CONNEAUT LAKE, Pa. — A federal bankruptcy court judge has approved the sale of a century-old amusement park in northwestern Pennsylvania.
Pittsburgh-based U.S. Bankruptcy Court Judge Jeffrey Deller on Tuesday morning approved the sale of Conneaut Lake Park to Keldon Holdings LLC for a cash price of $1.2 million.
An auction had been slated, but although more than 10 parties expressed interest, only Keldon submitted a bit for all park assets, said attorney Jeanne Lofgren, representing the park’s board of trustees. The park didn’t open for the 2020 season and because of that lost income wasn’t expected to open for the 2021 season, she said.
The sale includes the amusement park and its rides, including the historic Blue Streak roller coaster, as well as the water park, the beach area, Hotel Conneaut, a campground and active leases on assets.
Conneaut Lake Park, despite some closures during years of financial difficulty, has operated as an amusement park since 1892, when it opened as Exposition Park.
Jim Becker, director of the county Economic Progress Alliance, which manages the park, said the new owner intends to continue to invest and improve the park. He said the scheduling of the sale was intended to allow a new owner time to open for the upcoming summer season.
“Everything that we have been led to believe is that the park is going to operate as-is. He plans to operate it as an ongoing concern,” Becker told the Erie Times-News.
The Associated Press