DOCSLIB.ORG

Table of Contents

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Table of Contents Table of Contents CERTIFICATION 1 1 INTRODUCTION 2 2 SUMMARY 3 3 SITE AND AREA EVALUATION 5 1. Location 5 2. Site Size and Access 8 3.3 Site Characteristics and Surrounding Tourist-Oriented Development 9 3.4 Existing Attractions in the Region 10 4 MARKET ANALYSIS 12 4.1 Tourist Market 12 4.2 Resident Market 15 5 CONCEPT DESCRIPTION AND TRENDS 18 1. Concept Overview and Trends 18 2. Existing Examples 19 3. Current Concept for the Site 23 6 COMPARABLE FACILITIES 24 6.1 Overview 24 6.2 Walt Disney World (Orlando, Florida USA) 24 6.3 Broadway at the Beach (Myrtle Beach, South Carolina USA) 26 6.4 Opryland (Nashville, Tennessee USA) 27 6.5 Lotte World (Seoul, South Korea) 30 6.6 New Century Global Center (Chengdu, China) 32 6.7 Planned EuropaCity Mixed-Use Project (near Paris, France) 34 7 FINANCIAL ANALYSIS 35 7.1 Comparable Financial Performance 35 7.2 Operating Pro Forma 37 7.3 Warranted Investment 38 7.4 Estimated Development Cost 39 7.5 Equity Investor Return on Investment 40 7.6 Estimated Economic Impact 41 APPENDIX | QUALIFICATIONS 42 w Certification I certify that, to the best of my knowledge and belief: ▪The statements of fact contained in this report are true and correct. ▪The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and represents our personal, unbiased professional analyses, opinions and conclusions. ▪This consulting assignment was performed on a basis of non-advocacy; we have no present or contemplated interest in the planned business and have no personal bias with respect to the parties involved. ▪Our compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, the report. ▪Our analyses, opinions, conclusions and report have been prepared in conformity with professional standards. John Gerner Managing Director Leisure Business Advisors LLC Third Revised Draft Final Report: New Mixed-Use Destination Resort Near Williamsburg, Virginia w1 1 | Introduction Leisure Business Advisors LLC (LBA) has been retained by Williamsburg Pottery Factory, Inc. to provide consulting services for a major new mixed-use destination resort near Williamsburg, Virginia. The assignment involves evaluating the concept, analyzing the market, gauging financial performance, providing business plan guidance, and estimating economic impact. 1. Report Organization This draft final report provides preliminary results of LBA's consulting work. This report is presented in seven sections. Section 2, which follows this introduction, provides a summary. Section 3 discusses the site and area analysis. Section 4 presents the market analysis. Section 5 describes the concept and trends. Section 6 examines comparable facilities. Section 7 provides the financial analysis for the major new mixed-use destination resort near Williamsburg. 2. Standard General Limiting Conditions Every reasonable effort has been made to ensure that the information contained in this report is accurate and timely, and it is believed to be reliable. No responsibility is assumed for inaccuracies from any data source used in preparing this report. It is based on information that was current as of May 2016 or as noted, and LBA has not undertaken any update of its research effort since such date. Achieving potential financial performance may be affected by fluctuating conditions and future events that cannot be assured. Therefore, the actual results achieved during the forecast period may vary significantly from the forecast. No warranty or representation is made by Leisure Business Advisors LLC that any of the potential values or results contained in this report will actually be achieved. LBA has incomplete knowledge of important future development and management actions on which actual results will depend, and is therefore not responsible for the outcome. Copies of this report can be presented to third parties in its entirety. Possession of the report, however, does not carry with it the right of publication thereof in any manner, including on the Internet, without first obtaining the prior consent of Leisure Business Advisors LLC. This report is also not to be used in conjunction with any public offering of securities without LBA’s prior written consent. This report is qualified in its entirety by, and should be considered in light of, these limitations, conditions and considerations. Third Revised Draft Final Report: New Mixed-Use Destination Resort Near Williamsburg, Virginia w2 2 | Summary A summary of this report is presented below. Supporting documentation and analysis are provided in later sections. ▪The site is located near Williamsburg, Virginia, within that state’s Coastal Virginia tourist region. This is a major tourist destination area within the United States that is centrally located on its east coast. For decades, this region has been an established destination for historic, cultural, beach, and theme park entertainment. ▪During the 1990s, the Walt Disney Company chose the state of Virginia as its third location in the country (after California and Florida) for a large-scale destination resort. It was named "Disney’s America" and would have been a mixed-use project with a theme park. Local opposition (which does not exist at the Williamsburg site) prevented that project from moving forward. Therefore, the state is still available for a similar major mixed-use tourist project. ▪Total land available for the site is 737 acres (298 hectares) by combining multiple parcels owned by the Williamsburg Pottery. The site is located next to the main interstate highway (I-64) that serves the Coastal Virginia tourist region of the state. Overall, the site has very convenient access. ▪The site is near many existing businesses that serve tourists to the area, and the adjacent Williamsburg Pottery has been a major tourist attraction in the area for decades. There are many other existing attractions in the local area, including Colonial Williamsburg, Busch Gardens Williamsburg , Water Country USA , and Williamsburg Premium Outlets. Additional attractions are located elsewhere in the region. ▪The Coastal Virginia tourist region in Virginia attracts millions of visitors annually and has been an established tourist destination area for decades. The U.S. Travel Association recently estimated that traveler expenditures in this region exceeded $3.6 billion in 2014. Many of the nearby attractions are among the top in the country, which indicates that high quality attractions have been supported by tourists to this region. ▪Long-term visitation to the region has been stable. Travelers are typically in more middle-class and upper middle-class households. There are more children age 6 to 17 visiting the region than the national distribution of the population. There are also more adults in the 35 to 44 year range and older adults age 55 to 64. ▪The resident market is defined as the area within 50 miles from the site because tourism organizations typically define "tourists" as those traveling more than this distance. The resident market includes Richmond, Newport News, Norfolk, and Virginia Beach. Future population growth for this market area is expected to be similar to nationwide population growth. Median household income is slightly higher than that for the entire country, while median age is near that for the entire country. Third Revised Draft Final Report: New Mixed-Use Destination Resort Near Williamsburg, Virginia w3 ▪ The planned concept is a major new mixed-use destination resort. According to the Urban Land Institute (ULI), a mixed-use development is typically characterized by three or more significant revenue-producing uses that are mutually supporting. Specifically, it would be a destination resort. This is a tourist-oriented mixed-use development that has a large resort hotel and leisure uses as anchor tenants. Typical leisure tenants include attractions, themed restaurants, and tourist-oriented specialty retail shops. These tenants generally attract significant foot traffic, which helps support the other tenants. Destination resort projects are often the leading tourist attraction within the area. ▪ There are many existing comparable facilities worldwide. The largest and most established example is Walt Disney World in the Orlando area of Florida. There have been other smaller- scale examples developed elsewhere in this country, as well as in other parts of the world. Many of these comparable facilities are indoor complexes, and this has been the case with the most recent examples. This indoor approach allows comfortable year-round operation. ▪ The planned concept would therefore be mainly indoors. It would not be a gated facility and would allow free admission to the public areas. Use of its individual attractions would be charged on a per-use basis. ▪ Lodging would be the largest use at the new mixed-use destination resort. This component would also include meeting space and an indoor waterpark. Phase 1 size is 1,000 guest rooms. The indoor theme park component would offer a variety of attractions, restaurants, and merchandise shops. Phase 1 size is 500,000 square feet. In addition, 250 timeshares would also be offered in Phase 1. ▪ Potential annual operating revenues and expenses are based on the experience of comparable facilities adjusted for inflation. Future inflation is assumed to be two percent annually. ▪ The total warranted investment for Phase 1 of the new mixed-use destination resort near Williamsburg is between $602 and $730 million. LBA recommends that Phase 1 planned development costs be within this range. ▪ Phase 1 and 2 would be equal in size and both could be developed sequentially or simultaneously. The total development cost for both Phase 1 and Phase 2 combined would be between $1.2 to $1.5 billion. ▪ This financial analysis assumes 35% of the warranted investment is equity and 60% is debt financed, with the loan interest being 8% and the loan term being 20 years. Based on the assumptions used in the financial analysis shown below, the internal rate of return for equity investors under this financing scenario is 24%.
Load more

Recommended publications
  • Meredith Corp
    MEREDITH CORP FORM 10-K405 (Annual Report (Regulation S-K, item 405)) Filed 9/25/1997 For Period Ending 6/30/1997 Address 1716 LOCUST ST DES MOINES, Iowa 50309 Telephone 515-284-3000 CIK 0000065011 Industry Printing & Publishing Sector Services Fiscal Year 06/30 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 1997 Commission file number 1-5128 Meredith Corporation (Exact name of registrant as specified in its charter) Iowa 42-0410230 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1716 Locust Street, Des Moines, Iowa 50309-3023 (Address of principal executive offices) (ZIP Code) Registrant's telephone number, including area code: 515 - 284-3000 Securities registered pursuant to Section 12 (b) of the Act: Title of each class Name of each exchange on which registered Common Stock, par value $1 New York Stock Exchange Securities registered pursuant to Section 12 (g) of the Act: Title of class - Class B Stock, par value $1 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
    [Show full text]
  • National Historic Landmark Nomination Ryman Auditorium
    NATIONAL HISTORIC LANDMARK NOMINATION NPS Form 10-9 USDI/NPS NRHP Registration Form (Rev. 8-S OMBNo. 1024-0018 RYMAN AUDITORIUM Page 1 United States Department of the Interior, National Park Service National Register of Historic Places Registration Form 1. NAME OF PROPERTY Historic Name: Ryman Auditorium Other Name/Site Number: Union Gospel Tabernacle 2. LOCATION Street & Number: 116 Fifth Avenue North Not for publication:__ City/Town: Nashville Vicinity:__ State: TN County: Davidson Code: 037 Zip Code: 37219 3. CLASSIFICATION Ownership of Property Category of Property Private: X Building(s): X Public-Local: _ District: __ Public-State: _ Site: __ Public-Federal: Structure: __ Object: __ Number of Resources within Property Contributing Noncontributing 1 ___ buildings ___ sites ___ structures ___ objects 1 Total Number of Contributing Resources Previously Listed in the National Register: 1 Name of related multiple property listing: NPS Form 10-9 USDI/NPS NRHP Registration Form (Rev. 8-S OMBNo. 1024-0018 RYMAN AUDITORIUM Page 2 United States Department of the Interior, National Park Service National Register of Historic Places Registration Form 4. STATE/FEDERAL AGENCY CERTIFICATION As the designated authority under the National Historic Preservation Act of 1966, as amended, I hereby certify that this ___ nomination ___ request for determination of eligibility meets the documentation standards for registering properties in the National Register of Historic Places and meets the procedural and professional requirements set forth in 36 CFR Part 60. In my opinion, the property ___ meets ___ does not meet the National Register Criteria. Signature of Certifying Official Date State or Federal Agency and Bureau In my opinion, the property ___ meets ___ does not meet the National Register criteria.
    [Show full text]
  • A RESOLUTION to Honor Mr. Jack Vaughn on the Occasion of His Retirement
    Filed for intro on 05/17/1999 SENATE JOINT RESOLUTION 401 By Haynes A RESOLUTION to honor Mr. Jack Vaughn on the occasion of his retirement. WHEREAS, it is fitting that the members of this legislative body should recognize those citizens who in their years of work have performed with extraordinary dedication and unprecedented devotion; and WHEREAS, Jack Vaughn is one such outstanding community servant, who often exceeds the call of duty to ensure that his community is well served; and WHEREAS, after 40 years of astute and commendable service in the hospitality industry, Jack Vaughn is retiring from the important position of Chairman of the Opryland Lodging Group; and WHEREAS, Jack Vaughn began his illustrious career in the hospitality and attractions industry in 1959, when he started working for Westin Hotels at the Hotel Benson in Portland, Oregon; and WHEREAS, during his distinguished tenure with Westin Hotels, Mr. Vaughn astutely served as General Manager of the Continental Plaza Hotel in Chicago and the Century Plaza Hotel in Los Angeles; and -1- SJR0401 00697285 WHEREAS, in 1975, Jack Vaughn brought his extraordinary talent and skills to Gaylord Entertainment, as the Opryland and Convention Center’s General Manager, even though construction had not begun on the first 600-room phase of the property; and WHEREAS, Opryland Hotel has experienced tremendous growth and prosperity since Mr. Vaughn first accepted the role of its first General Manager to oversee the construction of what is now the largest combined hotel and convention center
    [Show full text]
  • 84021723* *005389* 84021723 *00538916* WHEREAS, All of Gaylord’S Properties Have Thrived Under Mr
    Filed for intro on 04/24/97 SENATE JOINT RESOLUTION 212 By Henry A RESOLUTION to honor E.W. “Bud” Wendell, President and Chief Executive Officer of Gaylord Entertainment Company, on the occasion of his retirement. WHEREAS, it is fitting that the members of this General Assembly should pause to pay tribute to an exemplary professional and dedicated public servant who has played a major role in the unprecedented growth of the country music industry, both in Nashville and worldwide; and WHEREAS, throughout a meritorious career that has spanned nearly fifty years and has witnessed numerous economic, social and cultural changes in Nashville and the country music industry, E.W. “Bud” Wendell has distinguished himself by means of his astute and loyal service to the Gaylord Entertainment Company, Opryland USA and its predecessor companies: WSM, Inc., NLT Corporation and National Life and Accident Insurance Company; and WHEREAS, Bud Wendell recently took a much deserved retirement as President and Chief Executive Officer of Gaylord Entertainment Company, a position from which he helped to catapult country music to the all-time popularity it enjoys today; and WHEREAS, under Mr. Wendell’s inspired leadership, Gaylord Entertainment has built a unique country music empire that provides broad support and exposure for both the music and its artists worldwide; and WHEREAS, the overwhelming popularity and huge viewership of The Nashville Network and Country Music Television, both here and abroad, resulted in Mr. Wendell spearheading the expansion of CMT International into the Asia-Pacific region and Latin America; and *84021723* *005389* 84021723 *00538916* WHEREAS, all of Gaylord’s properties have thrived under Mr.
    [Show full text]
  • Sol Spin Stirs New Excitement at Knott's
    INSIDE: Quassy rebuilds C.P. Huntington train; ANNIVERSARY Chance closes in on #400 TM & ©2017 Amusement Today, Inc. PAGES 27-29 June 2017 | Vol. 21 • Issue 3 www.amusementtoday.com Hersheypark soars with S&S Triple Towers Installation is first in the country with three towers at different heights AT: B. Derek Shaw [email protected] HERSHEY, Pa. — On April 8, during Springtime in the Park pre-opening day weekends, Hersheypark unveiled its new- Sol Spin, a Top Scan from Mondial, began daily operation at Knott's est trio of attractions to the pub- Berry Farm in April. COURTESY KNOTT'S BERRY FARM lic — Hershey Triple Towers. Being billed as “the first choose-your-thrill triple tower Sol Spin stirs new in the United States,” the new attractions provide an experi- excitement at Knott’s ence for each member of the family with varying heights, Mondial Top Scan tion that was once occupied thrill levels and speeds. Located by a Mondial Wind Seeker in the Minetown section of the joins ride lineup swing tower, which had a 110-acre park, each tower oper- short run at Knott’s before ates independently, launching AT: Dean Lamanna parent company Cedar Fair at varying times with its own [email protected] Entertainment relocated it to ride staff. Each tower affords a BUENA PARK, Calif. Worlds of Fun in Kansas City, unique view of the park from Hersheypark's new Triple Towers offers park guests the op- — Knott’s Berry Farm is in- Mo. up above. portunity to choose three heights of towers, 189 feet, 131 creasing its seasonal harvest Jon Storbeck, vice presi- Triple Towers are located feet and 89 feet.
    [Show full text]
  • List of Intamin Rides
    List of Intamin rides This is a list of Intamin amusement rides. Some were supplied by, but not manufactured by, Intamin.[note 1] Contents List of roller coasters List of other attractions Drop towers Ferris wheels Flume rides Freefall rides Observation towers River rapids rides Shoot the chute rides Other rides See also Notes References External links List of roller coasters As of 2019, Intamin has built 163roller coasters around the world.[1] Name Model Park Country Opened Status Ref Family Granite Park United [2] Unknown Unknown Removed Formerly Lightning Bolt Coaster MGM Grand Adventures States 1993 to 2000 [3] Wilderness Run Children's United Cedar Point 1979 Operating [4] Formerly Jr. Gemini Coaster States Wooden United American Eagle Six Flags Great America 1981 Operating [5] Coaster States Montaña Rusa Children's Parque de la Ciudad 1982 Closed [6] Infantil Coaster Argentina Sitting Vertigorama Parque de la Ciudad 1983 Closed [7] Coaster Argentina Super Montaña Children's Parque de la Ciudad 1983 Removed [8] Rusa Infantil Coaster Argentina Bob Swiss Bob Efteling 1985 Operating [9] Netherlands Disaster Transport United Formerly Avalanche Swiss Bob Cedar Point 1985 Removed [10] States Run La Vibora 1986 Formerly Avalanche Six Flags Over Texas United [11] Swiss Bob 1984 to Operating Formerly Sarajevo Six Flags Magic Mountain States [12] 1985 Bobsleds Woodstock Express Formerly Runaway Reptar 1987 Children's California's Great America United [13] Formerly Green Smile 1984 to Operating Coaster Splashtown Water Park States [14] Mine
    [Show full text]
  • 611:Attorney-Client Privilege & Attorney Work- Product Doctrines In
    ACCA’S 2003 ANNUAL MEETING CHARTING A NEW COURSE 611:Attorney-Client Privilege & Attorney Work- Product Doctrines in an In-house Setting Michael G. McCarty Vice President & General Counsel-Controls Johnson Controls, Inc. Cisselon S. Nichols Senior Litigation Counsel Shell Oil Company Laura Stein Senior Vice President & General Counsel H.J. Heinz Company This material is protected by copyright. Copyright © 2003 various authors and the Association of Corporate Counsel (ACC). Materials may not be reproduced without the consent of ACC. Reprint permission requests should be directed to James Merklinger at ACCA: 202/293-4103, ext. 326; [email protected] ACCA’s 2003 ANNUAL MEETING CHARTING A NEW COURSE Faculty Biographies Michael G. McCarty Michael G. McCarty is currently vice president & general counsel for controls–Americas of Johnson Controls, Inc. Based in Milwaukee, he oversees the legal affairs of the building controls, building automation systems, total energy management, facilities management, federal sector, and security businesses of the controls group of Johnson Controls, Inc. Prior to assuming his current position, Mr. McCarty was a partner with Foley & Lardner, practicing commercial litigation. Mr. McCarty has given presentations on attorney client privilege issues for the State Bar of Wisconsin, the State Bar of California, ACCA’s Wisconsin Chapter, and other organizations. He graduated from Syracuse University College of Law. He is admitted in the U.S. Courts of Appeal for the Fifth, Seventh and Ninth Circuits and the United States Supreme Court. Cisselon S. Nichols Cisselon S. Nichols currently serves as senior litigation counsel for Shell Oil Company in Houston, where she handles environmental litigation.
    [Show full text]
  • Six Flags Operations Manual
    Six Flags Operations Manual If you are searching for the book Six flags operations manual in pdf format, then you have come on to right website. We present full option of this book in DjVu, doc, txt, ePub, PDF formats. You may read online Six flags operations manual or load. In addition to this book, on our website you may reading the manuals and another artistic books online, either downloading theirs. We like draw your consideration what our website not store the book itself, but we provide reference to site whereat you may downloading either read online. If have necessity to download pdf Six flags operations manual, then you've come to loyal site. We have Six flags operations manual doc, PDF, DjVu, txt, ePub formats. We will be happy if you revert to us again and again. | nintendo - customer service | downloadable manuals - Additional manuals: Nintendo GameCube Game Boy Advance Health & Safety Precautions for all systems Non-Video Game Products . Our manuals are offered as downloadable communications committee - SN is comprised of six national committees. If you would like to learn the proper way to fly your flags and burgees, Operations Manual Committee, skycoaster - wikipedia, the free encyclopedia - Six Flags New Orleans: Sky Coaster: New Orleans, Louisiana: 180 feet or 54.9 metres: Opryland USA: Skycoaster: Nashville, TN: 152 feet or 46.3 metres: Six Flags bowl.com | pwba heads to texas for lubbock sports - Jul 12, 2015 United States Bowling Congress | 621 Six Flags Drive | Arlington, Texas 76011 | 800-514-BOWL. dierbergs markets - official site - Dierbergs Store Information. Find store hours, phone numbers, address and events for your Dierbergs! Store Information six flags - official site - Featuring hundreds of roller coasters, thrill rides and family attractions, Six Flags is the biggest regional theme park company in the world! six flags corporate office & headquarters - Six Flags Corporate Office & Six Flags Headquarters reviews, corporate phone number and address.
    [Show full text]
  • A Cultural History of Opryland USA, Nashville, and the Suburban South
    University of Mississippi eGrove Honors College (Sally McDonnell Barksdale Honors Theses Honors College) Spring 5-10-2020 Country Fun: A Cultural History of Opryland USA, Nashville, and the Suburban South William C. Nieman Follow this and additional works at: https://egrove.olemiss.edu/hon_thesis Part of the American Popular Culture Commons, Cultural History Commons, and the United States History Commons Recommended Citation Nieman, William C., "Country Fun: A Cultural History of Opryland USA, Nashville, and the Suburban South" (2020). Honors Theses. 1348. https://egrove.olemiss.edu/hon_thesis/1348 This Undergraduate Thesis is brought to you for free and open access by the Honors College (Sally McDonnell Barksdale Honors College) at eGrove. It has been accepted for inclusion in Honors Theses by an authorized administrator of eGrove. For more information, please contact [email protected]. COUNTRY FUN: A CULTURAL HISTORY OF OPRYLAND USA, NASHVILLE, AND THE SUBURBAN SOUTH by William C. Nieman A thesis submitted to the faculty of the University of Mississippi in partial fulfillment of the requirements of the Sally McDonnell Barksdale Honors College. Oxford April 2020 Approved by ______________________________ Advisor: Professor Ted Ownby ______________________________ Reader: Professor Rebecca Marchiel ______________________________ Reader: Professor Jay Watson © 2020 William Chalmer Nieman ALL RIGHTS RESERVED ii In memory of Frankie and John Prine, two Nashvillians that we lost too early. iii ACKNOWLEDGMENTS First, my thanks go to the faculty members who have shaped me into the scholar, writer, and critical thinker that I am today, including Ted Ownby, Darren Grem, Katie McKee, Brian Foster, Ralph Eubanks, Patrick Alexander, Garrett Felber, and Kirk Johnson.
    [Show full text]
  • Education Personal
    «'I WSM Inc. 1970-1974 (Nashville, TN) Publicity Manager Opryland USA Managed regional and travel press publicity for multi-million dollar musically themed entertainment park, including the Grand Ole Opry. Joined the project during construction and remained through two operating seasons. Reporter WSM-TV (now WSMV-TV) General assignment news and features coverage of the Nashville area for the dominant station, an NBC-TV affiliate. Reported on-air; also participated in editing. EDUCATION University of Tennessee, B.S., English major, Journalism minor University of Michigan, National Endowment for the Humanities Fellowships for Journalists -- a competitive program for mid-career journalists; included Near East studies, literature, other courses in the humanities. Knight-Ridder Executive Leadership Program -- Highly selective year-long program for high- potential Knight-Ridder executives, including course-work, case studies, simulations, lectures, and site visits in subjects ranging from financial management to geopolitical concerns to strategic business planning. Knight-Ridder Institute of Training -Various company-offered courses on general management topics. PERSONAL Married, no children. Sports activities include sculling, squash, swimming, fishing. Active community service, including: e Community College of Philadelphia Foundation - secretary, board of directors e Freedom Theatre -- member, board of directors (former chairman) " Schuylkill River Development Corp. - member, board of directors e Pennsylvania Hospital -- former member, board
    [Show full text]
  • Business Closure in the North American Theme Park Industry: an Analysis of Causes
    University of Central Florida STARS Electronic Theses and Dissertations, 2004-2019 2018 Business Closure in the North American Theme Park Industry: An Analysis of Causes Kelly Kaak University of Central Florida Part of the Hospitality Administration and Management Commons, and the Tourism and Travel Commons Find similar works at: https://stars.library.ucf.edu/etd University of Central Florida Libraries http://library.ucf.edu This Doctoral Dissertation (Open Access) is brought to you for free and open access by STARS. It has been accepted for inclusion in Electronic Theses and Dissertations, 2004-2019 by an authorized administrator of STARS. For more information, please contact [email protected]. STARS Citation Kaak, Kelly, "Business Closure in the North American Theme Park Industry: An Analysis of Causes" (2018). Electronic Theses and Dissertations, 2004-2019. 5807. https://stars.library.ucf.edu/etd/5807 BUSINESS CLOSURE IN THE NORTH AMERICAN THEME PARK INDUSTRY: AN ANALYSIS OF CAUSES by KELLY T. KAAK B.A. University of Texas, San Antonio, 1989 M.S. University of Texas, Austin, 1992 M.S. University of Central Florida, 2010 A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the College of Education and Human Performance at the University of Central Florida Orlando, Florida Spring Term 2018 Major Professor: Ady Milman © 2018 Kelly T. Kaak ii ABSTRACT Prior to this study, no analysis had focused on the 31% failure rate recorded among theme parks opened in North American between the years 1955 and 2009. This study’s purpose was to identify the causes of closures among the 23 failed theme parks and inform the industry of what can be learned from these business failures.
    [Show full text]
  • Business Closure in the North American Theme Park Industry: an Analysis of Causes
    BUSINESS CLOSURE IN THE NORTH AMERICAN THEME PARK INDUSTRY: AN ANALYSIS OF CAUSES by KELLY T. KAAK B.A. University of Texas, San Antonio, 1989 M.S. University of Texas, Austin, 1992 M.S. University of Central Florida, 2010 A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the College of Education and Human Performance at the University of Central Florida Orlando, Florida Spring Term 2018 Major Professor: Ady Milman © 2018 Kelly T. Kaak ii ABSTRACT Prior to this study, no analysis had focused on the 31% failure rate recorded among theme parks opened in North American between the years 1955 and 2009. This study’s purpose was to identify the causes of closures among the 23 failed theme parks and inform the industry of what can be learned from these business failures. Business failure analysis typically stresses the impact of financial ratios and the accuracy of certain negative numbers to predict impending failure, but such studies avoid examining the underlying causes that lead to poor financial performance in the first place. To focus on this question, this study adopted an events approach to discover the actual event causes that preceded failure and business closure. This study tabulated the frequency of event occurrences among two samples: failed/closed theme parks and a comparable sample of surviving theme parks. Event occurrences were more common among the failed/closed sample than among the surviving theme parks sample. A detailed analysis revealed that six of the 21 events measured were more common among the failed/closed theme park sample: declaring bankruptcy; excessive debt or general unprofitability; low customer satisfaction, defined as not offering enough to do in the park and/or inadequate capacity; development pressures; limited space for expansion; and a location in a regional geographic market.
    [Show full text]