Earlier today
Blackstone Capital Partners V L.P., an investor fund advised by The Blackstone Group, announced that it had reached agreement with Anheuser-Busch InBev to purchase the company’s entertainment park division, Busch Entertainment Corporation (BEC) for $2.7 billion.
The Busch Entertainment Corporation is the second largest entertainment park operator in the United States with approximately 25 million annual visitors. BEC operates 10 Worlds of Discovery – SeaWorld Orlando, SeaWorld San Diego, SeaWorld San Antonio, Busch Gardens Tampa, Busch Gardens Williamsburg, Discovery Cove, Aquatica, Sesame Place, Adventure Island and Water Country USA .
| Click for A photo tour of Busch Gardens Williamsburg VA |
Carlos Brito, Chief Executive Officer of Anheuser-Busch InBev, said: "Busch Entertainment Corporation is a high performing asset with a world-class management team, but not a core business for Anheuser-Busch InBev. We are pleased to have reached an agreement with a buyer who understands the industry and has a strategic vision for the business."
Joseph Baratta, senior managing director of Blackstone Group, said "We have deep sector experience and look forward to working with the excellent Busch Enterainment management team to continue to invest in and grow the company.”
Added Michael Chae, another senior managing director at Blackstone: "We are delighted to be investing in a company with such iconic brands, irreplaceable assets and strong growth prospects."
Closing of the sale is subject to regulatory clearance.
Busch Entertainment Corporation President Jim Atchison indicated that the parks would be operating "business as usual." Atchison and the entire management team has been retained to run the new company, which will continue to go by the name Busch Entertainment Corp. (though he said that they might start using the alternate name "Worlds of Discovery" more going forward).
The Sesame Workshop and Anheuser-Busch brands are among those that will remain in the parks, he said. Busch beer brands will continue to be poured at the parks, and the Busch Gardens name will remain on the parks in Tampa, Fla. and Williamsburg, Va., as they were sold to Blackstone as part of the deal.
One of the more notable changes will be that the iconic Clydesdale horses will be moved from the parks, and instead go on tour to promote their A-B brands. The "Here’s to the Heroes" promotion offering free admission to military personnel will continue in the BEC parks for 2010.
No new rides or attractions were announced although it was confirmed that there are numerous concepts and ideas that are in various stages of development.
Busch Gardens was opened in James City County in 1975. Water Country USA in upper York County was acquired in 1992.
Both York and James City county officials have described the parks as good community partners.
"Clearly they have a significant impact on the county," said York County Administrator James O. McReynolds.
Water Country employs about 700 part-time workers and is considered one of the top employers in the county, McReynolds said. Last fiscal year, the county received $202,000 in real estate and business personal property taxes, including the water park property and land adjacent to Busch Gardens used for parking.
In James City County, Busch Entertainment is second only to the Anheuser-Busch brewery as the county’s top property taxpayers. In the last two fiscal years, the theme park brought in $1.62 million and $1.63 million in property taxes.
The long-rumored sale had also caused angst among local government and tourism officials over whether the buyer would invest in the community as has Anheuser-Busch. The company contributed $2.25 million to the Jamestown 2007 event. It is also a major contributor to the region’s joint marketing program.
Filed under: Busch Gardens, Busch Gardens, Business News, InBev-Anheuser Busch News, Tourist information, Williamsburg general information, williamsburg va | Leave a comment »
Well, I guess we are bound to get a lot of visitors coming to Williamsburg VA for 36 hour trips now that the New York Times has posted a Williamsburg, VA travel story.
Mr Williamsburg, Revolutionary ideas on real estate!Hampton Roads Virginia 