Palace Entertainment announced today that it has completed the sale of 14 of it’s properties, including the majority of it’s family fun centers and a waterpark to Apex Parks Group. The sale comes a s a complete surprise, and makes Apex one of the largest amusement operators in the United States. While this seems like a liquidating move on the part of Palace, there’s actually another reason behind the sale.
Palace will sign over 14 of it’s amusement centers and one of their waterparks. This will make Apex one of the largest (if not the largest) amusement chains in the country.
The chain isn’t closing any of the attractions down.
amily fun that is close to home.
The family entertainment centers that have been transitioned to the buying company, Apex Parks Group include:
Boomers! Boca Raton, FL, El Cajon, CA, Fountain Valley, CA, Fresno, CA, Irvine, CA, Livermore, CA, Modesto, CA, San Diego, CA, Santa Maria, CA, and Upland, CA; Malibu Grand Prix San Antonio, TX; Mountasia Houston, TX; and SpeedZone Dallas, TX and Los Angeles, CA.
Big Kahuna’s Water Park in Destin, Florida, also included in the sale, will be the sole waterpark for APEX.
The sale of the amusement centers leaves Palace with a ton of cash on hand. The company that is most known for amusement centers is hoping to open several gated parks, meaning more theme parks all over the country.
“It is Palace’s plan to focus on gated parks in key markets. With the sale of these parks, we look to strengthen our geographical diversity and grow through the acquisition of more gated attractions in the future. We wish to thank our employees for their outstanding efforts over the years and we wish them well,” Fernando Eiroa, Palace Entertainment’s President and CEO stated.
Mr. Weber, CEO of Apex Parks Group (APEX) commented, “We are thrilled to be associated with this collection of parks and the dedicated employee base. I am excited about the opportunity to invest in the locations and deliver on APEX’s commitment to providing a family-friendly experience and facilitating memories that our guests will treasure for years to come. We look forward to aggressively growing APEX, both organically and through acquisitions.”
If Palace is looking to open a theme park, they will most likely act quick, and it’s entirely possible that they will make the announcement at IAAPA in November.
Stay tuned for more from Palace Entertainment, and be sure to get social with us on Facebook and follow along with us on Twitter @BehindThrills for the latest updates!