BREAKING NEWS - At about 6:30pm today Hard Rock Park called a mandatory meeting of all the remaining staff and announced to them that the park has filed for Chapter 11 bankruptcy reorganization and as such, will be closing immediately for the rest of the 2008 season. All remaining seasonal employees were let go except for a small group being kept on to close up and winterize the park.

The big announcement was loaded onto the park’s website as well this evening, confirming that the park was now closed, but promised that it would reopen in 2009. They’ve also posted a FAQ section to answer questions about what is going on.

Source: Screamscape


This doesn't come as that surprising, because this new park doesn't have that much to offer and due to the lovely economy, has also suffered greatly with way below average attendance than they expected. Good thing that this place will reopen next year, it does look like a neat place to check out, even though I might not be able to do much over there, lol.

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This is sad news, I haven't been to the park, but I have heard good things about it.
But frankly, I'm not surprised, I had heard already that the park was suffering from less than projected attendance totals, and that it was hurting financially.

On the way to Hilton Head Island in August, there were signs all over I-95 advertising the park...but there was no mention on the signs that the park is in Myrtle Beach....in fact, cars were directed to exit in some town in South Carolina, which we got off at for a bathroom break, and all the hype from the billboards only led to a shack that was giving information about the park

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Mary

My Disney Countdown

Counting down to: A Return to WDW, 8 Nights at OKW!
See You All When I Return

                        

I am not surprised by this. I kind of figured it was going to happen when I heard they were opening the park this year. It should be interesting to see what happens.

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My Disney Countdown

Counting down to: Moving my Family to Clermont, FL!
I'm in Florida getting my family settled! Yeah we're going to the parks too!

                        

There were several ads for it on TV here in central NC this summer, but we never made it down to the park. I guess that was the problem - a LOT of people didn't make it down!

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Old Walt Disney World Tour Guides (1983) never stop giving advice!
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What a shame to hear.
But hey, you hear all the time how Disneyland and Epcot weren't that great when they first opened, but look at them now.

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-Dan

                        

I'm not surprised this happened at all. I live in SC and I never saw a single commercial or ad for the park. Besides, Myrtle Beach is not a theme park kind of place. It's geared more toward golfers. When it is crowded, it's families on a weekend trip to the beach, college students on spring break (probably Hard Rock's best bet for a crowd), and conventions (we once went duriing a biker convention--not on purpose). There used to be a carny type of park there. It was there for years, but I think it closed a couple years ago too.

                        

Myrtle Beach does have a little tourist area that reminds me of Internantional Drive here in Orlando, but with a lot more mini golf places than I can count, and several with the same maroon creepy looking octopus and castle scenary

I'll post that trip report there eventually.

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thats a shame, do you think it would have fared better if it had been located in orlando???

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Dave

                        

I'm from Orlando and it's hard to say if the park would have done better here for sure, but I think so. This park never really got off the ground in the first place. It just opened up in May.

                        

Im always sadened to see a business fail. I think the location just doesnt fit the park. I think if it was some cheesy carnival type place with free admission and pay as you go rides and shows it would do better. To me the location is more of an impulse buy area. Or the park should have had enough capital to run without a profit for a couple years until word got out about it.

Maybe they should have changed the theme from Rock & Roll to Hip Hop and Bumble Gum music. Capitalize on the Eminem, Brittney Spears, Hanson and Hanna Banana craze. Kids is where the money is at in my opinion.

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This is a sad story to report. Hard Rock Park has filed for Chapter 7 bankruptcy. Attorneys for the park asked the Delaware bankruptcy court to alter its bankruptcy fomr Chapter 11 to Chapter 7, which would appoint a trustee to the property and liquidate all its assests.

"Despite considerable effort ... the debtors were unable to consummate a sale of all, or substantially all, of their assets on terms and conditions acceptable to the debtors, the [creditors] committee, and the lenders within sufficient time to permit an orderly conclusion of these cases under chapter 11, given the considerable constraints on, and ultimate availability of, postpetition financing," the filing states. "Because the bid and sale process has been unsuccessful thus far, there exists no reasonable prospect of success in the immediate future. ... Regrettably, conversion of their chapter 11 bankruptcy cases to cases under chapter 7 of the bankruptcy code thus appears to be the only remaining means of allowing the debtors' assets to be liquidated and potential causes of action to be pursued and monetized for the benefit of creditors

In financial documents, the park shows a it made just $21.5 million dollars between April 2008 - September 2008 an owes almost $300 million. The odds of most creditors (including Discover Myrtle Beach) to receive any money from the liquidation stands about a 0% chance.

Hard Rock International, who licensed the 'Hard Rock' name to HRP Operations said in a court filed that the park damaged its reputation and did not live up to its agreement to thoroughly advertise and market the park.

"The park is not known as a destination of choice in Myrtle Beach, but is widely associated, as reported in the state and local news, with financial problems that have negatively impacted operations," the company said in the documents dated Dec. 23. "Hard Rock [trademarks] have been, and continue to be, harmed by the [park's] conduct."

Hard Rock International is also asking a judge to turn over memorabilia loaned to the park, such as the Magical Mystery Tour bus.

Now that the park is official finished, we'll be doing a series of articles detailing the park from our perspective.

More to come...

Hard Rock Park Files For Chapter 7 - Discover Myrtle Beach Message Board & Forum

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