Latest News 2008 September Hard Rock Park Files for Chapter 11 Bankruptcy

Hard Rock Park Files for Chapter 11 Bankruptcy

Recently on - Hard Rock Park is officially filing for bankruptcy after a year of being in business and after losing a ton of money.

Hard Rock Park, an amusement park in Myrtle Beach, is a 55 acre property that cost $400 million to build.  The owner of Hard Rock Park claims that annual earnings fell far below the projected amount, which is why he must file for Chapter 11 bankruptcy

The park included many rock n' roll themed attractions, such as a Led Zeppelin themed roller coaster and was expected to draw in nearly 30,000 visitors a day.  However, when the park opened in April, promotion was weak.  Due to the lack of fund for promotion, the Park was barely advertised, and the total number of visitors was very low.  This is why the Park's owners cut operating hours back in August.

At this point, a bankruptcy judge will have to decide what will happen next and decide upon what courses of action to take.  The Park was the largest tourist attraction investment South Carolina has ever made.

''We're naturally disappointed, as we were hopeful Hard Rock Park would establish itself as an anchor attraction for the Grand Strand, and clearly that has not happened,'' said Brad Dean, president of the Myrtle Beach Area Chamber of Commerce. ``Clearly in the future, we would encourage them to revisit the pricing strategy and consider more out-of-market advertising.''

If you need assistance with filing for Chapter 11 bankruptcy in South Carolina, click here to find a bankruptcy lawyer in your area!