Contrary to popular belief from a few months ago, local amusement park Magic Mountain isn't shutting its doors. The Daily News writes:
With attendance at the thrill park down 25 percent since the potential sale was announced in June, company CEO Mark Shapiro made it a point Tuesday during a conference call with investors to emphasize that the park will not be paved over.
"We had inquiries and bids for parties to come in and close down Magic Mountain and operate it as a real estate venture," Shapiro said in an interview after the conference call.
"But we are dismissing those and solidly staying on a track that has this park open for 2007 and beyond," he said.
Six Flags Inc. looked to sell Magic Mountain and adjacent Hurricane Harbor, and seven other theme parks across the country, to reduce some $2 billion in debt.
The New York-based corporation had hoped to sell all the theme parks together as a package. But Shapiro told investors that approach could change, with Six Flags keeping some parks and selling others.
The company dismissed bids for Magic Mountain because it's worth more as a theme park than what was offered to redevelop it, Shapiro said.
Earlier this summer, word circulated that Six Flags was looking to dump Magic Mountain -- figuring that the land beneath it was more valuable for real estate developers, Turns out, no quite.
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