The Parque de la Costa has a new owner. The show businessman Marcelo Figoli reached an agreement with the Sociedad Comercial del Plata group to keep the complex, which has been closed for almost a year.
The operation was channeled through the firm Fénix Entertainment Group and includes the transfer of the assets of the Park (property, games and other facilities such as the Niní Marshall theater and the Aquafan water park) and the debts that drags the amusement park. According to sources close to the operation, the liabilities would be around $ 1000 million. The intention of the new owners is to reopen the park in the coming weeks, in order to take advantage of the last stretch of the summer vacation season.
“The acquisition is one more step in our commitment to continue investing in Argentina, providing it with more and better entertainment and show options. Parque de la Costa is an icon for all Argentines, for national and international tourism, that is why we assume the challenge to put it in value so that it recovers its splendor and becomes once again the meeting point of thousands of families, not only in the province of Buenos Aires “, highlighted Figoli,
Figoli is one of the most active investors in the media and entertainment industry. He is president of Fénix Entertainment Group and of Alpha Media, which controls a pool of radios, among which are, for example, Rock & Pop, Blue, Colonia and Rivadavia, and the Noticias Argentinas agency). With his production company, in recent years he has become one of the main organizers of recitals and sporting events, including Roger Federer’s last exhibition against Juan Martín del Potro, which took place in November 2019 at Parque Roca.
The company led by Figoli also in 2012 was part of the investment group that acquired 50% of the share package of La Rural SA. And since 2015 it also participates in the Punta del Este Convention Center. Figoli is also in charge of the transformation of Ecoparque BA (former Buenos Aires Zoo)
Hit business
The Parque de la Costa was born in May 1997 as part of a mega project to develop the Tigre, which included the start-up of the Tren de la Costa and which was promoted by Sociedad Comercial del Plata, of the Soldati family. Shortly after opening its doors, problems began, especially on the Tren de la Costa side and in 1999 Comercial del Plata defaulted on the payment of a first bond.
As of this first crisis, the group began a divestment process that included the nationalization of the Train in 2013 by the Cristina Kirchner government.
Until now, the park was in the hands of Comercial del Plata, the company chaired by Ignacio Noel and which has more than 9,000 shareholders, which makes it the most widespread (and to some extent popular) company in a capital market like the Argentine, which has always been characterized by scare away small investors.
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