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HERSCHEND ENTERS THE RANKS OF THE TOP SIX USA OPERATORS

It was only a matter of time before Herschend, the prominent family-owned entertainment company, owners of Silver Dollar City and Dollywood, stepped up their game to nationally expand their existing portfolio of a variety of leisure properties. Yesterday, they announced a definitive agreement to acquire all of Palace Entertainment's U.S. properties from Parques Reunidos, a Madrid, Spain based leisure operator. This strategic move significantly expands Herschend's footprint in the U.S. theme park industry, adding over 20 venues across 10 states to its existing portfolio. Having been responsible for arranging almost all of the purchases of many of these Palace properties when Parques Reunidos was expanding their European footprint into the USA, I am quite familiar with the high quality of these parks. Best said, this is an interesting deal!

In my opinion, this acquisition positions Herschend as a far more formidable player in the U.S. theme park landscape, particularly in the context of recent industry consolidations. As we all remember In July 2024, Six Flags Entertainment Corporation and Cedar Fair completed a merger, creating the largest amusement park operator in North America, with a combined portfolio of 42 properties. This was the largest merger in our industry’s history.

Source:  Herschend

Yesterday’s announcement is another milestone in our industry’s evolution which will make Herschend, a privately owned company, and the current operator of 21 facilities across the nation, the second largest regional park operator. The blending of Herschend and Palace Entertainment's assets introduces a significantly ramped-up contender to the newly expanded theme park market, particularly the Six Flags / Cedar Fair merged parks, as well as the other family-owned parks still operating as one-offs.

Herschend has long held a reputation for highly themed, family-friendly environments producing immersive storytelling. This applies to both park theming and their entertainment attraction offerings, particularly at their two flagship parks. Now combining with Palace Entertainment's diverse markets and attractions, this could very well lead to innovative offerings that suggest definite differentiation from competitors both small and large. While not immediately, this merger may prompt other operators to reevaluate their strategies, potentially spurring liquidations, and possible consolidations or partnerships within the industry. There are definitely organizations, both public and private, studying the M&A landscape.

Andrew Wexler, appointed in 2015 as CEO of Herschend, has performed admirably in this role, and will oversee the combined properties. Under his leadership, the company has pursued strategic growth initiatives, and this acquisition aligns with the Herschend vision of expanding their presence in the family entertainment sector. The integration of Palace Entertainment's venues will increase Herschend's total number of properties to over 40+ across the United States.

Integrating diverse properties such as Palace and Herschend presents both challenges and opportunities for the expanded organization. Herschend will need to harmonize different corporate cultures, operational practices, and explore blending existing brand identities to ensure a continued cohesive guest experience. Like the Six Flags / Cedar Fairmerger, this unification also offers opportunities for cross-promotional activities, shared resources, operational savings, and the development of new I/P attractions that can leverage the union of both organizations.

Since the recent Six Flags / Cedar Fair merger, the competitive landscape has shifted significantly. Herschend's expansion could lead to increased industry competition, potentially benefiting our guests through heightened attractions, services, and, above all, future pricing strategies.

The Herschend acquisition of Palace Entertainment's properties marks another significant shift in the evolution and consolidation of theme park industry. In my opinion, this now moves Herschend into the top six operators in the USA, positioning the company as the latest, substantial competitor within the regional leisure operators. With Chris Herschend, Chair, and Andrew Wexler CEO, Herschend is poised to integrate these diverse venues into its portfolio and spread their wings in a much greater leisure universe than ever known in their first 75 years. Best of luck Herschend!

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