WEBVTT
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From our studios this week in Los Angeles and Tampa.
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This is green Tag Theme Park and thirty. I'm Philip
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from Gantam Light in Controls. I'm joined as always by
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my delightful co host Scott Swenson of Scott Swinson Creative Development.
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On green Tag, we look at the top news each
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week and explain why it matters to industry professionals. And
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this week we're going to be talking about Glenwood Caverns
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and what it means for the rest of the theme
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park industry. First, though, we're gonna reply to a few
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comments from last week's video. Last week we talked about
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six flags and about the new past.
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Struck here, Wait, we ever talked about six flags? Can
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we talk about six flags?
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I don't remember that.
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It all blurs, you know, at some point we always
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teem to talk about six flags.
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There's that, you know, so I think the most there's
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a few very good, insightful comments last week. One was
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from g Robbel, who comments every week, but his was
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particularly about how the new past system could allow them
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to raise prices for the Gold passes because then it
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becomes a region a regional pass, so it could be
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priced a little bit higher. And then if the value
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sensitive people could still just buy the single part pass
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as normal, so it does create that I think that
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was an excellent point. We did not talk about that
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at all, but.
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No, that's a really good Yeah, that's exactly the kind
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of comments we love to hear. Actually, we love to
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hear all comments, whether they agree with us or don't,
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And that particular one kind of took what we had,
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the door that we had opened, they walked through it
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and explored it a bit further, which we like even more.
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In that particular case, I think that is a perfect
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example of dynamic pricing based on what is the value
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of the region, you know, not necessarily based on how
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many tickets are sold, but based on the value of
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the region. That's right, and that kind of dynamic pricing.
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It's sort of like we used in the show. We
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actually used the comparison to airlines when we talked about
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dynamic pricing, and it's why, for example, in many cases
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with many airlines, you can get a cheaper flight to
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Las Vegas than you can to some place equally as
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far away, but that doesn't want to drive tourism. So
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that is that's the same mentality that you can charge
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more for a region that has higher rated or more
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robust parks.
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Yep, yep, Yeah, that's excellent. That's an excellent thought. Another
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comment that we got put out some things that we
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also didn't talk about last week, when it comes to
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the people upgrading from the Gold plus All Access to Prestige.
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You know, so six Flags announced they were upgrading those
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people that have bought the Gold plus the All Access
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up to Perstige. Automatically, a lot of the Prestige passolders
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kind of clarified why it was upsetting to them in
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a way I didn't think of, which is that a
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lot of the Prestige benefits were our benefits that are
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impacted negatively by more Prestige passholders. So that would be
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the lounges where there's more people, there's less places sitting,
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you know, the fast track lanes having more people in them,
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and of course part stuff like parking lines for preferred
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parking or just preferred parking running now so on popular days.
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So and basically the Prestiege passolders are arguing that if
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there's going to be suddenly a lot more Prestige passolders
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than those particular benefits, which is kind of the reason
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they paid the twice as much during the sale is
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that those benefits, the value of them is going to
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be reduced. So that's a valid concern that we did
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not address last week.
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I think it is a very valid concern.
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I think it is I think it is somewhat hypothetical,
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although I realized some of them gave examples of well
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when they did a sale in the past that they
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that this happened and it got more blah blah blah
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blah blah. I myself have experienced something very similar when
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when Bush Gardens Tampa the very first time they did
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fun Card, which was basically pay for a day come
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back all year. We had record breaking attendance, but we
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also had some of the worst guest experience surveys that
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we've ever had because again, the park was not ready
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for it.
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So I think that.
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Is the important thing that this discussion or these comments
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open is the discussion of we are now talking a
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somewhat hypothetical It is hypothetical based on previous experience, which is,
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you know, logical, it's a very logical assumption, but it's
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logical only if you assume that the park is not
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going to make any upgrades if the park is not
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going to operationally change anything in order to handle the
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additional folks, and I don't know, they may not be,
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they may not be. But if that's the case, then you,
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as prestige passholders, have a couple of choices. Number one,
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if you have a specific experience, not just a hypothetical
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this could happen if but if you have a specific
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experience that is less than your perceived value of that pass,
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you need to contact the parks immediately so that they
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know ooh, our prestige passolders are pissed, so that they
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can make those changes. They can operate, They can make
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those operational chain just because everything that is described here
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preferred parking not enough preferred parking, longer lines on fast
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pass and no no seating in lounges, those kinds of things.
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Those are all things that are relatively easy to change
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from an operational standpoint. And if they don't know that
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these things need to be expanded, which I think they do,
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I mean, like parking is a perfect example.
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Preferred parking.
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They move the stanchions, they move the barricade, so that
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there is more preferred parking. It may be eight spaces
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further away than before. Yes, that is true. But you
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know that's also because when you renew your whatever it's
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called now pass, your top of the line pass next time,
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you're not going to pay the full price that you
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paid for it the first time anyway, So you know
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it's it's going to save you money. But I do
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think that all of the concerns very valid, very very valid.
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So it's not just a financial issue. It is an
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actual experiential issue, which I think is really important when
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we talk about theme parks. So I appreciate you bringing
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that to our attention, but I also think that it
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is these are all operational situations that can if the
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park is aware that people are upset about it, it
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can address relatively quickly. And again, they don't necessarily want
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to lose those those high end past members. They also
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don't want negative comments out there. More importantly, they don't
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want negative comments out there about their parks or about
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their guest experience, no matter what level your pass is.
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So thank you so much for sharing that and for
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bringing it to the surface in this discussion. I still
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to a certain extent, stand by my dynamic pricing comments
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in the fact that pricing of everything changes, and some
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are very obvious, like the airlines that we just mentioned.
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Others are not.
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Like food, prices change constantly based on need and basic
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supply and demand, and sometimes just hey, I have an
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opportunity to gouge somebody because there's a natural disaster coming.
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Let's charge three times for a generator what we charged before.
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So those things happen all the time. And I think
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that you know, if you if you are unhappy with
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the actual experience, and I urge you to blame, to
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not blame, to actually have specific experiences.
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Where I came.
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Last week, I waited two minutes to park, and this
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week I waited thirty minutes to park. In preferred make
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the parks aware of that, because again these operational changes
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having worked in many parks, these operational changes are not difficult.
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They can be made quickly, and if enough people make
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the park aware that there is a problem, it is
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in the park's best interest to do it. Now, Notice
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how I phrased that. I didn't say they would, I
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said it's in the park's best interest.
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To do that. Yeah, I think, I think the idea, but.
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The idea of dynamic pricing is still something that is
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going on all the time and that probably is not
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going to change. But guest experience, if you are undersatisfied
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based on the passolder or the passolder benefits that you
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have been promised, then you need to make the parks
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aware of that.
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Yeah, I think Scott has pointing out here kind of
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the difference between corporate which is deciding these policy changes
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and then the individual operations teams at the parks which
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can actually make changes to ideally make things better if
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they're aware of it. So it's kind of like they
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don't really need to ask for permission to move stanchions
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and to fix some of these operationally things, but they
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have no choice, right, Like, really, the parks operations team
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members that are on the front lines don't have it.
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They didn't they didn't choose to allow this many extra
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pristine each people. It wasn't there choice, And so by
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bringing it up to them, you kind of give them
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the ability to solve the problem. You also give them
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data which they can then turn over to you know,
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actual complaints that they have received, which helps give them
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ammunition to fight back against some of these things.
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And the individual park presidents or park leaders can go
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back to the corporate entities and say we need X
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number of dollars. You know that we recognize that we
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have this many top line pass holders who generate X
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amount of revenue, and we are we are unable to
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provide them with these benefits that have been promised them.
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We need X amount in capital dollars to expand the
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VIP lounge to I'm not gonna say double the parking
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because I have not been to a I've not been
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to a brick and mortar theme park that has run
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out of parking in fifteen years. You may be out
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in the south forty, I agree, But again, preferred part
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means you are in front of everybody else, so they
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just move that. They just keep moving people further and
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further out.
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Yeah, that's right, that's right. That's yeah.
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So okay, let's move on to Glenwood Caverns. This was
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a big story because Glenwood Caverns has filed for Chapter
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eleven bankruptcy, and this of course comes We've been reporting
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on this since it happened actually.
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Twenty twenty one.
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Yeah, yes, So in September, a Colorado jerry found the
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theme park negligent and the death of a six year
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old girl who fell from one of its rides. The
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park currently hosts about two hundred thousand visitors a year,
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and their annual grocer avenue is about fourteen to sixteen million.
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So it's a small park. I've been there, actually, So
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this is another reason why I I'm so interested in
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the story because I've been to this park. I've gone
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on the riding question before it was re themed into
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the Crystal Caverns. I've seen the mechanism and all these items.
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And it's a very small park and like on a
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mountaintop in Colorado. Okay, it's a small regional park. Thousand
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people is not that many people. Okay, So this is
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the context. And we've been following this since the original
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death occurred and then of course recently in September when
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they were negligent. So here's what has happened though recently. Okay,
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So to kind of set everything, and I think what
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we really want to get to is discussing why this
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is important.
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But let me get the facts down first.
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So on February ninth, they filed for Chapter eleven bankruptcy
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court in the district in Delaware, and what happened was
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the filing was precipitated by a one hundred and sixteen
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million dollar final judgment or entered against the park in November.
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So originally the original verdict was two hundred and five million,
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the judge reduced it to one hundred and sixteen million,
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which is roughly half in compensed story and half in
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primitive damages. And what happened is it a reason it
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was allowed to hit one hundred and sixteen million, And
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this is like, I think this is the part to
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highlight for us in the the park world. The reason
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it was allowed to go above the normal cap, which
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normally there's a cap on these types of massive damages.
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And they used a felonous killing exemption. So typically Colorado
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law caps non economic damages pay and suffering at a
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much lower amount. However, the trial judge ruled that the
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felonous killing exemption applied and that removed that cap. So
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the capers a move which means that it basically it
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allows this a final amount of one hundred and sixteen
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million to be owed. So more context I told you
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that the park makes like total revenue about sixteen million
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a year, right, it already owes twelve point seven million
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in debt.
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Okay.
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So now you add on this other debt, which is
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one hundred and sixteen million on top of what they
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already owe as unsecured debt.
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Okay.
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So if you're only bringing in sixteen million, I can't imagine.
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You know, when when I was looking through the financial records,
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fifty percent of that is operational in staff costs.
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Okay.
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So I mean, I'm sure Scott can do the math here.
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If the bringing in sixteen million already half is operational,
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then you min us out everything else. They're not making
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that much a year, right, and they already owed twelve million,
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and now they're going to own extra sixteen. So it's
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a death sentence, is what it is. That's that's what
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it is for the park. So what had happened over
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the last few months is that they were at a
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standstill after this one hundred and sixteen million judgment. They
256
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were at a standstill where they were trying to still negotiate.
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The negotiations clearly did not work, because what happened is
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on February ninth, the family moved to seize the park's
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bank accounts, which is then why they filed for Chapter
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eleven because what that does is put a federal injunction
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to stop them, to stop the family from being able
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to take the bank account money. So what happened next
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is is this is where we can talk about the implications,
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because really none of the scenarios are excellent. You know,
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the best probably probably the probably the best one for
266
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everybody would be if the in chapter eleven it is reorganization. Right,
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So the best thing would be if the park proposes
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the reorganization plan and it offers the family the five
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hundred the five million that they have in insurance, and
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then it says, you know something like over the next
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twenty years will give you like five percent of profits. Right,
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so then the family gets paid out over x amount
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of years, the park can stay open and then the
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insurance they lose their full insurance pay out the five million.
275
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That would kind of be probably the most money for
276
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the park. The situation B is that actually the family
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can because now because they own because the family is
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owned one hundred and sixty million, right, so they're the
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largest proportion of unsecure debt, they can oppose the chapter
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eleven and if they are successful and the judge agrees
281
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with them, it would go to chapter seven. Which means
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that the park would have to liquidate, so everything would
283
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just be sold and it would completely shut down. However,
284
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remember I met, they already owe over twelve million, So
285
00:15:02.799 --> 00:15:04.600
are you going to get more than twelve million for
286
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everything in the park? But probably not because the assets
287
00:15:07.320 --> 00:15:10.480
are like what they're not and the land. Okay, So
288
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in that situation, the family might not get anything because
289
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the bank has to be paid first, and in terms
290
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of the waterfall payout, so as always goes to the
291
00:15:20.159 --> 00:15:22.840
secured debt first, so secure debt would be payoff first,
292
00:15:23.039 --> 00:15:25.360
So the family would not get anything except maybe some
293
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of the insurance payout, but that'd be capped at five million.
294
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The only other situation would be potentially that they could
295
00:15:34.919 --> 00:15:37.000
change the ruling. They could appeal the core, They could
296
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appeal the ruling the one hundred and sixteen million, maybe
297
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get it change like they could. They could try and
298
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reverse the felonous killing ruling which I mentioned at the top,
299
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which would reduce the cap down to ten million, and
300
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then the park maybe could get a loan for that
301
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and pay it.
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Off less than that. It's less than that. I just
303
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looked it up. I just would that million. Yeah, Yeah, the.
304
00:15:58.039 --> 00:16:01.759
In cases filed on or after ji January first, twenty
305
00:16:01.799 --> 00:16:06.200
twenty five, Colorado's cap on non economic damages in wrongful
306
00:16:06.240 --> 00:16:09.360
death actions increased to two point one.
307
00:16:09.240 --> 00:16:10.159
Two five million.
308
00:16:10.840 --> 00:16:13.559
So if it goes from one hundred and sixteen million
309
00:16:13.600 --> 00:16:16.799
to two point one two five million, ye, the parks
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can survive enough. The real according to the research that
311
00:16:22.080 --> 00:16:24.360
Philip has done in the little bits that I've done here,
312
00:16:25.240 --> 00:16:29.080
it's the fell and is killing exception that basically destroyed
313
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the park.
314
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That's right, that's right, and basically destroyed this whole thing.
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Because if you you know, if they if they are
316
00:16:34.639 --> 00:16:37.799
ordered to pay one point one point one two five
317
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million to the family. Now, the actual economic damages that
318
00:16:44.720 --> 00:16:49.039
has no cap but death than dismemberment, wrong pain, death,
319
00:16:49.759 --> 00:16:52.120
pain and suffering, those kinds of things are capped in
320
00:16:52.120 --> 00:16:55.080
Colorado as of January of last year at two point
321
00:16:55.080 --> 00:16:58.080
one twenty five. So the difference between one hundred and
322
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sixteen and two point one two five is rather significant.
323
00:17:03.399 --> 00:17:05.640
Yeah, I think the only thing I think there is
324
00:17:05.640 --> 00:17:07.920
is you're right on all that account. I think it's
325
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a little bit higher only because it was filed before
326
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that changed.
327
00:17:11.720 --> 00:17:15.240
Okay, well, it raised on January first it went up
328
00:17:15.279 --> 00:17:16.920
to two point one two five, So if it was
329
00:17:16.920 --> 00:17:19.000
filed before that, then that cap is lower.
330
00:17:19.319 --> 00:17:22.079
Yeah, so it would be even easier slower than yeah.
331
00:17:22.119 --> 00:17:23.960
So and I think this is exactly what Scott and
332
00:17:24.000 --> 00:17:25.799
I wanted to talk about because this is the crux.
333
00:17:25.839 --> 00:17:28.519
I think this is what the industry is watching, because
334
00:17:28.559 --> 00:17:32.359
what this would do is set this precedent. Right if
335
00:17:33.160 --> 00:17:35.279
and if you if we take it in the way
336
00:17:35.279 --> 00:17:37.960
back machine to talking about what actually happened, Remember that
337
00:17:40.000 --> 00:17:43.839
she was not the little girl was had was holding
338
00:17:43.839 --> 00:17:48.039
the seatbelt in her hand, and the ride and in
339
00:17:48.119 --> 00:17:53.400
the the her chair had not been cycled right, So
340
00:17:53.480 --> 00:17:57.839
what happened was she got on and instead of instead
341
00:17:57.839 --> 00:18:01.119
of what's normally supposed to happen, okay, that you unhook
342
00:18:01.680 --> 00:18:04.640
the seat belt, the person sits into the seat, you
343
00:18:04.680 --> 00:18:07.160
put the seatbelt on, okay, So what happened was the
344
00:18:07.160 --> 00:18:09.319
little girl just went and sat down on the seat
345
00:18:09.720 --> 00:18:12.440
and the seat was still buckled from the previous rider,
346
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and she held the excess over her, so it looked
347
00:18:15.559 --> 00:18:19.599
like that she was being seated correctly. So the ride
348
00:18:19.680 --> 00:18:22.680
vehicle sent a notification to the system saying that seat
349
00:18:22.720 --> 00:18:26.480
had not been cycled Okay, so the operator saw that,
350
00:18:26.880 --> 00:18:30.000
and then the operator decided to reset the entire system
351
00:18:30.319 --> 00:18:33.279
and kind of override the safety. And that is the
352
00:18:33.279 --> 00:18:38.240
thing that is what they're saying constitutes felon is killing,
353
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like that act of being like deliberately going against the
354
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the whatever safety. And then they added other things too,
355
00:18:46.279 --> 00:18:48.720
like the training was not sufficient. They had mentioned how
356
00:18:49.000 --> 00:18:51.599
they hadn't had enough training, like this was this was
357
00:18:51.599 --> 00:18:53.559
one of the first times this ride operator was using
358
00:18:53.559 --> 00:18:56.960
this operating. There wasn't enough on the job training, a
359
00:18:57.000 --> 00:18:58.680
lot of the stuff was not understood as to what
360
00:18:58.720 --> 00:19:01.440
the manual was. So all these things they were like,
361
00:19:01.440 --> 00:19:03.680
this is what constitutes Sellen is killing. And I think
362
00:19:03.720 --> 00:19:07.319
for the industry, Scott's exactly right, Like this wouldn't have
363
00:19:07.359 --> 00:19:10.680
been a death sentence for this park if it weren't
364
00:19:10.680 --> 00:19:14.440
for this felon is killing ruling exemption. And the reason
365
00:19:15.240 --> 00:19:18.000
and the reason they're arguing that this is an exemption
366
00:19:18.160 --> 00:19:22.960
is because of the actions and the poor training. And
367
00:19:23.000 --> 00:19:25.559
I think that that's where it becomes something for us
368
00:19:25.559 --> 00:19:27.279
in the indstry you talk about, is like if this
369
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does proceed, if they're not able to appeal that exemption,
370
00:19:32.839 --> 00:19:36.440
then this sets a precedent out there for all regional
371
00:19:36.480 --> 00:19:44.400
parks of how well your right operators are trained. Could
372
00:19:44.440 --> 00:19:47.359
I mean, this is a big difference, and so I
373
00:19:47.359 --> 00:19:48.920
think that to me, what do you think, Scott? I
374
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think that's the.
375
00:19:49.519 --> 00:19:52.440
Point here for us in the industry, I agree one
376
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hundred percent. First and foremost, obviously everyone everyone's hearts go
377
00:19:58.039 --> 00:20:01.559
out to this family who lost their child. That is
378
00:20:01.599 --> 00:20:04.839
a given that really I feel it needs to be
379
00:20:04.880 --> 00:20:06.640
said only because we're going to now talk a lot
380
00:20:06.680 --> 00:20:11.799
about industry and business and how to how companies and
381
00:20:12.359 --> 00:20:15.799
attractions can protect themselves from this. But we still lost
382
00:20:15.799 --> 00:20:18.279
a life, and that is and that is a mournful
383
00:20:18.319 --> 00:20:25.039
situation and we are very sorry for that. Secondly, there
384
00:20:25.119 --> 00:20:27.240
are parks out there, or people who run parks who
385
00:20:27.279 --> 00:20:30.200
will argue and say, well, we can't find proper staffing.
386
00:20:30.279 --> 00:20:34.119
We can't find people other than and I'm going to
387
00:20:34.160 --> 00:20:37.039
make a gross exaggeration, so I am not insulting anyone
388
00:20:37.039 --> 00:20:40.000
who falls into this category, but you know, we could
389
00:20:40.000 --> 00:20:43.240
only find sixteen year olds who are looking for a
390
00:20:43.279 --> 00:20:47.720
summer job. And I just for those of you who
391
00:20:47.759 --> 00:20:50.079
are executives in the theme park industry, I want you
392
00:20:50.119 --> 00:20:52.960
to recognize in this particular situation, you're putting the lives
393
00:20:53.000 --> 00:20:56.200
of your guests into the hands of a sixteen year old.
394
00:20:56.279 --> 00:20:56.519
So.
395
00:20:58.119 --> 00:20:58.720
You better.
396
00:21:00.079 --> 00:21:02.319
The first thing that is always cut from a budget
397
00:21:02.960 --> 00:21:08.400
is training, almost always, because it's an easy thing to say, Well,
398
00:21:08.400 --> 00:21:11.160
they can read the manual, or we'll do the training online,
399
00:21:11.680 --> 00:21:13.839
or we'll have them sign something that says that they've
400
00:21:13.880 --> 00:21:17.839
read the SOPs and then all of a sudden, this
401
00:21:18.039 --> 00:21:20.400
burden of one hundred and sixteen million leaves the park
402
00:21:20.440 --> 00:21:23.440
magically and goes to the sixteen year old who overrode
403
00:21:23.440 --> 00:21:28.200
the system. Useless, useless.
404
00:21:28.319 --> 00:21:32.400
So it is. I've said it on this show.
405
00:21:32.480 --> 00:21:34.920
I've said it in almost every seminar I've ever talked
406
00:21:34.920 --> 00:21:37.920
about where we talk about safety, especially big in the
407
00:21:37.920 --> 00:21:40.000
halloween industry, which you know when I talk about how
408
00:21:40.039 --> 00:21:44.160
to attractions, but I explain that one lawsuit can be
409
00:21:44.200 --> 00:21:46.079
the death of your park. And this is a perfect example.
410
00:21:46.160 --> 00:21:49.880
It's the perfect example. Yeah, and it was specifically the negligence.
411
00:21:49.920 --> 00:21:53.240
Scott's exactly right like this, I mean, this was brought
412
00:21:53.319 --> 00:21:55.279
up in the case of them being like it was
413
00:21:55.559 --> 00:21:57.799
it was improper training, like it cause I think there
414
00:21:57.920 --> 00:22:00.000
was some a little bit of finger pointing right there.
415
00:22:00.119 --> 00:22:02.400
They were trying to blame the teenager. It was a teenager.
416
00:22:02.400 --> 00:22:02.920
Scot's right.
417
00:22:02.960 --> 00:22:04.759
In this case, it was a teenager, and they were
418
00:22:05.039 --> 00:22:09.720
trying to blame the teenager. But you know when they
419
00:22:10.079 --> 00:22:12.400
when they went through the court case, they brought up
420
00:22:12.440 --> 00:22:15.480
that it was a lack of training. So it's not
421
00:22:15.640 --> 00:22:18.359
just it's like, yeah, it's like for defendants, right, It's like,
422
00:22:18.599 --> 00:22:20.839
it's the park. The park just didn't do a good job.
423
00:22:21.279 --> 00:22:23.440
The only reason, and the only reason I mentioned that
424
00:22:23.519 --> 00:22:25.920
is because there are park owners who will say, then
425
00:22:25.960 --> 00:22:27.599
we're going to have to close things down because we
426
00:22:27.599 --> 00:22:29.119
can't find staffing to operate them.
427
00:22:29.119 --> 00:22:31.279
Then you might need to Yeah, I think that's so.
428
00:22:31.440 --> 00:22:34.839
I think let's talk more about that. I was thinking
429
00:22:34.880 --> 00:22:36.880
that when I was writing the show notes, and I
430
00:22:36.920 --> 00:22:40.319
was like, well, what else might happen? I think depending
431
00:22:40.359 --> 00:22:43.640
on whether or not they appeal this ruling, insurance might
432
00:22:44.240 --> 00:22:47.640
go up for regional parks also, just overall, and we've
433
00:22:47.640 --> 00:22:49.519
been seeing that trend for a long time. Even the
434
00:22:49.599 --> 00:22:53.000
Haunter Trash Association mentioned that the single biggest threat going
435
00:22:53.000 --> 00:22:56.359
into twenty twenty six is insurance costs because people don't
436
00:22:56.359 --> 00:23:00.519
want to ensure smaller attractions for reasons like this, So
437
00:23:00.559 --> 00:23:03.720
there's that. I also think it could also be a
438
00:23:03.720 --> 00:23:06.680
signal to ride manufacturers that they have to kind of
439
00:23:06.720 --> 00:23:14.599
like idiot proof their systems but also make more stringent
440
00:23:14.799 --> 00:23:17.480
like waivers that are like, if you're buying this ride,
441
00:23:17.559 --> 00:23:22.039
it's complete, you can't blame us for anything. Basically, it's
442
00:23:22.119 --> 00:23:24.079
kind of it's like raising the stakes for the manufacturers
443
00:23:24.079 --> 00:23:26.519
as well, so they can have no But I think
444
00:23:26.519 --> 00:23:29.920
it's also going to make it where potentially the rides
445
00:23:29.920 --> 00:23:33.599
are more expensive because the engineering has to be higher
446
00:23:33.799 --> 00:23:37.599
potentially to kind of reduce for some of these variables.
447
00:23:38.160 --> 00:23:40.119
Was there any discussion in the suit and you may
448
00:23:40.160 --> 00:23:44.119
not know and I certainly don't know about potentially going
449
00:23:44.160 --> 00:23:45.559
back against the ride manufacturer.
450
00:23:45.799 --> 00:23:47.480
Yeah, so that was early.
451
00:23:47.839 --> 00:23:50.160
That was really early in it, but they kind of
452
00:23:50.400 --> 00:23:53.119
tossed it out pretty early because they're like, look, it's
453
00:23:53.160 --> 00:23:57.839
like you ignored the safety warning, like the safe that
454
00:23:58.000 --> 00:24:00.559
told you that there was a potential safe problem, and
455
00:24:00.559 --> 00:24:02.359
you reset the system, so you kind of you went
456
00:24:02.400 --> 00:24:06.039
against the manufacturer's use guidelines.
457
00:24:06.079 --> 00:24:09.519
But it's possible then that manufacturers may may be required
458
00:24:09.640 --> 00:24:11.319
to omit the override.
459
00:24:12.000 --> 00:24:15.240
Yes, and I think that, But I also think if
460
00:24:15.279 --> 00:24:18.400
you remember when this first came out, Soaring Eagle was
461
00:24:18.440 --> 00:24:22.759
the company that did this, and it was not also
462
00:24:22.839 --> 00:24:24.759
like not a good look, so like even though they
463
00:24:24.759 --> 00:24:28.279
weren't really pulled in to where you know, they hadn't
464
00:24:28.319 --> 00:24:31.359
have a judgment against them. You know, it's not just
465
00:24:31.359 --> 00:24:34.319
just like with the drone people, who's where the drone
466
00:24:34.359 --> 00:24:37.559
fell in Florida and hit that child in the chest
467
00:24:37.559 --> 00:24:41.720
and the requird opens like these. You never want to
468
00:24:41.759 --> 00:24:43.519
be in the in the news for like that type
469
00:24:43.519 --> 00:24:46.000
of a situation that might kill a brand, you know,
470
00:24:46.079 --> 00:24:48.599
and so the damage is incomparable. So you're right, they
471
00:24:48.680 --> 00:24:52.279
might remove overrides all together. Or basically if they.
472
00:24:52.200 --> 00:24:55.640
Remove and if they remove overrides, what that's going to
473
00:24:55.680 --> 00:24:57.200
me And let's look at that from you know, those
474
00:24:57.200 --> 00:24:59.920
of you who operate parks or have been parked been
475
00:25:00.039 --> 00:25:02.920
part of a park ops team. If they remove overrides,
476
00:25:02.960 --> 00:25:05.920
that means they need to clear the station house. That
477
00:25:05.960 --> 00:25:10.400
means they need to reboot the entire system and then
478
00:25:10.480 --> 00:25:13.119
run what is it, three to five test runs prior
479
00:25:13.200 --> 00:25:19.519
to so that would mean that cues would get longer
480
00:25:19.519 --> 00:25:25.279
and longer, get satisfaction goes down. This is in my opinion,
481
00:25:26.039 --> 00:25:31.359
in my humble opinion, the most cost effective and most
482
00:25:31.440 --> 00:25:37.599
actionable response to this is improve your training budget. Yeah,
483
00:25:39.119 --> 00:25:43.720
improve your training budget. Let people know what the responsibility
484
00:25:43.759 --> 00:25:46.359
is that they're taking into their hands. Hold them responsible.
485
00:25:47.160 --> 00:25:49.319
Increase the pay for your supervisors so that you make
486
00:25:49.400 --> 00:25:53.200
certain your frontline supervisors so you can make certain And yes,
487
00:25:53.279 --> 00:25:55.759
I know that that has a trickle up effect when
488
00:25:55.759 --> 00:26:00.079
it comes to profit margin. I understand that. But if
489
00:26:00.119 --> 00:26:03.279
you're in order to keep your insurance from skyrocketing, if
490
00:26:03.319 --> 00:26:05.440
these things continue to happen, and it may be too late,
491
00:26:05.440 --> 00:26:07.640
I don't know, but in order to keep your insurance
492
00:26:07.640 --> 00:26:10.440
from skyrocketing, you might want to have a three to
493
00:26:10.480 --> 00:26:14.400
five percent increase in what you're paying your frontline supervisors
494
00:26:14.440 --> 00:26:17.599
so that things like this don't happen, or you're going
495
00:26:17.640 --> 00:26:19.759
to pay two or three times what you're paying now
496
00:26:19.759 --> 00:26:21.440
in insurance. And I know there are some parks that
497
00:26:21.480 --> 00:26:22.599
are so big they self insurre.
498
00:26:22.640 --> 00:26:23.160
I get that.
499
00:26:23.599 --> 00:26:29.200
I get that, But at the same time, one hundred
500
00:26:29.200 --> 00:26:33.519
and sixteen mil is an amount that is so surpassed,
501
00:26:33.519 --> 00:26:36.839
It so far surpasses the anticipated caps for things.
502
00:26:37.079 --> 00:26:38.400
That's right, and if this.
503
00:26:38.279 --> 00:26:43.119
Precedent has been set. Something goes wrong, somebody dies in
504
00:26:43.160 --> 00:26:45.799
your park, you have to close your doors.
505
00:26:46.440 --> 00:26:47.200
Yeah, that's right.
506
00:26:48.920 --> 00:26:51.400
Yeah, And I when I was digging more into it,
507
00:26:51.440 --> 00:26:53.119
So the answer is I was trying to get us
508
00:26:53.119 --> 00:26:57.119
an answer about insurance prices. I really was, But we're
509
00:26:57.160 --> 00:26:59.759
already sitting at eight hours of research, kids, and that's
510
00:26:59.759 --> 00:27:01.920
got a little much. So I didn't quite get us
511
00:27:01.960 --> 00:27:04.599
to an answer. But some of the preliminary research I51200:27:04.680 --> 00:27:06.960
came up with when I was starting to look at51300:27:07.039 --> 00:27:11.640
the actual disclosures from everybody is that we this is51400:27:11.640 --> 00:27:13.559
a trend that has been happening in the US the51500:27:13.640 --> 00:27:18.079
last several years where there's these like catastrophic events that51600:27:18.799 --> 00:27:21.279
are over anything over fifty million basically has a payout51700:27:21.359 --> 00:27:23.759
kind of triggers. And so what that does is it's51800:27:23.799 --> 00:27:27.680
causing insurance rates overall to rise for the tourism sector.51900:27:27.960 --> 00:27:30.440
And it's not just in theme parks, but it's kind52000:27:30.440 --> 00:27:32.680
of a larger trend. So I have a lot of52100:27:32.720 --> 00:27:34.480
the some of the insurance people and a lot of52200:27:34.480 --> 00:27:36.519
the lawyers are talking about these events, are talking about52300:27:36.519 --> 00:27:41.359
how like there's firms that will subsidize people to go52400:27:41.440 --> 00:27:44.839
in and to try and bus these cases open and52500:27:44.880 --> 00:27:46.759
get I mean, so it's a whole thing. And we52600:27:46.839 --> 00:27:50.119
heard a lot of that in the Haunted trash state52700:27:50.119 --> 00:27:52.240
of the industry last year as well for Haunt houses.52800:27:52.279 --> 00:27:56.519
So I will get back to everybody on exact numbers52900:27:56.519 --> 00:27:58.839
and details and whatnot, and I'll try and get a53000:27:58.880 --> 00:28:01.680
better answer as to how prices are raising or that.53100:28:01.799 --> 00:28:04.359
But I do think that it is real. We can53200:28:04.400 --> 00:28:06.240
say that it's real that prices are going up. So53300:28:06.559 --> 00:28:10.039
it may Scott's solution about the training may not prevent53400:28:10.079 --> 00:28:12.200
a current price hike for this year or next year.53500:28:12.480 --> 00:28:15.119
But I think what it does is it stops the53600:28:15.119 --> 00:28:17.400
worst case scenario and you just you just have to53700:28:17.440 --> 00:28:17.799
invest in it.53800:28:17.799 --> 00:28:19.240
I don't know what to say, You just have to order.53900:28:19.880 --> 00:28:22.240
And the thing is with any form of insurance, with54000:28:22.279 --> 00:28:25.200
any form of insurance, you can to a certain level,54100:28:25.240 --> 00:28:28.160
especially if you're a large enough corporation, there's some negotiation54200:28:28.279 --> 00:28:31.799
there and quite often, like for example, as a homeowner,54300:28:32.119 --> 00:28:35.559
if you are paying a mortgage on your home, you54400:28:35.599 --> 00:28:39.640
are required by the mortgage holder to have mortgage insurance. Well,54500:28:40.359 --> 00:28:43.759
this could be a situation where if you are a54600:28:45.240 --> 00:28:49.279
if you have insurance for your attraction, it may be54700:28:49.359 --> 00:28:51.000
that they require you to have a third party that54800:28:51.079 --> 00:28:53.279
comes in and does audits, does safety audits on a54900:28:53.279 --> 00:28:56.799
regular basis, not internal safety audits, external safety audits that55000:28:56.799 --> 00:29:01.799
report directly back to the insurance company. Because again, now granted,55100:29:01.839 --> 00:29:03.160
insurance companies want to make money.55200:29:03.240 --> 00:29:03.720
I get that.55300:29:04.079 --> 00:29:06.960
Theme, parks want to make money, I get that. But55400:29:07.079 --> 00:29:09.440
the bottom line is the bottom line, and that is55500:29:09.680 --> 00:29:11.680
if something like this happens, you know, yes, it's a55600:29:11.680 --> 00:29:14.319
crap shoot. You're right, it's a crap shoot. Did anyone55700:29:14.400 --> 00:29:16.920
anticipate that this little girl was going to die six55800:29:17.039 --> 00:29:17.400
years ago?55900:29:17.519 --> 00:29:18.079
No?56000:29:18.079 --> 00:29:25.599
No, but it happened, and it according to this court ruling,56100:29:26.240 --> 00:29:30.279
they believe that it happened due to negligence. So you've56200:29:30.279 --> 00:29:34.160
got to either address the negligence or, as Philip said earlier,56300:29:34.559 --> 00:29:37.440
you've got to make it so that the equipment itself56400:29:37.480 --> 00:29:39.920
is one hundred percent idiot proof, which means that it's56500:29:39.960 --> 00:29:43.359
significantly less efficient in getting your guests through and having.56600:29:43.200 --> 00:29:46.359
A great day. So I don't know whether there is.56700:29:47.759 --> 00:29:50.160
A magic bullet answer here. In fact, I don't think56800:29:50.160 --> 00:29:53.279
there is, but I would say that the next time56900:29:53.640 --> 00:29:55.359
you have something in front of you, if you're sitting57000:29:55.359 --> 00:29:57.359
at a board meeting and you have a piece of57100:29:58.400 --> 00:30:00.640
a document in front of you that says we are57200:30:00.640 --> 00:30:06.519
exploring reducing training. Vote it down because the safety of57300:30:06.559 --> 00:30:12.039
your guests is really what can protect the value and57400:30:12.119 --> 00:30:16.279
even the existence of your attraction. So, having said all57500:30:16.319 --> 00:30:18.720
of that and being really dramatic, unfortunately we are out57600:30:18.720 --> 00:30:22.920
of time. So we are going to go for this week.57700:30:23.000 --> 00:30:25.519
Thank you again so much. I have to say it57800:30:25.559 --> 00:30:27.119
simply because if I don't, we get off the air,57900:30:27.160 --> 00:30:28.960
and Phillip says, hey, we forgot to tell them, So58000:30:29.000 --> 00:30:32.119
please subscribe. If you're watching us on YouTube, please please, please,58100:30:32.160 --> 00:30:35.039
we are. You have no idea, You have no idea58200:30:35.079 --> 00:30:37.160
how close we are, You have no idea how close.58300:30:37.319 --> 00:30:39.000
And again, is us.58400:30:38.920 --> 00:30:41.160
Being is it us being greedy? Not really, it's just58500:30:41.200 --> 00:30:43.480
making us sustainable. If we could become you know, if58600:30:43.519 --> 00:30:45.440
we could become monetized, even because we've been doing this58700:30:45.480 --> 00:30:47.880
for how many years and have yet to be monetized58800:30:48.000 --> 00:30:51.519
for much of anything, just to keep it going, that58900:30:51.559 --> 00:30:53.319
would be what that's the reason to do it. So59000:30:54.039 --> 00:30:55.960
thank you for watching, thank you for your comments. As59100:30:55.960 --> 00:30:58.880
we said at the beginning and on behalf of Philip59200:30:58.920 --> 00:31:02.359
Bernandez with Gantum Lighting and Control and myself Scott Swinson59300:31:02.480 --> 00:31:05.000
with Scott Swinson Creative Development. This is Green Tag Theme59400:31:05.039 --> 00:31:06.880
Park in thirty and we'll see you next week
