Cedar Fair Entertainment has entered into an agreement to acquire the land upon which its California’s Great America amusement park is located for approximately $150 million. The Company has leased the land from the City of Santa Clara since the origin of the park in 1976.
Cedar Fair president and CEO Richard A. Zimmerman said, “This is a once in a generation opportunity to solidify our control of 112 acres in the heart of Santa Clara. The transaction underscores our long-term commitment to enhancing and expanding California’s Great America, insuring a high-quality, family-friendly entertainment destination for those who live and work in Northern California.”
The transaction is expected to close in the second quarter of 2019, subject to terms of a purchase and sale agreement with the Successor Agency to the former Redevelopment Agency of the City of Santa Clara, the land’s current owner. The Company intends to finance this transaction through additional long-term borrowings.