Jump to content

Great Wolf may lose Ohio resort


Recommended Posts

Great Wolf Resorts Inc. of Madison could lose its two-year-old resort in Mason, Ohio, if it can’t renegotiate its mortgage by the end of this month.

 

A dried-up credit market seems to be the culprit. The $76.8 million mortgage on the indoor water park resort matures Nov. 30. Great Wolf said in its third-quarter report that through Sept. 30, the property had $6.3 million in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and made $4.8 million in debt payments.

 

“We are disappointed with the lack of progress in our discussions with the loan’s head lender toward obtaining an extension of the loan’s maturity date,” said James Calder, chief financial officer for Madison-based Great Wolf. “The Mason resort continues to provide more than sufficient cash to service the current loan balance.”

 

The Great Wolf Lodge in Mason opened adjacent to the Kings Island theme park in December 2006, with more than 400 suites, an arcade and themed restaurants, along with the water park.

 

Great Wolf Resorts (NASDAQ: WOLF) owns and/or manages 11 Great Wolf Lodges and the Blue Harbor Resort in Sheboygan. The company posted third-quarter net income of $2.2 million, or 7 cents per share, compared with $1.8 million, or 6 cents per share, in the year-ago quarter.

 

 

Business Courier of Cincinnati is a sister publication of The Business Journal Serving Greater Milwaukee.

 

Source:http://www.bizjournals.com/milwaukee/stori...10/daily38.html

Edited by Skywriter
Link to post
Share on other sites
We are in hard times my friend we will see all kinds of awful things happen I'm still in shock about GM. :o

The problems facing GM are not entirely due to the mortgage crises. They have become a very bloated company in the past couple of decades. Blaming it on the current "economic crises" is a cheep, lame, and an untruthful excuse. And a "bail out" would only prolong, if not worsen, the situation.

Link to post
Share on other sites

Cedar Fair had a chance to buy CBS's then interest in the property and passed it up...and that was then, when financing was much easier to obtain than it is now. Given Cedar Fair's experience with indoor waterparks in Sandusky, I'd be STUNNED if they were interested in Great Wolf Lodge...then, again, I was stunned at what they paid CBS for Paramount Parks....

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...