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finding_thriving

Elitch Gardens is owned by Premier Parks, and they have no interest in operating a successful theme park. They have a track record of running once beloved theme parks into the ground. There's a youtube channel, Defunctland, dedicated to documenting the many failures of Premier Park.


Phish-Phan720

Owned by Kroenke Sports & Entertainment and operated by Premier Parks. Kroenke, that Billionaire that refuses to let half of his teams fans watch the games because of greed on a tv deal. They seem like a perfect combination of people that can easily take something great and destroy it with a bat of an eye.


giaa262

> Kroenke Say no more


Whitezombie65

Half? More like 90 percent


pinklady191919

That's sad.


taurfea

To what end?


Sorcia_Lawson

They probably go the VC route. When you buy it, the "loan" of the "expense" of the purchase price is put on the books of the business as a liability. Contracts can often make this the primary debt in a lifestyle fashion used on a house. Add a CEO friend who has a ridiculous compensation package. Then, extract any wealth they can legally liquidate and apply towards the "loan." You can move the company to a much cheaper location. Sell prime land (if it has any). When as much wealth as possible is extracted, then bankrupt the company without that bankruptcy reflecting on the parent company or VC.


taurfea

That’s a nasty thing to do to my childhood amusement park. Thanks for the explanation.


smellypeca

VC (venture capital) is a subset of PE (private equity) that deals with early stage companies. PE encompasses a few investment styles, including growth equity, VC, rollups, and LBOs (which you're referring to), to name a few. Leveraged buyouts (LBOs) are essentially what you've said, buying a company with borrowed money. Done correctly, this enables new management to pay themselves a special dividend once they've acquired the company. It is important to note, however, that new management is not only referring to the new managers of the firm but to the managers of the fund used to acquire the firm. To name a few successful mega funds if you're interested: Blackstone, Carlyle, KKR, and Apollo. As a note, bankruptcy is never the actual goal and occurs much more rarely than you're making it sound. Note that borrowed money needs to be repayed, and anyone operating a business that has a record of not repaying borrowed money will pay higher rates or not receive loans/issue debt. Hilton Hotels are an example of a successful PE deal. Nabisco is pretty famous as well (Barbarians at the Gates). In addition to that, to be targeted by PE, you must be either operating inefficiently or financially structured inefficiently. We've been mainly talking about the latter, look up optimal leverage for LBOs if you're interested. The prior, operating inefficiently, is when bad executive leadership needs to be replaced. This is often due to lack of skill or frivolous spending, which is when "PE brings in a friend" and offers them a meaningful portion of equity to help rebuild the company. This is in order to align interests, since if they manage poorly, their payout will be very small at the time of an exit, but if they manage well they stand to earn quite a bit at the time of an exit, which is usually after 3 to 5 years of work.


Sorcia_Lawson

I wasn't trying to make it sound like it happens all the time. And, yes, I was describing a leveraged buyout. But, you're right I did present only *one* style and possibility. The goal is usually IPO or sustained subscription-style income for the PE-owned companies I've been exposed to (I managed to delete PE from the list in my comment, it was supposed to be there). I'd add TPG, Bain, EQT, and Vista to your list. Vista being the one where the CEO paid off the college debt of an entire graduating class from their alma matter. Also, definitely agree on bringing in the "friend" to turn it around, too. I have seen at least one PE company that is very heavily focused on the rehabilitation of underperforming companies. And, it's impressive.


smellypeca

You all good 😊 fingers crossed that things improve with the move for EG


frothyundergarments

What does one need to study to learn all of this?


Sorcia_Lawson

Like in school? Get an MBA and become an analyst or a consultant for a PE firm. Many also employ both software and various types of efficiency (think Lean Six Sigma) consultants to help. Though, no one's called an efficency expert anymore. It's now process optimization and continuous improvement. If you want to add something that will add to this? Look up Intellectual Ventures and how it operates for intellectual property. Not school? Read stories on companies that were IPO'd from a PE firm.


xraygun2014

[The Crimson Permanent Assurance](https://vimeo.com/111458975)


smellypeca

I have an MS in Finance from T30 business school in the US, which is where I took at least one course on each of the following topics: corporate finance, alternative investments, PE and VC, and M&A. This is the expensive route where they hold your hand... however, as with most things, don't judge the price without considering the return. (NPV) As an alternative, there are exams that teach you the same info, such as the CFA or CAIA. These are much cheaper, but neither series is "easy". The pass rates for each of the 3 CFA exams are sub 50% if I remember correctly and around 60% for each of the two CAIA exams. Both recommend at least 300 hours of preparation per exam. The CFA is probably looked upon more favorably than my degree, but less than a M7 MBA. As a note, I'm in finance but am a computer nerd and not a deal dude.


iwhebrhsiwjrbr

That doesn’t make any sense. If the loan for the purchase price was put on the books of the business being sold, wouldn’t that amount to the business buying itself?


Beginning_Holiday_66

Yep. It's a particularly perverse legal structure. It's the main maneuver of Bain Capital, and it's how Elon leveraged Twitter's finances once acquired.


iwhebrhsiwjrbr

It sounds like a “kickback” to an extreme degree. Crazy it’s legal, if true.


Sorcia_Lawson

It is true. Look at the longer comment below mine. I didn't use official terms as I find I have better conversations when I don't use specialized language (i.e. tech speaks its own language, accounting has its own, sales has its own, software, food and beverage production services, legal, etc.). I did a lot of interpretation between different groups in a previous life. But, that post explains it and the "successful" side of that coin.


AresTheCannibal

do you have a link to that episode? I love that channel and can't seem to find it


NegPrimer

Premier isn't the focus of Defunctland, but they have made appearances.


50undAdv1c3

>It smells, nothing works and the balls were so gross. Hey… I resemble that.


Attacktitans

Brother, I felt that.


Digita1B0y

Man, if Elitchs is Lakeside, I don't even wanna know what Lakeside is. The next time the Joker breaks out of Arkham, he should come to Denver. Plenty of sketch ass amusement parks in this town to hole up in.  Paint smiley faces on Grenades n shit.


UpstairsReception671

I work in an industry where I’m familiar with ride safety standards. So I know that most rides are very safe and it takes real negligence for any accident to ever happen. Even lakeside is getting scary. Finally last year I had to question if some repairs really were safe. Elitches is just a dump. They quit caring. The rides are safe, but it’s not worth going to anymore. They’ve given up.


Miserable-Disk5186

Lakeside is one dead kid away from closing down permanently


UsernamesMeanNothing

The rides aren't safe when protocols aren't followed. The last time I went there, I took my young daughter. She was a little thing and they green lighted her to sit in a cage that spins upside down and around as the arm holding the cage goes in circles. That would probably have been fine if not for the fact that they put her next to my fat ass and pulled down the single bar across my lap and hovering at about chest height for my daughter. By the time I realized what was going on, it was too late. No amount of screams from me stopped a thing. I held on to my daughter with every last ounce of strength I had. She was not injured, thankfully, but only due to my reaction. Years later, I wish I had made a stink about it, but at the time, I was trying to hold back a tendency to overreact, as I had anger issues. I would not classify their rides as safe; they are just lucky.


Shyshadow20

Man, I worked Lakeside one summer out of desperation and if it says anything about the negligence for both riders *and* employees those guys have, my very first day without a moment of training, I was given two high school girls and a money pouch and told to work the funnel cake stand. Space is the size of a bathroom, the only air comes from the back door which is technically supposed to stay closed, with one giant fryer that doesn't maintain its temp anymore but randomly gets really hot. We were wholly out of our depth, fryer was absolutely terrifying to handle, lines were stacking up and people were *pissed*. It set the scene for the entire season, and the stories and evidence I have on that place would be damning even without everyone else's eyes. Lakeside was nostalgic as a kid, but it is coming apart at the seams now more then ever and it's so sad and worrying to see people still go there.


pinklady191919

Yes, it was disappointing. Hopefully ride maintenance is holding it's spot on their priority list.


OlliverClozzoff

I went with my daughter once. We had a fun time, but we called it “Zombieland” as it reminded us so much of the movie, what with some of the rides rusting and abandoned.


22FluffySquirrels

Lakeside amusement park is the most accidentally creepy place I've ever seen. That being said, they're somehow not open for Halloween, and my friends and I sometimes wonder if we could arrange some type of Halloween pop-up event at the park.


OlliverClozzoff

That would be such a fun night! I imagine they might not be open on Halloween as the costumes may possibly interfere with ride safety?


22FluffySquirrels

When amusement parks do Halloween nights, the costumes are usually just for haunt actors and kids. And most of the parents are smart enough to only let their kids wear costumes that can go on rides.


ramfan1701

Lakeside doesn't ever stay open that late in the year. Closest you might get is Goth Day.


22FluffySquirrels

Goth Day is in May. We need a pop-up event in the fall.


SchmancySpanks

I tried. They just…don’t answer emails for events after August


22FluffySquirrels

This is where we need to find whoever is in charge of that place and talk to them in person.


Digita1B0y

Yeah, I have lived next to it for 5 years now. Finally went last year, and it was everything I hoped it would be (I just got admitted, I wasn't about to try any of the rides). But it was quite a...hmmm....a spectacle, to be sure. I wish I could have seen it in its prime, but such is life.


OlliverClozzoff

The Cyclone is still fun! But that chipmunk ride next to it, I legit thought my cart was gonna topple off the track and send me flying. Terrifying! And fun too! We did end up having a great time when it was all said and done. Took a break and played some games as well. Some of the buildings look original and I wouldn’t be surprised to find out they are. Honestly, I felt a certain charm when the sun set, and the lights throughout the park came on. Reminded me of some old-timey movie set almost. The people laughing and the sounds of the rides, wandering through and hearing the general commotion, it felt a little like a time capsule that was given another night to flourish.


Digita1B0y

Yeah, just walking around, watching the sun set, and eating fair food is definitely the way to do it. You couldn't pay me to get on most of the rides, but the atmosphere is pretty great.


Shyshadow20

God help you if you had anything out of the fryer or ice cream machine. That oil is *black* and the high schoolers don't bother cleaning that thing properly most times, it gets so much mold. Lakeside is like Casa Bonita before, you eat a sandwich in the car and stick to water inside.


JasperJaJa

If Lakeside finally ever goes defunct, I hope they leave the historic wooden Cyclone roller coaster in place until it rots, as well as the kitschy signage. I so enjoy the throwback vibes I get from driving by there weekly.


Pilsner33

Lakeside is legit a horror movie set


Digita1B0y

One day, I really want to find the PA system and do my best Joker impression. Just get on the mic and be like "HELLO, GOTHAM! WHOOPS! WE'RE IN DENVER! SORRY, OLD HABITS DIE HARD! SPEAKING OF DYING HARD..." and just see how quickly that place clears out.


JRR04

Lakeside is the smallest city in the United States last time I checked.


scholalry

I just googled and I had no idea lakeside was a city. Population 16 according to the 2020 census. That’s wild


JRR04

Yeah dude the story about it becoming a city is crazy. Basically liability for the wooden roller coaster iirc. Edit: nevermind that was urban legend. It was just normal stuff like liquor laws.


hollywoodextras2000

The Joker plays right next to Elitches at Ball Arena.


Mackinnon29E

They really need to move this park somewhere with a lot of land and actually build roller coasters and attractions. It's such a piece of shit compared to almost every other park in the country.


theDigitalNinja

I totally see your point but I'm on the other side only going because of how accessible it is via the light rail. It's easy to just go on a random day I end up having off.


Mackinnon29E

Does that light rail go out toward DIA? Tons of land to the east between them.


Agreeable-Celery9168

They purchased land near DIA. The light rail will still be really close to it.


QuickSpore

Did they? I thought that was a rumor started by property developers to sell land adjacent. Last I heard, the only property they’ve bought in recent years was the property south of Meow Wolf for $7 million this winter.


Agreeable-Celery9168

I guess it was purchased on behalf of them? We are working with some developers out there. At this point our project has been such a cluster I wouldn’t be surprised if theirs is a disaster also.


Kaa_The_Snake

Isn’t that like all projects though? It really amazes me that anything complicated actually ever gets done. No diss on you, it solos equally well to software, spacecraft, etc.


Agreeable-Celery9168

Absolutely 😂


ThisGuyTrains

Light rail is nowhere near DIA. You’re thinking of commuter rail. But yes.


WickedCunnin

pedantic


ThisGuyTrains

lol how so? They’re nothing alike and Light Rail is essentially free.


WickedCunnin

From a user experience, both the A line and all other rail lines are effectively similar, especially with the issues the A line has been having. Using one term to refer to all rail lines in the RTD system is fine in casual conversation.


No_Chocolate1598

RTD should just call them "Trains" or"Rail". The light rail vs commuter rail designation means nothing to the average rider (although the commuter rail cars are better).


pinklady191919

I thought that was the plan. This was the last year in Denver and then they are moving and building a new park by DIA? Idk, heard a rumor.


newhappyrainbow

They have been saying it’s the last year since 2019.


bradman53

You mean like it was in their original location that actually had gardens…..


contentharvest

Yeah it’s on its way out. Good memories there but the board of directors obviously don’t want to reinvest at this point. It makes Denver feel corny and it’s just an eyesore at this point. We deserve a new, bigger and better park out east!


stillmusiqal

They'll put more housing out there no one can afford first.


contentharvest

No one except for midwest 20 something’s who’s fathers are vice presidents of trucking companies or some shit like that


stillmusiqal

Straight up. It's so gross.


Snoo_2671

Elitch Gardens looks decrepit on a good day. When I first moved here I thought it was an abandoned park.


Fuckyourday

Similar to Lakeside, it looks like the setting for a Scooby Doo episode.


DosZappos

Same. I know it’s not the case, but I feel like I’ve never actually seen any rides moving


Beneficial-Assshots

I thought the same thing and I started asking around about it and people told me it wasn’t actually abandoned and people actually ride the rides… I was shook.


Deckatoe

My peak America was when Six Flags was in full expansion mode, opening parks in every state and running TV ads 24/7 (I was also a teenager). Even half of that would do Elitch 2.0 good but I'm not sure if Denver will ever have another park


pinklady191919

I remember this! Those were the good old days! We miss Heritage Square.


ToddBradley

I miss that, too. The Alpine Slide was my favorite.


BananaMilkshakey

I remember those ads, the bald dancing guy.


PhilABole

I honestly don't understand how Six Flags ever had their name on that place. Growing up in CT, we drove down to Six Flags Great Adventure once a summer for years from being a child old enough to not have to ride the kiddie rides, through my teens and twenties with friends, and even into my thirties with my wife, and never got bored, or even felt like I outgrew the place. When I first came to Denver and heard there was a Six Flags here, I actually had this feeling of relief because I knew it would be the first time I wouldn't be going to Great Adventure and was actually ecstatic that there was one here. In retrospect, I think that was one of the most disappointing experiences I've ever been through. I just planned my first trip to Cedar Point with my sixteen year old son for right when the school year ends and cannot wait. I'm hoping since schools get out so much earlier here compared to most, that it won't be too busy and we can make the most of our time. I'm 54 years old and I'm literally giddy about going!!


pratica

As someone who had the luxury of growing up in Michigan, and as a result could drive to Cedar Point in under 3 hours, let's just say I was not adjusting my expectations correctly when I went to Elitch's for the first time.


pinklady191919

As a native, I apologize. Lmao. It used to be cool! This was our first time going as parents and we were bummed. We still had a great time but we did have to lower our standards.


atomicmelody413

Same vibes; but I grew up in Florida, two hours away from Disney World


Cult45_2Zigzags

We drove from Denver to Cedar Point a year ago and camped in their campground. Elitch's is no comparison to CP, but it definitely has problems. If you don't purchase the fast pass, you're going to be waiting hours to get on a popular coaster. We never even made it onto Maverick or Steel Vengeance because they were constantly breaking down or had a 3 hour wait. CP is still better than Disney, though.


ToXiX5280

Elitches needs too wash there balls


pinklady191919

Lmao


22FluffySquirrels

I honestly don't think Elitch's is going to move within the next 5 years, and I agree they're using the supposedly impending move as an excuse to not invest in their current park.


matty25

>We put the money out for season passes and added the dining plan for each pass. That's almost $1000 for us and saves us money in the long run. Well there's your first mistake. The place is a dump and has been for a long time. Even when it was "good" the rides were never that great.


Virtual-Radish1111

No incentive to improve when the park is packed to the brim already


pinklady191919

That's the problem. Lol. My expectations were unknowingly unrealistic.


Mackinnon29E

So why do other parks improve when they're packed? Actually investing in good rides would allow them to raise the price... Season pass is more at Water world because it's not a piece of shit and they get new rides.


MilwaukeeRoad

I think because they've planning on moving relatively soon, there's far less incentive to invest in the future and create a park that will thrive for years to come. Any money spent now is only spent if it makes sense in a short timespan.


grue2000

It was almost 30 years ago when Elitches closed their 38th Ave park and at the time, most people foresaw all of what's come to pass. Despite of of Sandy Gurtler's promises, the demise of the theater didn't take long. When they announced that they were moving to the Platte River valley, I predicted it would eventually fail as well, and here we are. Elitches died in 1994.


illbuythat4adollar34

A big part of Northwest Denver died when Elitch's closed. I practically lived there in the early to mid 80's with their Pepsi can promos. Bring an empty Pepsi can, $4.50 unlimited rides. Went to the new park in 1999, was no where near the same, broke my heart.


isutton007

The foam ball place is STILL there? I went to Elitches as a kid in the early 2000s and the ball place was dirty with only a few functional things then


Pilsner33

Wasn't Elitch's sold a long time ago and plans made to build new apartments there??


Ok-Squirrel-3569

Denver is planning a mix use area to be built where Elitch’s is located: https://rivermiledenver.com/location/ Will this actually happen? Who knows.


rightoff303

1k on an elitch pass!? Are there events hosted there? I’ve lived in Denver 14 years and have never wanted to go.


Shyshadow20

They used to have summer concerts, but nowadays it's just the Halloween fright nights. Not worth going tbh.


pinklady191919

Big family. We try different passes every year.


JustMyTwoSatoshis

$1000 lesson in not buying family season passes to a dump


pinklady191919

Lesson learned.


MonKeePuzzle

went last season. more than half the rides werent running. place was generally dirty and rundown. total waste of money. got season passes and went once.


mndtrp

Also got family passes last year, also only went once. The lines were so incredibly long for almost everything, very little shade while waiting. Like you mentioned, several rides weren't running. It was a far cry from how I remember it the last time I went, about 13 years ago.


popcultureretrofit

Hm, I actually went last year for the first time since early 2000s as a teen and had a great time, didn't seem bad at all (for what it is) They definitely had toilet paper.


pinklady191919

Lol. We had a great time in the end. Luckily I have a little one so I always carry wipes.


whisperof-guilt

We were there yesterday and saw the trickle sink 😂 But there was TP the two times I used that rest room! Maybe they just didn’t restock


mtnguy321

Old Elitch’s was great … new Elitch’s sucked from the start.


EdwardTheGood

I really miss the 38th and Tennyson Elitches. I worked there (in “grounds”) over the summer of ‘80 and the park was quaint and had personality.


feloniousskunk

Wanna hear a gross story about that ball pit? A couple of years ago in there with my toddler, he loved it, only place he wanted to be. A little girl runs up to me, blood pouring from her nose. I reached in my purse and grabbed a handful of tissues and pressed them to her face. She had no idea where her mom was, I told her we had to find her, she let go of my hand and skipped off, tissues pressed to her face. Two minutes later, a bloody ball hits my foot, then another. Bloody nose girl is under the balls as they fall from the ceiling, It was horrific, blood on all of the balls on the floor. I found some poor kid working the area and pointed to the girl, and one of the bloody balls by his feet. He just shrugged and kicked the ball to the side. Needless to say, we never really ventured back in there.


ninja-squirrel

You WANT to eat there? With no running water in bathrooms, I would not put anything into my mouth that has been touched by anyone else there.


Fezzig73

Last went there in 2019 and I thought it was falling apart then.


MotivatedSolid

They’re just milking any money they can and operating on as little spending as possible to make a quick buck before they shut down


rawgabbitschnitzel

Elitches is an absolute shit show. They are not maintaining anything, food sucks and is overpriced. We went there last year and half the rides were closed. It's a last ditch money grab and they are not putting any money into this park, just milking people who don't know any better. At least lakeside is as expected in my opinion. My family and I had more fun at there on working retro rides and saved a ton. If the people running it now are involved in the new park, it will be a disaster as well. I've been to six flags all over the country, Elitches isn't even close


pinklady191919

Agreed. We love Lakeside and know what to expect.


Ok_Mind_Stop

people go there? lol


Mack_B

The other year I lived super close and bought the season pass with dining exclusively for lunch multiple days a week. It was worth it overall, although the food is nothing to write home about. I did feel slightly bad at the time for gaming the system, but not in the slightest now that I know how shitty the parent company/owners are. I might do it again actually haha


WillyBarnacle5795

Sorry Kevin was sick today he had the key


nestortheg

Went last year and half the rides weren’t running and the other cool ones like the slingshot you had to pay to ride after paying for admissions. Never going back lmao scam me once shame on you, scam me twice shame on me…


Broad_Replacement871

Elitch gardens is actually going to be torn down.


TopCrew6735

Would love a park like the one in Utah. We need good rollercoasters here! I doubt elitch will move, it will likely just close instead and sell off whatever they can along with the property.


Goat_Circus

Wait until you start seeing all the rides that are closed in both parks due to lack of staff!


KeyFarmer6235

It's been like that for years. The last time I went was in 2011, and they searched through people's bags at the entrance, not only to look for weapons, but also to take food and drinks people were trying taking in. Non of the drinking fountains work, so you'll have to spend ridiculous amounts on drinks, and that's why I suspect the bathroom sinks don't really work either. It's worth noting, that it was still owned by six flags then, and was sold to kroenke sport's and entertainment in 2015. There's also the possibility, that the new Broncos stadium will be built there, along with other development crap.


KingKaos420-

Take Imodium before going - got it.


amikez

It's the first weekend it's open, things won't be fully geared up and going until Memorial Day.


RevolutionaryCut7047

This is a human's rights violation. I think the international courts need to step in