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A look at the park's history adds to the notion of something brewing. Look at the park's past and current owner's timeline. Freestyle Music Park has been one month behind Hard Rock Park throughout their opening season:
April 2008 - Hard Rock Park opens
May 2009 - Freestyle Music Park opens
June 2008 - Hard Rock Park General Manager released
July 2009 - Freestyle Music Park General Manager released
June 2008 - Hard Rock Park ticket prices drop
July 2009 - Freestyle Music Park tickets prices drop
July 2008 - Hard Rock Park subject to liens
August 2009 - Freestyle Music Park subject to lawsuits for non-payment
September 2008 - Hard Rock Park closes for season (Ahead of Schedule)
September 2009 - Freestyle Music Park closes for season (As Scheduled)
September 2008 - Hard Rock Park files for bankruptcy
October 2009 - An announcement may be pending???
We do not expect Freestyle Music Park follow Hard Rock Park's ultimate fate. But we do expect something to be announced soon.
With a smaller than 2008 season staff, shorter hours, less licensing and overall tighter ship, Freestyle should not have suffered the same hemorrhage of money on the same level as its predecessor.
Licensing was on the docket this year. The CSI Show, while not very expensive, is one. The other, Country on Ice (or at least we assume). Being identical to HRP's Country on the Rocks show, which we believe is owned by HRP Creative, we can only assume that a deal could have been made to keep the show at the park.
No park attendance numbers have been released by either company in the park's history, but it is safe to say that if the numbers were actually better or at least the same, the total ticket revenue would be lower. The cost for FSMP tickets ($19.95 for two) were considerably lower than HRP, whose lowest price was ($30.00).
Furthermore, with passholders getting a free season, that revenue stream would be small.
We expect retail sales would be lower and FPI tries to build its "Freestyle" brand. With "Hard Rock" lending its name, for a hefty licensing fee, sales of merchandise would naturally seem higher.
With that said, we are hearing chatter around the beach so there are two scenarios we are looking into...
1. NEW PARTNERS
Freestyle could head into a deal with fresh partners who can add to the park's coffers. An influx of cash is exactly what FPI MBE needs to get the 2010 season on the fast track with the rumored new ride(s). Freestyle has repeatedly stated that plans are in the works for 2010.
Our Odds: 2-1
2. SOLD
A sale has one big concern. If MT Development, who is one of the current owners, leaves what does that mean for the "Freestyle" name? MT Development is the current developer of Freestyle Park in Moscow, Russia. We can assume (but not entirely sure) that they are the license holder of the name "Freestyle". So would a sale result in a licensing agreement with a new owner or would the term "Third time's a charm" ring out loud?
But a new owner, if that will be the route, could capitalize on FPIMBE strengths. It has been long stated by various circles of in Myrtle Beach that the first owners would fail, the second owners would fail and the third owner could make a serious go at it. Critics can say what they will, but its no secret that FPI MBE made great strides in its public relations with locals and business. It is quite obvious that aside from major stories like the Brandon and Roundbox lawsuits, the local paper does not have it in for the new owners as they did under the previous group. However, businesses who are waiting on payments have been left with another black eye for the moment.
Our Odds: 3-1
3. SURPRISE OPTION THREE - BUSINESS AS USUAL
Could the park be waiting on something internally, like current owners stepping up to the plate to support the park just as talk of the economy turning around. A possible new direction for Myrtle Beach area tourism after the local elections in November, could be considered?
While we do not think park owners are sitting around waiting to see who would be king and direct the area and its position to put a positive spin on Myrtle Beach's tourism after a year filled with turmoil, it may be the old phrase "Its the economy stupid!"
As things slowly (very slowly) start to turn around with the economy, it may be the right time to buckle down and ride the rising tide. While its no $400 million dollar investment for FPIMBE, their $25 million is nothing to sneeze at. Economics 101 - Don't sell (or bail) low. The value could go way up in year three.
Our Odds: 15-1
Bottom line, we're just speculating but everything should be coming to a head very soon.
This post has been edited by DiscoverMB: 02 October 2009 - 08:45 PM
Reason for edit:: Updated content
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