Rock n' Roll may never die, but Hard Rock Park just might
Filed under: Debt, Entrepreneurship, Travel, Fraud, Investing
The re-opening of Myrtle Beach's spectacularly failed $400 million Hard Rock Park is in danger.
The bankrupt amusement park found a buyer this winter, which got it for a song: $25 million. Maybe that price was too good to be true. Now that the sale has mostly gone through and the attraction looked like it stood a chance of resuscitation, the park's former CEO, Steven Goodwin, has filed papers demanding a $500,000 royalty fee every year, plus 1.5% of revenues, for the use of the Hard Rock name. He says the Hard Rock name and design is his intellectual property.
The new owners bought a dud of a theme park, but they aren't buying this. They said their contract gave them the place "free and clear of encumbrances." Some observers are saying Goodwin created his royalty-demanding company in secret just so he could pull this. The legal system must act swiftly if the park is going to staff up and be ready for its Memorial Day re-opening.
More than 750 people applied for jobs there on a single day in March.
Several of the licenses for existing attractions are already in jeopardy. The park contains some pretty unusual, almost risible, rock and roll tie-ins, such as a roller coaster with Led Zeppelin's "Whole Lotta Love" piped into the seats, Eagles' "Life in the Fast Lane" blasted at another, and an indoor ride themed to the Moody Blues' trippy "Nights in White Satin." Pending re-negotiation, those aren't described on the Hard Rock Park website.
I know everyone needs money right now, but Goodwin's timing is diabolical. This isn't the moment to be putting any more pressure on America's amusement parks. They're already faltering, with Six Flags on unsteadier footing than its creepy old mascot, and Disney laying off hundreds as we speak. Hard Rock Park was a flop that lasted one season, so the idea that it could be a cash cow this year, in its second and possibly last chance, is pretty ridiculous. The rebirth of the park could potentially redeem the Hard Rock name after last year's disastrous failure. If these demands scupper the resuscitation, the company will live in theme park infamy as a catastrophic Chapter 11 loser.
How's that for intellectual property, Goodwin? Perhaps the reputation of the Hard Rock name is worth that $500,000.
The bankrupt amusement park found a buyer this winter, which got it for a song: $25 million. Maybe that price was too good to be true. Now that the sale has mostly gone through and the attraction looked like it stood a chance of resuscitation, the park's former CEO, Steven Goodwin, has filed papers demanding a $500,000 royalty fee every year, plus 1.5% of revenues, for the use of the Hard Rock name. He says the Hard Rock name and design is his intellectual property.
The new owners bought a dud of a theme park, but they aren't buying this. They said their contract gave them the place "free and clear of encumbrances." Some observers are saying Goodwin created his royalty-demanding company in secret just so he could pull this. The legal system must act swiftly if the park is going to staff up and be ready for its Memorial Day re-opening.
More than 750 people applied for jobs there on a single day in March.
Several of the licenses for existing attractions are already in jeopardy. The park contains some pretty unusual, almost risible, rock and roll tie-ins, such as a roller coaster with Led Zeppelin's "Whole Lotta Love" piped into the seats, Eagles' "Life in the Fast Lane" blasted at another, and an indoor ride themed to the Moody Blues' trippy "Nights in White Satin." Pending re-negotiation, those aren't described on the Hard Rock Park website.
I know everyone needs money right now, but Goodwin's timing is diabolical. This isn't the moment to be putting any more pressure on America's amusement parks. They're already faltering, with Six Flags on unsteadier footing than its creepy old mascot, and Disney laying off hundreds as we speak. Hard Rock Park was a flop that lasted one season, so the idea that it could be a cash cow this year, in its second and possibly last chance, is pretty ridiculous. The rebirth of the park could potentially redeem the Hard Rock name after last year's disastrous failure. If these demands scupper the resuscitation, the company will live in theme park infamy as a catastrophic Chapter 11 loser.
How's that for intellectual property, Goodwin? Perhaps the reputation of the Hard Rock name is worth that $500,000.
Reader Comments (Page 1 of 5)
3-30-2009 @ 2:10PM
robert said...
tell steve goodwin to back under his rock he came from he lost out in bankrupcy let the future prevale
Reply
3-30-2009 @ 2:16PM
peoples said...
I guess GOODWIN isnt a friend of myrtle Beach after all. And he was going to do so much for M.B. and it's people. What a spoiled sport.
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3-30-2009 @ 2:18PM
Tammy said...
If I were the new owner and he pulled this stunt I would simply tell him to remove his sign from my property immediately and open it with a new name. Take your lawsuit and ....... :-)
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3-30-2009 @ 3:07PM
cammie said...
We went to Hard Rock Park last summer. What a colossal disappointment. It cost a fortune to get in and after you ride the few roller coasters they have, you're done. $200 (for the 4 of us) and an hour later, we walked out of the park.
Reply
3-30-2009 @ 2:45PM
RONNIE said...
JUST CHANGE THE NAME TO ROCK-HARD BISTRO...END OF STORY....AND HIS NAME FROM GOODWIN ,TO BADLOST ,,IT JUST SEEMS BEFITTING... THANK YOU ,AND HAVE A GREAT DAY........
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3-31-2009 @ 5:19AM
JJOEKIKER7 said...
GREAT IDEA RONNIE BUT BADLOSS INSTEAD OF BADLOST SOUNDS BETTER....NOW I AM GOING TO SUE YOU IF YOU USE MY NEW NAME SORRY RONNIE
3-30-2009 @ 2:49PM
Rose Bude said...
When someone files for bankrupt they are letting go of the name, the property, and the rights to receive income. So if Goodwin thinks he can go after money because of his idea then his former creditors should be able to come after him for breach of trust, nonpayment, etc. and interest for his inflated ego.
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3-30-2009 @ 2:50PM
jen said...
In this economy? You were lucky to unload it in the first place. Here is what your greed will get you...0! Greedy pig!
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3-30-2009 @ 3:08PM
Kevin K said...
Change the name to something like Rockcoster Park and really give it to Goodwin, I agree with all of the rest of the comments, Goodwin's creditors should go after him for the rest.
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3-30-2009 @ 3:09PM
KC said...
Goodwin should get a bloody nose, black eye and fat lip.
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3-31-2009 @ 10:07AM
Joyce said...
I'm a Myrtle Beach resident. Steve Goodwin let us all down by doing such a poor job of promoting Hard Rock Park in the first place. Even an amateur could see that his marketing plan wouldn't cut it. We weren't surprised when the park went belly up.
Shame on Goodwin for squandering $400 million, then demanding more.
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3-30-2009 @ 3:24PM
Mike Hall said...
Since Myrtle beach is one of our favorite places to visit , we live about 2 hours away. I knew this park was deemed to fail, they charged a family of four 200.00 to get in the doors, and most of the park is not rides, but shopping and places to spend money buying tourist junk, not being entertained. I feel sorry for so many children in this country today who will never have a chance to have a vacation, because of greed, parks like disney have made it a playground for the rich,the average man and woman who work to make ends meet cannot afford to take two weeks pay checks just to take their children to a theme park, those are the ones i feel sorry for most of all.nope that park at myrtle will never get a dime of my money, you are not suppose to have to pay someone to allow you to go in any place just to spend money, shopping.
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3-30-2009 @ 3:31PM
Joshua said...
RIGHT ON!
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3-30-2009 @ 3:42PM
Stiffany said...
Call it the ROCK HARDER PARK. Find any legal way possible to 'dis' the former owner. It won't be hard...Goodwin is obviously an idiot.
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3-30-2009 @ 3:35PM
Jeff Burgess said...
Why not change the name to Rock Hard Park.
Then the sponser could be Viagra.
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3-30-2009 @ 3:47PM
Duuude said...
BS!!! Hard Rock Cafe is from the Doors' Morrison Hotel. Steven Goodwin is the thief!!!
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3-30-2009 @ 3:49PM
Bob said...
Everybody all ready said it. He is a creep. When he gets beat incourt the judge should make he pay all legal and court fees. Both sides.
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3-30-2009 @ 4:03PM
Roanoker said...
Goodwin should be in Omama Cabinet.
Reply
3-30-2009 @ 4:16PM
Josh said...
Mike Hall,
I'd like to see you build a $400M theme park and employ people to run it, and all the other associated operating costs.. and then not charge admission. Oh, I even forgot the necessary insurance needed to protect themselves against bogus lawsuits from said people that would complain about having to pay admission to such places. I think you listened to "this land is your land" one too many times. I'd change the name too, considering the first name was a failure. Rock Land?
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3-30-2009 @ 4:28PM
jan said...
I see it as a favor to families that these theme parks are making it difficult for people to go.
I am not sure why so many parents lack the vision to devise a vacation that encompasses specific entertainment based on the interests of their children.
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