Sungold Entertainment Corp. - Feasibility Analysis Reveals Estimates and Projections to
Support a $148 Million USD
Multiplex at Toledo Beach, Michigan
April 11, 2000
Trading Symbol: SGGNF - BB
12g 3-2 (b): 82-2157
Vancouver, British Columbia [Business Wire] - April 11, 2000. Sungold Entertainment Corp. (OTC Bulletin Board: SGGNF
News) announced today that the Toledo Beach Feasibility analysis prepared by International Theme Park Services (ITPS) Inc.,
has been completed. A 163-page report proposes a family-oriented people place complemented by lakefront views, direct access
from major interstate 75 and the 1200-slip Toledo Beach marina. The proposed plan describes a unique entertainment multiplex
divided into six distinct pavilions.
Development Concept
Projected to cost $148 million USD the primary components of the Toledo Beach Multi-Use Development recommended by
ITPS in the analysis are:
1. Urban Entertainment Center. ITPS recommended that the facility include themed restaurants, multiple cinemas, specialty retail,
bowling alleys, stage venues for entertainment, interactive museums, Kids Quest/Day-Care Center, fast food outlets, sports bars,
and other related entertainment opportunities and attractions (such as nightly fireworks or a waterscreen show).
2. Modified and Innovative Commercial Aquarium. An aquarium would offer guests an exciting and close-up look at marine life,
including those that are indigenous to the areas and those that are found in places all over the world. The aquarium should be both
entertaining and educational in nature, and should incorporate a variety of virtual and immersive experiences.
3. High-Tech Indoor Theme Park. This indoor facility would feature cutting-edge immersive technology, such as virtual reality,
simulators, attractions and games.
4. Wet/Dry Park. This wet/dry park would offer a combination of water-related attractions and traditional amusement park rides,
such as a major Ferris Wheel. The overall goal of this component would be to recreate to some extent the nostalgic essence of the
old Toledo Beach Amusement Park, and to combine this theme with the water-related attractions.
5. Snow Dome. This new concept would consist of an indoor sports entertainment complex that would feature skiing and
snowboarding on man-made snow, as well as other related activities.
6. Golf Center. This sports related center would include a new concept known as short-game golf, as well as a driving range and
similar activities.
Market Size
The Toledo / Detroit resident market is projected to be 10 million persons and the Tourism market is approximately 17 million
persons largely due to new attractions such as: MGM Grand, Mandalay Bay, Greek Town and Windsor, Casinos, The Toledo
Zoo and the new Cabela's outdoor mega-complex. Therefore, the total market is 27 million persons.
Projected Attendance
Annual attendance at Toledo Beach is expected to be 6,058,000. This compares to the Irvine Spectrum Center in Irvine, California
which has attendance of 5 million per year in a total market of 24 million people, the Sony Metreon in San Francisco which has
attendance of 6.8 million people per year in a total market area of 22.7 million people and Camp Snoopy at the Mall of America in
Minneapolis, Minnesota which has annual attendance of 2.6 million people from a total market area of 17.7 million people.
Projected Revenues
Revenues for the first year of operations are anticipated to be $115,000,000 USD and 650,000,000 USD for the first five years.
Projected Returns
Cash flow (EBITDA) is projected to be 26.6 million USD in year one.
Return on the investment over five years is expected to be $126 million USD (approx. 85% R.O.I. after expenses and financing
costs).
Development Plan
Sungold is receiving expressions of interest from a number of parties. Operators, potential partners and sponsors are being
considered in cooperation with ITPS.
SUNGOLD ENTERTAINMENT CORP.
Per:
Kim N. Hart, President
TEL: (604) 669-9580
For more information regarding this release or to be updated on future corporate news, please contact Anne Kennedy at (604)
669-9580 or contact Anne by email: akennedy@sungoldent.com |
