The last few months have presented new obstacles for SeaWorld Orlando due to the COVID-19 pandemic. For instance, the Orlando theme park has received multiple lien filings over the past few weeks. It’s led people to question the future of SeaWorld, which is why some experts claim bankruptcy could be a potential issue.
First, research based on public records established that SeaWorld had enough liquid assets on hand to sustain a closure through the end of 2021. Regardless of their cash reserves, the company seems to be slow in response to paying many bills. Missed payments are now reported on every single significant project currently in the works. Construction liens are fairly typical to see in the industry, but most are settled within a matter of weeks. What is unprecedented is the sheer volume of claims now mounting against SeaWorld.
Joe Kleiman, the news editor at themed-entertainment-industry publication InPark Magazine, shared his professional opinion.
“Over the past four months, I’ve been exchanging research with a number of journalists, bloggers, and financial analysts,” says Kleiman. “Trying to decipher the company’s current situation as it dealt with the shutdown of its theme parks, furlough of its staff, animals that can’t be neglected, and the sudden departure of a newly hired CEO.”
Kleiman also thinks SeaWorld could be facing bankruptcy in the future based upon the actions of Scott Ross, chairman of the board and founder partner at Hill Path. Scott Ross is SeaWorld’s largest shareholder, and Hill Path has two primary investments, SeaWorld and arcade chain Dave & Busters. Unfortunately, the pandemic has been devastating to both investments.
The last two SeaWorld CEO’s under Hill Path were vocal about their disagreements with the board. With so much discontent and new financial challenges, some wonder if Hill Path will give up on their SeaWorld investment. The expectation of a slow recovery period could potentially lead Hill Path to one day dismantle their investment via bankruptcy so they could attract multiple investors to take over the theme park company.
Source: Orlando Weekly
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