Imminent permanent closure of Wet'N'Wild

[dynamite100]

Sorry if this topic has been covered before, but I read this morning in a British magazine that Wet'N'Wild on I-Drive is set to close in 2007 because of rising rent charges. Does anyone have any more information on this story, like whether it is true or not for starters?
Cheers, Carl.

 

[stemikger]

I haven't heard anything about this, but from what I here about Wet N' Wild it is one of the most popular water parks in the country. I would have a hard time believing that they couldn't cover the rent.

In fact they were just featured on the Travel Channel as one of the best water parks in the country.

 

[twalton]

Pretty sure they're completely incorrect...WetNWild is doing quite well. I would have a very difficult time believing that they were in any kind of trouble financially...much less closing!

 

[kellymonaghan]

Wet 'n Wild is owned by Universal orlando. It doesn't pay rent.

 

[Lewisc]

Wet 'n Wild is owned by Universal orlando. It doesn't pay rent.

Kelly--Read something often enough and I'm sure it's true even if it's not BUT

I've read several places that although Universal owns Wet n Wild they are renting the land it's on. The rent is scheduled to escalate over the next few years. It's been speculated Universal will move the park to land they own near the existing parks. I've read this in enough places to think it's true but it could be multiple websites taking a screamscape story as gospel. Remember Wet n Wild was there for years before Universal bought the park.

 

[dynamite100]

Wet 'n Wild is owned by Universal orlando. It doesn't pay rent.

Hi Kelly.
I understand that Wet'N'Wild in Orlando is owned by Universal, but that would not necessarily mean that they don't pay ground rent to whoever owns the land which the park is built upon, does it? Not sure how that sort of thing works over there. I gave credence to the story for two reasons. Firstly, the magazine in which I read it is a specialist roller coaster and theme park magazine, published for enthusiasts here in the UK. Secondly, the Las Vegas Wet'N'Wild has just permanently closed. Again, I believe this was due to exorbitant land rent charges on the Strip, and the desire to use the land for a new resort-casino (although word is that Wet'N'Wild may open a new park away from the Strip in future).
Hopefully you guys who are closer to the action than me can shed some more light on this topic for me. Would hate to see the Orlando park close. Some of the thrill slides are top notch.

Cheers, Carl.

PS Have read your book, Kelly, and thought it was excellent. Cheers.

 

[Jason71]

There was a series of articles on I-Drive in the Orlando Sentinel a few weeks back that also touched on this.

As I recall, Universal rents the land Wet n Wild sits on, per the originial contract from the 70s, the rent is already going up, and within a few years the contract will expire or at least the lease rate will be uncapped. The orignial builder of Wet n Wild was quoted as saying he fully expects Universal to move all the slides etc. somewhere onto Universal property in "20xx" (I seem to recall it as 2010, but it may have been 2007). And, yes, he seemed to be serious.

My own two cents: Not sure why Universal is spending tons of money on their new Disco H20 ride (including a fortune on advertising) if it will be gone in two years. And wouldn't it be cheaper to just keep the name and build a new park from scratch? That said, the landowner probably believes he can make more from a year-round luxury hotel than he'll be able to get out of Universal. Stay tuned...

 

[dynamite100]

Bump.

 

[Motherfletcher]

Real estate is going nuts here! In Hillsborough some properties went up 46% in the first quarter. Naples is now leading the state in median home prices and has jumped to the 5th in the nation at $475,700. I can see where the property can become too valuable to sit on.

 

[dynamite100]

bump.

 

[dynamite100]

bump.