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News: Bonfante Gardens turns first profit

Posted at 1:38 AM EDT (0538 GMT)

Sep. 25th, 2004 -- In 2003, Bonfante Gardens made a profit of $119,000 dollars, its first profit since the park opened. The news probably saved Bonfante Gardens from being sold. However, recently disclosed information shows that the park's financial situation is improving, but it still has a ways to go.

The park's economic state is far better then it used to be; the park lost a total of $23 million its first two operating years. Although the park made $1.17 million less in admission sales last year then in 2002, in-park sales were up by $1.12 million. The park is in debt $70 million, but a debt-restructuring plan was recently put into effect, with the hopes that it will lower debt to around $14 million.

Bob Kraemer, president of the Bonfante Garden's Board of Directors, accredits the financial improvements to Paramount Parks, which signed a management contract with Bonfante Gardens in February of 2003.

See The Hollister Free Lance for more on this story.

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