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September 25, 2008

Myrtle Beach's Hard Rock Park Bankrupt and Closing After First Season

Myrtle Beach, SC -- After a disappointing first summer, the music has been silenced at the new Hard Rock Park in Myrtle Beach, at least temporarily.

Parent company, Myrtle Beach Holdings, LLC, announced yesterday that they will file for Chapter 11 bankruptcy and the theme park will close for the remainder of the 2008 season effective immediately.

"The downturn in overall consumer spending combined with rising fuel costs have had a significant impact on tourism in Myrtle Beach and other markets, said Chief Executive Officer Steven Goodwin. "Additionally, the frozen credit markets and the unprecedented volatility in the global financial markets has severely limited our ability to line up the planned financial resources needed to execute our summer marketing plan and adequately promote the Park."

Myrtle Beach Holding is hoping this process will give them the opportunity to restructure its balance sheet and reduce its debt to ensure the future health and sustainability of the company.

"I would like to thank our employees, annual pass holders, visitors, vendors, sponsors and all of the other great people that were essential in making our inaugural season happen, added Goodwin. "Visitors to Hard Rock Park overwhelmingly compare their experience to the best that major theme parks have to offer and we look forward to continued success as a first class entertainment destination in the years to come."

Rumors of the parks troubles have been circulating for weeks, but the first signs were apparent when the park announced it was laying off employees more than a month ago. Adding to the problems, one of the park's major roller coasters, Maximum RPM, temporarily closed and due to the ride manufacturer disabling the ride due to delinquent payment.

Guests visiting Hard Rock Park this summer reported finding empty midways and little to no queue lines for major attractions.

The park had projected that it would attract approximately three million guests in its first year. Big name performers were part of the failed plan to fill the theme park.

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