Experts: Closed theme park likely won’t sell for much

? With $24 million in debt and an outdated theme, bankrupt Wild West World still could be sold, experts say, but only at a bargain price.

“You’re not going to have anyone come in and pay the court $30 million,” Gary Slade, publisher of the industry trade publication Amusement Today, said of the $30 million Western-themed park that closed Monday and filed for Chapter 11 bankruptcy protection, citing poor weather and low attendance. “It will have to be at a greatly reduced rate to get that property up and running.”

Ron Cornejo, who recently sold his All-Star Adventures and All-Star Sports locations, agreed.

“It’s hard to envision anyone paying anything close to what’s in that park,” he said.

Slade said several national chains might be willing to look at the park, including Parc Management in Florida, owners of Oklahoma City’s Frontier City and Whitewater Bay; California-based Amusement Aquatic Group; and Palace Entertainment, owners of the Boomers parks in Florida, Texas, Georgia, New York and California.

Cedar Fair Entertainment, the Sandusky, Ohio, company that owns Kansas City, Mo.’s Worlds of Fun, isn’t interested in Wichita after buying the Paramount Parks chain last year, according to Cedar Fair spokeswoman Stacy Frole.

Slade said one deterrent to any potential buyer is expensive bills for the rides.

“Those rides can be yanked out tomorrow,” he said. “And you don’t own those rides. If you come in, you’re going to have to continue to make payments on them. That’s one reason why the actual value of the park is going to be lowered.”