案例库 · 战略与领导 · 战略决策 · 2000–2007
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Cedar Fair paid $145M for Geauga Lake and killed the amusement park three years later
Attendance fell from 2.7 million to 700,000 in three years; Cedar Fair shut the 119-year-old ride park, auctioned the rides, and the land became housing.
Cedar Fair · Geauga Lake · Six Flags · 2007-09
怎么回事
Geauga Lake, in northeast Ohio, had operated as an amusement park since 1887. Rebranded Six Flags Ohio in 2000, then Six Flags Worlds of Adventure in 2001, it drew an estimated 2.7 million visitors that year. Cedar Fair bought the park from Six Flags in March 2004 for $145 million.
Attendance collapsed: down 21% to 2.15 million in 2002, down another 7% to 2 million in 2003, then to just over 700,000 in 2004 — where it stuck. Cedar Fair spent about $25 million over three seasons developing the water park, Wildwater Kingdom, opened in 2005; it became the property's highest-rated feature, with guests spending their time in the water park and skipping the rides.
On 21 September 2007 Cedar Fair announced the permanent closure of the 119-year-old amusement park; its last day had been 16 September. The rides were auctioned on 17 June 2008, the water park limped on until 2016, and the land was sold for housing — PulteGroup paid $2 million for 245 acres in August 2020.
为什么会这样
- Bought a declining asset at a peak price: Cedar Fair paid $145 million in 2004 for a park whose attendance had already fallen a quarter in two years.
- Rebranding didn't fix the product: the Six Flags era lifted attendance in 2000–01, then it slid every year — new names against an unchanged offer wear out fast.
- The water park ate the ride park: guests came for Wildwater Kingdom and skipped the amusement side, so Cedar Fair cut the half the market had already abandoned.
教训
Buying a declining park doesn't buy a turnaround: Cedar Fair paid $145M and invested $25M more while attendance kept falling, until only the water park justified the land.
后来呢
Wildwater Kingdom closed in 2016. The site is being redeveloped as housing — PulteGroup's Renaissance Park — with Aurora buying 48 acres in 2024 for a public park.
资料来源
- Ultimate Rollercoaster News, 22 September 2007 — Historic Geauga Lake Amusement Park Closing Forever (last day 16 September 2007; park 119 years old; attendance: 2.15M in 2002, 2M in 2003, just over 700,000 in 2004–05; Cedar Fair invested ~$25M in the water park; guests skipped the amusement park)
- Wikipedia — Geauga Lake (amusement park since 1887; Six Flags Ohio 2000, Worlds of Adventure 2001, ~2.7M visitors 2001; Cedar Fair purchase from Six Flags for $145M, March 2004; closure announced 21 September 2007; rides auctioned 17 June 2008; water park closed 2016; PulteGroup bought 245 acres for $2M, August 2020)
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