HRP Holdings, the parent company of Hard Rock Park, filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code this week and have closed the park for the remainder of the season.
It is unfortunate that the park has had a tough go-of-it since their opening earlier this year. The capital investment and jobs created for the region were a nice boost to the local economy. We are hopeful the investors can regroup and emerge next year for the 2009 season as a stronger entity.
It is easy to look at the project in hindsight and say "shoulda, coulda, woulda" as to how the park may have blundered in certain areas that led to the current situation. From a poor marketing plan and not embracing the local community to an arrogance exhibited by park management, those are just a few reasons people have shared as their opinion for the park's failure. This would certainly be an interesting case study for a college marketing and business program to evaluate.
Hopefully the leadership can take the next few months to evaluate what went right and what went wrong and prepare for a successful re-launch in 2009. A successful Hard Rock Park is good for the region and we wish them much luck in their efforts to emerge as a better operation in the coming year.