.m. every day," he said, as Wild West World was.

"It will work if it's run like Joyland, like a true amusement park open 6 to 11 every evening and maybe 2 to 10:30 on the weekends."

What the business plan doesn't include is something that Slade considers essential for the park's survival: some form of water entertainment.

The plan also would have the company operate the Johnny Western Theatre as a separate division, using it as a dinner theater and as a venue for performances by name entertainers.

It would be part of the group's off-season park plan, with in-season concerts and themed seasonal activities at Halloween, Thanksgiving and Christmas.

The business plan also includes concessions to Wild West World's season ticket buyers, who likely won't recover their losses in the park's bankruptcy proceedings. Those ticket holders will get free or discounted visits or a season-pass discount.

The plan includes, Murphy said, an aggressive, professional marketing campaign, one of the major failures by Etheredge.

"There's been so much bad publicity about the park, and rightly so," Murphy said.

"You can be sure that if we can get this done, the people of Wichita are going to know exactly who we are and what we're going to do."

Tentative agreement with Park City

Murphy has met with Park City Mayor Dee Stuart and city administrator Jack Whitson.

The city has tentatively agreed to issue industrial revenue bonds to pay for the real estate and amusement rides, Whitson said, although the council hasn't voted on the issue.

The city also has tentatively agreed to abate taxes for 10 years on the real estate and improvements, and will allow Murphy to take over the 10-year, $100,000 payments on the parking lot lease.

"At this point, I think you can safely assume that if anyone comes forward who wants to turn that park around, the city's going to work with them," Whitson said.

Murphy is well known in the industry as a mobile carnival provider, working state fairs across the country. He provides rides, games, food and major events at the Tulsa State Fair and fairs in New Mexico, Wisconsin, North Dakota, Missouri, Iowa, Nebraska and Tennessee.

Murphy's parents, John and Gladys, formed the company in 1957, merging in 1971 with T. Collins Shows.

Reach Bill Wilson at 316-268-6290 or bwilson@wichitaeagle.com.

[sgrizzle]

Good, now they can leave Tulsa.

I've noticed they are painting the sliding tower of death over at big splash. Wonder if they are trying to counter some bad PR...

[patric]

quote:Originally posted by sgrizzle

Good, now they can leave Tulsa.

I've noticed they are painting the sliding tower of death over at big splash. Wonder if they are trying to counter some bad PR...

The slides were in disrepair, and at one point collapsed.

Who'd a known Murphy Brothers were looking to buy an ailing amusement park in need of a cash infusion?

[cannon_fodder]

I think they are actually refinishing the slides.  They were so bad you had to knuckle push your self down them at points.  Big Splash and Bells are great examples of what happens to established businesses that don't reinvest (or do so at a minimal level).

[TURobY]

quote:Originally posted by patric


The slides were in disrepair, and at one point collapsed.

Wrong slide...

[Townsend]

quote:Originally posted by TURobY

quote:Originally posted by patric


The slides were in disrepair, and at one point collapsed.

Wrong slide...

Nah, he's right.

http://www.tulsaworld.com/news/article.aspx?articleID=070608_1__Asect60130


(edit)

"A section of a water rollercoaster at Big Splash amusement park collapsed Friday afternoon, but the child who was on it at the time was not seriously injured, park officials said. The 20-foot-high section of the Master Blaster slide, which loops its way down like a rollercoaster, fell onto another section of the same slide about two feet below it about 4:45 p.m., officials said. The 11-year-old girl who was on the section when it collapsed was jolted but not seriously injured, they said. The rest of the park remained open Friday evening. Officials said the Master Blaster had passed its annual inspection only last week and that a safety inspector will return to the park Saturday to investigate the collapse."

[brunoflipper]

quote:Originally posted by Townsend

quote:Originally posted by TURobY

quote:Originally posted by patric


The slides were in disrepair, and at one point collapsed.

Wrong slide...

Nah, he's right.

http://www.tulsaworld.com/news/article.aspx?articleID=070608_1__Asect60130


(edit)

"A section of a water rollercoaster at Big Splash amusement park collapsed Friday afternoon, but the child who was on it at the time was not seriously injured, park officials said. The 20-foot-high section of the Master Blaster slide, which loops its way down like a rollercoaster, fell onto another section of the same slide about two feet below it about 4:45 p.m., officials said. The 11-year-old girl who was on the section when it collapsed was jolted but not seriously injured, they said. The rest of the park remained open Friday evening. Officials said the Master Blaster had passed its annual inspection only last week and that a safety inspector will return to the park Saturday to investigate the collapse."

no, i think you're wrong... he was referring to the slides in the SE corner of big splash... not the water blaster slide in the NW corner, which is the one that collapsed...

[Townsend]

My apologies

[danno]

I wonder how many people have actually died at big splash? I remember when I was really young (early '80's) there was a girl who drowned in the wave pool. Years later when I was 12 or 13 this girl at sears told me that one of her siblings had fallen off of the flumes (the curly slides) and was a paraplegic as a result. Looking back on all the time I spent there, I can't believe I was never seriously hurt.

[Shavethewhales]

quote:Originally posted by cannon_fodder

I think they are actually refinishing the slides.  They were so bad you had to knuckle push your self down them at points.  Big Splash and Bells are great examples of what happens to established businesses that don't reinvest (or do so at a minimal level).

Well, in Bell's case they spent many a year trying to infuse their park with loads of new goodies, only to be shut down just as they were given permission. In the Murphy Bros. case, however, they only use their money when something falls apart, such as slides or a certain rollercoaster on the fair midway...

If you thought Bell's was crap, the new Murphy park will be worse. Bell's had at least $15 million worth in assets in their park, but this new park will be built with $4 million. Hmmm, the park that was there before spent $30 million and closed in two months...

Sounds like it'll be more of a parking lot for crap fair rides than an amusement park.