LAUNCH OF TORNADO SPRINGS AT PAULTONS PARK POSTPONED TO 2021

BY GABRIELLE


Paultons Park theme park in Hampshire has announced that the launch of its new themed land ‘Tornado Springs’ will be postponed until Easter 2021.

The land, which stretches for four acres and is home to many family attractions including Peppa Pig World, was due to launch on May 19 this year. Due to unprecedented challenges in the wake of the COVID-19 lockdown, the opening of the themed land has been put on hold until next year.

Tornado Springs is designed in an American style, based on a fictional town in 1950’s Midwest USA. The land boasts more than seven new rides and attractions and will be Paulton Park’s fifth themed land.

Richard Mancey, managing director of Paultons Park, commented on the postponed of the launch of the new land: “The decision to delay the opening of Tornado Springs to 2021 has been very difficult to make, particularly as so many of our guests have been eagerly looking forward to enjoying the new rides and attractions.

“We know how disappointing this postponement will be, to both our guests and our staff. After eighteen months of hard work it is very hard to accept that the attraction will not open this year, particularly when it is so close to completion. However, with no work taking place on site at present and with no clear idea of when the specialist contractors from several European countries will be able to recommence work, we felt that this was our only option.

“Everyone who has been involved in bringing Tornado Springs to life has poured their heart and soul into creating a truly spectacular experience, so rest assured it will be worth the wait,” Mancey added.

SEAWORLD TAKES PROACTIVE MEASURES ON COVID-19 RESPONSE

BY GABRIELLE


SeaWorld Entertainment has announced it is taking a series of proactive measures to ensure the safety of its customers, employees, and animals, in response to the pandemic. The measures include the amending of its existing credit facility, appropriately managing costs and expenditures and ensuring liquidity as SeaWorld parks remain closed.

On April 19, 2020, SeaWorld Entertainment entered an amendment of its existing revolving credit facility. The agreement stipulates that the company will be exempt from complying with the financial maintenance covenants for the second, third and fourth quarters of 2020. SeaWorld will be required to comply with the covenants from the first quarter of 2021 onwards.

Marc Swanson, interim chief executive officer of SeaWorld Entertainment, described what the amendment will bring to the theme park and entertainment company: “The increase in our revolving credit facility that we secured on March 10th, the amendment to our revolving credit facility that we announced today and the expected proceeds from the notes offering that we also announced today, will provide us with significant financial flexibility and liquidity to operate in this unprecedented and highly uncertain environment.”

“I am proud of our team and thankful for their resilience during these uncertain times. We are fully committed to successfully navigating through this current environment, reopening our parks, and welcoming back our guests as soon as it’s safe and permitted. We are confident in our business and strategy and sincerely look forward to coming out of this crisis and continuing to drive improved operating and financial results and long-term value for all stakeholders,” Swanson continued.