Saturday, Dec. 06, 2008

Hard Rock Park has bidders looking

Prospective bidders have been touring the silent grounds of Hard Rock Park and meeting with local politicians to hear about potential government incentives, several officials said.

Representatives from at least two companies or groups of investors have toured the park, including one on Thursday out of Texas, Myrtle Beach Mayor John Rhodes said.

The park is set to go on the auction block Dec. 15 for a minimum price of $35 million, and starting bids are due Friday. The park, which licensed the Hard Rock brand name from the international restaurant, casino and hotel company, opened in April but closed and filed for Chapter 11 in September after a disappointing season.

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Liz Gilland, chairwoman of the Horry County Council, said she had met with "a few folks" about the park.

"Whether people realize it or not, it is a real black eye on the community because it makes other people in the park business think that we are not a viable location for such a venture," she said. "It's real important to get it back up and going again with the right folks."

Investors have been contacting the Myrtle Beach Regional Economic Development Corp., which is charged with helping attract companies and jobs to the area.

"We've provided information to a few groups that are considering putting in a bid," said Hugh Owens, executive director. "The groups that we've assisted have been groups that are experienced in developing and managing theme parks."

Potential bidders have wanted to see the beach, the hotels, the shopping areas and housing, he said.

Also, they have been asking for information about the area's work force, and potential government help, such as training programs, tax incentives and special tax districts.

For example, the county could create a zone that includes the park that would require half of the money the county receives in admissions tax - a tax on tickets - be put back into surrounding roads and utilities, Gilland said.

Though the park is not within Myrtle Beach's city limits, City Manager Tom Leath has met with potential investors at least twice, including once at the office of law firm Nexsen Pruet on Nov. 24, city spokesman Mark Kruea said.

"From the potential bidders' perspective it would be helpful to know what resources were nearby that you could call upon," he said.

The question remains - will the visitors actually bid?

"My assessment of it is that they wouldn't be here if they weren't seriously considering it," Owens said.

Plus, there could be bidders out there who don't need to see the product.

"From what's on the ground there, the bid is pretty low and somebody, I guess, could bid on it, and take it apart, and sell the parts for scrap and use the land for future real estate," Gilland said.