Palace Entertainment of Newport Beach has completed the sale of a water park and 14 family entertainment centers, including go-kart racing tracks, to another California company.
No financial details of the sale to Apex Parks Group of Aliso Viejo were released.
The sale is intended to move Palace Entertainment away from running family entertainment centers that charge visitors to play miniature golf, drive go-karts and play arcade games and instead focus on gated attractions, such as water parks.
Under the sale, Palace Entertainment will sell 10 Boomers centers, two Malibu Grand Prix facilities, two Speed Zone racetracks and Big Kahuna’s Water Park in Florida to Apex.
The move still leaves Palace Entertainment with 23 parks in 10 states, including nine water parks such as Raging Waters in San Dimas.
“It is Palace’s plan to focus on gated parks in key markets,” said Fernando Eiroa, Palace Entertainment’s president and chief executive. “With the sale of these parks, we look to strengthen our geographical diversity and grow through the acquisition of more gated attractions in the future.”
To read more about travel, tourism and the airline industry, follow me on Twitter at @hugomartin.