notorial dissent wrote:snip
My suspicion is that they are/or at least were severely over inflating their income to get the tax rebates from the state and to justify the money they were getting from the county. I think the sticking point came when they would actually have had to pay out money based strictly on their attendance, and that would have as they say blown the gaf since they would have had to pay against the inflated attendance or admit what it really was. I think good old fashioned greed undoubtedly played a part as they didn't want to part with any of their money, but I am betting that it was more the numbers that they didn't want to report. I know they have sold lifetime "Boarding Passes" to a fair number of the faithful, haven't seen a number, but I'm betting that money is long gone. I would suspect that their reported attendance is not remotely realistic. In fact, I'm really really curious as to where the money is going anyway since they were a for profit, and what the non profit is doing with it.
From a local article, re: Attendance
Now approaching the one-year anniversary of its grand opening, park co-founder Mike Zovath said visitor tallies will hit 1 million as of July. But that figure can’t be confirmed by outside sources.”
Even if they do hit the 1 Million, that number by itself falls short of the 1.2 by 16.7%. If I miss my projections by nigh 17% I ain't gonna be in the building cars business that long, but I digress. Also, in their Prospectus, the estimate that 103,000 of the admissions will be from season pass holders, memberships and complimentary admissions. In other words, people who ain't paying to come in, or only paid once and that a year before the place opened. This number was guessed at before they got some bad press and decided to only charge school groups $1 per person (retail cost is $28 for children, and the plan for school kids was to be $9.99 before letters went out to local schools about not taking field trips there, which hurt them pretty bad I think)
Anyhow, they missed their numbers pretty bigly, and things like this often have a grand opening bump and level out a bit, which isn't good news. They do have a plan though, to add new attractions to keep up attendance, and if for no other reason these are worth reading the prospectus for...a short highlight.....
733042 prospectus wrote:Ten Plagues Ride
The Ten Plagues Ride is intended to be an introduction to the birth of the Hebrew Nation...special effects depicting the ten Plagues in a fun way to help make the story memorable, ending in the parting of the Red Sea...