Fair Board Approves Lease to Reopen Kentucky Kingdom Property

The Kentucky State Fair Board has unanimously approved a new lease for the owners of Indiana’s Holiday World to acquire the former Kentucky Kingdom property.

Bluegrass Boardwalk is a Koch family company recently formed to pursue the Kentucky Kingdom park.

Dan Koch addressed the board today, saying Bluegrass Boardwalk will be the new name of the amusement park the family expects to open in May 2013. He says the new park will bring 25 full time and 800 seasonal jobs.

Koch says Bluegrass Boardwalk is working on securing business incentives through the state and up to $20 million in private investments.

The 50 year lease includes a base rent of $400,000, which will increase until 2016 and will then have a $1 million base rent thereafter. The lease also includes funding streams back to the board.

Koch says the new park will apply the same family-values business model to Bluegrass Boardwalk as his family does to its other facilities. That includes free drinks and sunscreen provided to guests.