Hard Rock Park bankruptcy auction looms*
Published: December 14, 2008 at 11:19 PM
On Monday, Hard Rock Park will go on the block, as the bankrupt Myrtle Beach, South Carolina theme park is auctioned off. There's a great story on the Myrtle Beach newspaper's website detailing just how the park failed. Ultimately, it was not gas prices, and it certainly wasn't a bad in-park experience.
No, ultimately, arrogance did in the Hard Rock Park, long before the park even opened. Park managers' refusal to advertise, to work with local hotels on promotion, to package and price the park aggressively -- all these failures to work with others left the park empty and its balance sheet a mess.
This is not news to Theme Park Insider readers, who had insight into HRP's arrogance years ago. But it enlightening to see such thorough documentation of the many mistakes that Hard Rock Park made on its way to bankruptcy.
As usual, businesses enter bankruptcy most often not because of adverse market conditions, but because their managers did not anticipate and plan for those adverse conditions.