Lake Compounce News

Lake Compounce News

Post by Mike Palm » Tue, 23 Apr 1996 04:00:00


There were two articles in the Hartford Courant this weekend on Lake
Compounce. The first one stated that "The operators of Lake Compounce
amu***t park reached an agreement Thursday night to hand over control
of the financially troubled park to a Pittsburgh-based company
[Kennywood Entertainment Co.]."

The second talked about Kennywood Entertainment Co. handing over
$857,746.71 in back taxes to the town of Bristol and $610,000 in
back taxes to the town of Southington (the park stratles the town line).

Kennywood also finalized the purchase of the mortgage for the park
property.

Althought property taxes are now current, a new tax bill on a new
taxable property list will be due July 1; the bill is expected to be
more than $100,000 for Bristol and more than $50,000 for Southington.

So, it looks good for Lake Compounce with Carl O. Hughes, chairman of
Kennywood's bouard of directors saying: "We have successfully operated
a traditional park and Lake Compounce, of course, is the oldest park
in the country.  Idlewild is the third oldest, so we'll have two of the
three oldest."

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Lake Compounce News

Post by Tim Melag » Tue, 23 Apr 1996 04:00:00

[snip]

Quote:
>The second talked about Kennywood Entertainment Co. handing over
>$857,746.71 in back taxes to the town of Bristol and $610,000 in
>back taxes to the town of Southington (the park stratles the town line).

>Kennywood also finalized the purchase of the mortgage for the park
>property.

>Althought property taxes are now current, a new tax bill on a new
>taxable property list will be due July 1; the bill is expected to be
>more than $100,000 for Bristol and more than $50,000 for Southington.

That sounds like a lot of money just in back taxes. That should have an
effect on its other park's investments. Take Idlewild for example. Last
year they put in a new theatre and a hand me down Balloon Race from
Kennywood. This year they are having a circus come in and are fixing up
one restaurant (no new permanent attractions). With all of this money
being spent I don't see Idlewild getting anything for years since Lake
Compounce will get many bigger rides and Kennywood, which will probably
feel the pinch too, will probably take up the rest of the money. There
is also Sancastle water park to consider too. I wonder if this will have
any effect on Kennywood's 100th anniversary in 1998 and the "major ride"
they plan to build.

I still think it is a good idea to purchase Lake Compounce but I'm
nervous about the effects on Kennywood Entertainment's other parks. Maybe
I'm wrong but I bet there will be less money to go around to the 3
current parks.

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