courtesy Schlitterbahn Waterparks and Resorts

New owner for Schlitterbahn's New Braunfels, Galveston parks

Deal ends 40 years of family ownership of New Braunfels park

June 13, 2019 - 11:55 am
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NEW BRAUNFELS, Texas (Talk1370.com) -- A Central Texas waterpark famously known as "the hottest, coolest time in Texas" is being sold, officials announced Thursday morning.

Cedar Fair Entertainment Company announced it has reached an agreement to purchase Schlitterbahn Waterpark and Resort in New Braunfels, as well as Schlitterbahn Waterpark Galveston. The deal is worth $261 million, and also includes a cash option to acquire the currently closed Schlitterbahn park in Kansas City.

"We are very excited about the opportunity to bring these two award-winning Texas water parks into the Cedar Fair family," said Richard Zimmerman, Cedar Fair president and CEO. "These properties represent new markets for us with attractive demographics in the growing Central Texas region, and they align with our strategy to identify compelling opportunities to accelerate our growth and profitability."

According to a Cedar Fair press release, the two water parks and the resort entertained 1.2 million guests in 2018 and generated annual revenues of approximately $68 million.

Cedar Fair, headquartered in Sandusky, Ohio, currently operates 11 amusement parks, two outdoor water parks, and one indoor water park across the country and in Canada.

The Kansas City waterpark has struggled since the 2016 death of a 10-year old boy on the park's Verruckt water slide, billed as the then-tallest water slide. The ride was later torn down in 2018.

In a statement, the Henry family said it is time for the company to "enter a new and brighter stage of development and growth." The company's South Padre Island waterpark and resort will remain with the Henry family, and will be re-branded at a later date.

Schlitterbahn first opened its New Braunfels waterpark in 1979; the Galveston park opened in 2006.

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