Volume 1, No. 17. September 21, 2001
Return visit
Bonfante Gardens and Theme Park
in Gilroy, California,
which opened June 15 (LOOP, June 29, 2001),
closed this week because of a cash shortage. The park originally had planned
to continue through the year on a weekend-only schedule but had to close because
owners had not been able to complete the financing package for the park, according
to published reports. President and founder Michael Bonfante had invested $70
million of his own money in the 28-acre park, part of a total of $100 million
raised. However, $32 million in bond financing fell through in January and the
park was not able to make up for that shortfall, according to an article in
the Santa Cruz Sentinel. Most of the 150 full-time and 500 seasonal employees
have been laid off.
The horticulture-themed park received more than 280,000 visitors in the truncated
summer season, and season pass sales were ahead of expectations, officials said.
But cash shortage and the softening economy doomed continuing into winter. "Instead,
we have elected to conserve capital (and) concentrate on our future funding
requirements and the completion of additional attractions in anticipation of
enjoying a full season next year," Michael Bonfante said in a statement. The
park is scheduled to reopen in the spring of 2002.