Business Services Industry
Premier Parks in Agreement to Purchase Kentucky Kingdom
Business Wire, Sept 26, 1997
NEW YORK--(BUSINESS WIRE)--Sept. 26, 1997--Premier Parks Inc. (NASDAQ: PARK) announced today that it has entered into a definitive agreement to purchase Kentucky Kingdom -- The Thrill Park, a combination theme and water park located in Louisville, Kentucky.
The purchase price for the transaction is approximately $64 million, payable by assumption or discharge of existing liabilities and issuance of Premier Parks' common stock to Kentucky Kingdom shareholders. Additional shares of Premier Parks' common stock may be issued in the future based upon future performance of Kentucky Kingdom. The closing is expected to occur in early November 1997, following the satisfaction of customary closing conditions. During the 1997 operating season, Kentucky Kingdom is expected to draw attendance of approximately 1,150,000 and generate revenues of approximately $23 million.
Premier is a leading theme park company that operates 13 regional parks (12 of which are owned) located in ten geographically diverse markets.
CONTACT: Premier Parks Inc., New York
Jim Dannhauser, 212/599-4693
or
KCSA, New York
Joseph A. Mansi/Sarah Shepard
212/682-6300, ext. 207/236
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