Cedar Fair announced finalized the sale of nearly 87 acres of land near Canada’s Wonderland in Vaughan, Ontario. The company said they have received $50 million for the land, which will help lower their debt.
Since buying out CBS for the Paramount Parks in 2006, they acquired a $1.24 billion debt. Because of the economy, they have been unable to pay back the debt. The company now has Worlds of Fun and ValleyFair! up for sale to reduce their debt even further.
The organization, The Vaughan Health Care Campus of Care, bought the land intends on building a hospital as well as other health care facilities on the site.
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Tags: Canada's Wonderland, CBS, Cedar Fair, Hospital, Paramount Parks, ValleyFair!, Worlds of Fun
New Hospitals are the new in thing right? Better that than a new housing development, right?
I'm pretty sure I know the exact land that was for sale. It's directly across the street from the park, with a gas station in one corner, bordered on one side by Major Mackenzie Rd, Jane St on the other, and the employee entrance road on the other two. There's been giant "For Sale" signs there for weeks.
There goes any hopes we had of an on-site hotel.
In Cedar Fair's case the hotel probably would have to built by someone else given they want probably first priority just the money from the land transaction. It's too bad the land is not subdivided.
I remember reading an interview before where Kinzel stated that they were considering a hotel for Canada's Wonderland because of how much it surprised them. Even though I'm not sure how it surprised him; he should've known the park usually beats out CP for attendance.