Hard Rock Park – ready to begin construction

The world’s first Hard Rock theme park is ready to begin construction after financing for the $400 million project was clinched this week, investors announced today. The park plans to open at Fantasy Harbour in April 2008.

The proposed Hard Rock Park, in the works since 2003, hit the bond market two weeks ago with $255 million worth of bonds to sell under a speculative, but stable, rating from Moody’s Investors Service. HRP Myrtle Beach Operations LLC, the theme park developers, had about 17 percent of the initial capital costs, about $62 million, before selling the bonds. That includes the land, which is worth about $25 million.

The Hard Rock Park will have more than 40 themed rides, shows and attractions. Developers say the park will be set up in six zones “celebrating rock’s culture, lifestyle, legends and irreverence.

Source; Staff writers, The Sun News, Myrtle Beach, SC