Schlitterbahn sells water parks in New Braunfels, Galveston

Schlitterbahn New Braunfels

Schlitterbahn New Braunfels

On June 12, 2019, Millennium Operations LLC ("Millennium"), a wholly-owned subsidiary of Cedar Fair, L.P. ("Cedar Fair"), Waterpark Management, Inc., Golden Seal Investments, Inc, Bad-Schloss, Inc., Liberty Partnership, Ltd., Henry Condo 1, Ltd., and Henry-Walnut, Ltd. Cedar Fair said in a news release that it plans to finance the deal through additional long-term borrowings.

"These properties represent new markets for us with attractive demographics in the growing Central Texas region, and they align with our strategy to identify compelling opportunities to accelerate our growth and profitability", Zimmerman said.

It owns and operates 11 other amusement parks, including its flagship park, Cedar Point, two other outdoor water parks, one indoor water park and four hotels. The park sits on more than 70 acres along the Comal River.

Schlitterbahn's New Braunfels location has been recognized as the world's best water park for 21 straight years. Schlitterbahn Waterpark Galveston is outside Houston, on Galveston Island.

KCTV reports Cedar Fair Entertainment Company signed the agreement Thursday to acquire Schlitterbahn properties in New Braunfels and Galveston for $261 million.

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Cedar Fair owns 13 amusement parks across the USA and Canada including Knott's Berry Farm, Carowinds, Cedar Point, Kings Island, Valleyfair and more. The two Schlitterbahn parks in the purchase agreement reported an annual revenue of $68 million past year.

"Schlitterbahn employees are known throughout the industry for their innovation and dedication to the quality of the guest experience", said Richard Zimmerman, Cedar Fair's president and CEO.

The 40-acre Kansas site is home of Schlitterbahn Waterpark Kansas City, which is now closed.

Schlitterbahn and others involved in the design and construction of the 17-story Verruckt water slide paid the family of Caleb Schwab a almost $20 million settlement after the boy died when his raft went airborne on August 7, 2016. Several park executives and contractors were indicted in the boy's death, although charges were later dropped.

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