The Kentucky Kingdom amusement park in Louisville will not re-open until at least 2012.
The park closed this year as owner Six Flags went through bankruptcy. Former owner Ed Hart then planned to renovate and re-open Kentucky Kingdom next spring.
Hart’s plan for the park requires fifty million dollars in investment, and it now appears that the money can only come from a government bond. That bond must be approved by the General Assembly, which will not convene until January.
The bond would draw about three million dollars in interest annually. Hart said previously such debt could be paid for with profits generated by Kentucky Kingdom once it re-opens with new attractions and a larger waterpark.
Fair Board President Harold Workman did not return a call seeking comment. In a press release, he says Hart will have until the end of March to negotiate a new lease on the Kentucky Kingdom property, much of which is owned by the state.