The news that Bonfante Gardens, the horticulture theme park on
Hecker Pass Highway, is no longer losing money is nothing short of
stunning.
Although the nonprofit theme park and its marketing partner,
Paramount Parks, have not released specific figures, members of the
of amusement park’s board of directors confirmed that Bonfante
Gardens is going to turn a profit after two years of nearly
drowning in a sea of debt.
The news that Bonfante Gardens, the horticulture theme park on Hecker Pass Highway, is no longer losing money is nothing short of stunning.
Although the nonprofit theme park and its marketing partner, Paramount Parks, have not released specific figures, members of the of amusement park’s board of directors confirmed that Bonfante Gardens is going to turn a profit after two years of nearly drowning in a sea of debt.
“Having been in business and seeing many turnarounds in my time, I think it’s definitely fair to say this is a turnaround,” said Bob Kraemer, chairman of the park’s board of directors. “There’s no doubt that having Paramount take over daily operations has made the significant difference we’d expected.”
For that we congratulate the park’s board of directors, and Paramount Parks. After all, they are in uncharted waters here: there are precious few examples of how best to run a not-for-profit amusement park in partnership with a for-profit marketing company. And when you throw in the complication that Bonfante Gardens is based on a rather untraditional theme – horticulture – it’s a safe bet no one’s ever come this way before.
They’ve done an admirable job, and we’re excited at the prospect that Bonfante Gardens will draw even more visitors and make even more money.
Because, despite the fact the theme park is now making rather than losing money, it still has a long road ahead.
“We’re at a point in time where things are looking good operationally. We’re in the black instead of in the red,” Board member Al Pinheiro said. “However, that does not take away from the debt service of the park we inherited from day one.”
That debt, which includes $8.5 million owed to electronics retailing mogul and Bonfante Gardens investor John Fry, $28 million in bonds, property taxes, and other undisclosed direct loans and bonds.
So, while Bonfante Gardens is no longer drowning, it is at least treading water now.
We’re fortunate a dedicated group of people are willing to serve on the theme park’s board of directors and guide the treasure off Hecker Pass into a calm sea of profitability. Their hard work can pay off not only for those who invested financially in the theme park, but for the region. The park, properly marketed and profitable, can be an attraction for visitors to spend time and money in South Valley. Those tax dollars will fund important services including police and fire protection and recreation programs, and will spill over into supporting other businesses. A successful Bonfante Gardens creates jobs at the theme park itself and at restaurants, hotels and stores.
We’re rooting for a complete turnaround that includes the ability to pay the theme park’s debt. Given the dramatic results of the first year of the partnership with Paramount Parks, we’re encouraged that can happen.
