The encyclopedia · Finance & Accounting · Financial decision · 1888–1989
Crystal Beach Park ran a century on Lake Erie — the bank closed it in 1989
Crystal Beach Park in Ontario opened in 1888 and drew Buffalo crowds by ferry; receivership and two failed rescues ended it on 4 September 1989.
Crystal Beach Park · Crystal Beach Park Limited · 1989-09
What happened
John E. Rebstock founded Crystal Beach in 1888 as a Chautauqua on the Lake Erie shore of Ontario; by 1890 it was an amusement park. Its lifeline was the water: ferries like the Americana and the Canadiana carried up to 3,000 passengers at a time across from Buffalo, New York, to a concrete pier built in 1921. The park's 1926 Cyclone, a Harry Traver 'Giant Cyclone Safety Coaster', was dismantled in 1947 so its timber could build The Comet.
The postwar decades wore the park down, and boat service ended in 1956. By 1983 Crystal Beach was losing business to Canada's Wonderland, Darien Lake, Fantasy Island and Marineland, and it went into receivership; the Canadian Imperial Bank of Commerce took the property, with Peat Marwick as agent.
Crystal Beach Park Limited bought the park in 1984 and spent more than $2 million on renovations over three seasons, but the money never turned the corner against the newer parks. The park closed for good on 4 September 1989 and the rides went to auction: The Comet moved to The Great Escape in New York, the Ferris wheel to Centreville in Toronto, and the Giant Coaster was scrapped.
Why it happened
- Canada's Wonderland, Darien Lake and Marineland pulled the crowds to bigger, newer parks.
- The 1983 receivership put the park on the bank's clock before the rescue money arrived.
- A $2M renovation over three seasons could not restore crowds to a century-old park.
The lesson
Crystal Beach lived a century on Buffalo's ferry crowds, but once the bank took over in 1983 it was on borrowed time: a $2M rescue renovation bought six more seasons, then the rides went to auction.
Aftermath
The Comet runs at The Great Escape in New York and the Ferris wheel at Centreville in Toronto; a century of Crystal Beach ended with an auction.
Sources
- Wikipedia — Crystal Beach Park (founded 1888 by John E. Rebstock as a Chautauqua, amusement park by 1890; ferries Americana and Canadiana of 3,000 capacity linked it to Buffalo; concrete pier 1921; Cyclone added 1926, Harry G. Traver design, dismantled 1947 to build The Comet; boat service ended 1956; by 1983 losing business to Canada's Wonderland, Darien Lake, Fantasy Island and Marineland; receivership 1983 under Canadian Imperial Bank of Commerce; Crystal Beach Park Limited bought it 1984 and spent over $2M on renovations; closed permanently 4 September 1989; Comet moved to The Great Escape, Ferris wheel to Centreville, Giant Coaster scrapped)
- Crystal Ridge GO — Thrills of the Past: The Story Behind Crystal Beach Ontario Amusement Park (established 1888 by John E. Rebstock as a religious campground, later transformed into an amusement park; the legendary Comet roller coaster; decline from competition with newer parks including Darien Lake and Canada's Wonderland; closed in 1989 in bankruptcy after more than a century of operation)
spotted an error? The club wants to know.
More like this
Euclid Beach Park ran 74 seasons on Lake Erie — taxes and losses ended it
Cirque du Soleil's 44 shows stopped in one day — 95% of revenue gone, $1B+ in debt
Canada's Wonderland advertised a ticket price, then added up to $9.99 at checkout
Somewhere, someone solved the problem this company failed at. 2nd Opinion →
Comments · 0
Sign in to join the comments.