Coney operator already profitable, plans to invest $5M more

New York /
Aug.August 22, 2011 05:38 PM
alternate
text
The Steeple Chase ride at Coney Island’s Scream Zone

Central Amusement International, the firm behind the redevelopment of the old Coney Island amusement park, has had two profitable years from the $25 million it spent to build Luna Park and Scream Zone, and plans to spend an additional $5 million to build up the final 60,000-square-foot lot it leased from the city by next summer, Crain’s reported. Central Amusement, a subsidiary of Italian ride manufacturer Zamperla, will also upgrade the Cyclone and much of the retail along the boardwalk, to the dismay of old-timers.

The firm pays $100,000 in rent to the city per year in a lease through 2020, and also relinquishes a percentage of its revenues to the city.

About 450,000 people visited the amusement parks last season yielding sales of $10 million, according to Crain’s, and 400,000 more people had come through the end of July this year, with 10 weeks left in the season, for a total sales projection of $15 million. The parks have also created 400 jobs.

“It has been fabulous; they have exceeded our expectations,” said Nate Bliss, vice president of the city’s Economic Development Corp. and president of the Coney Island Development Corp. “Last year, visits to the beach and businesses broke all sorts of records, and despite the weather we are on pace to surpass that.”

Crain’s attributes Central Amusement’s success to its ability to incorporate the area’s history into the new parks. [Crain’s]


Related Articles

arrow_forward_ios
Illustration of Joseph Sitt (Illustration by The Real Deal; Getty; Thor)
Thor launches $3B “underdog” Brooklyn casino bid
Thor launches $3B “underdog” Brooklyn casino bid
iStar's Jay Sugarman and a zoning map for the planned 282-unit building in Coney Island (Getty, iStar, New York City Department of Finance - Office of the City Register)
iStar plans oceanfront development in Coney Island
iStar plans oceanfront development in Coney Island
John Catsimatidis and 3514 Surf Avenue (Google Maps)
Catsimatidis gets $153M refi on Coney Island apartment towers
Catsimatidis gets $153M refi on Coney Island apartment towers
Andrew Kimball, president, NYC Economic Development Corporation (Getty Images, Google Maps)
City calls for offshore wind facility dev on Staten Island
City calls for offshore wind facility dev on Staten Island
BFC Partners managing principal Donald Capoccia and renderings of 1607 Surf Avenue on Coney Island (BFCNYC)
BFC breaks ground on next phase of Coney Island affordable project
BFC breaks ground on next phase of Coney Island affordable project
Radson Development co-founder Jacob Rad and the site of the development (Google Maps, LinkedIn via Rad)
Pair of mixed-use towers to rise at site of Hell’s Kitchen slaughterhouse
Pair of mixed-use towers to rise at site of Hell’s Kitchen slaughterhouse
The Wonder Wheel in Coney Island (Getty)
Coney Island Wonder Wheel reopens
Coney Island Wonder Wheel reopens
John Catsimatidis (Getty)
John Catsimatidis wants to add three more rental towers in Coney Island
John Catsimatidis wants to add three more rental towers in Coney Island
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...