On behalf of Standard Amusements
Westchester County Approves Historic Deal to Revitalize Rye Playland
Harrison Native Nicholas Singer Partners with Westchester County to Save Storied Park
Rye, NY—May 2, 2016— As a young boy, Harrison native Nicholas Singer spent many long summer days visiting one of his favorite destinations – the storied Rye Playland. On Tuesday he, working alongside the Westchester Board of Legislators, helped ensure the 88-year old park will continue to be a favorite destination for future generations. The Board of Legislators unanimously approved a historic, $30 million deal for Singer and his company, United Parks – led by CEO and amusement industry veteran Jack Falfas – to revitalize and operate Playland.
The deal, endorsed last year by Westchester County Executive Robert Astorino, will see Standard Amusements, an entity owned by United Parks, Singer’s larger amusement and water park-focused company, invest $30 million to add new rides and restaurants, and upgrade the park’s physical plant, while retaining the unique character of the family-friendly park.
“To have the opportunity to take a place that meant so much to me throughout my childhood and help restore it to a condition that ensures generations to come will be able to enjoy it as I did, is really a dream come true,” Singer said. “I am humbled and incredibly thankful to County Executive Astorino and the Westchester Board of Legislators for their vote of confidence and their partnership throughout this process.”
Standard Amusements will pay the County $2.25 million up front, and invest an additional $27.75 million within five years to refurbish the park. Westchester County will continue to own Playland – as it has since the park opened in 1928, but the park will be operated under an agreement with Falfas’s United Parks. Falfas is one of the amusement park industry’s most-respected operators, with more than 40 years of park operating experience, including the successful turnaround of another historic amusement park – Knotts Berry Farm in Orange County, Calif.
“We couldn’t be more excited about the opportunity to help take a historic amusement park property like Playland and make it like new again,” Falfas said. “The park’s ideal location and a built-in following that includes families who have visited Playland for generations, makes this a unique opportunity. We already have a population that wants to visit the park again, and we plan to give them many reasons to do just that.”
About United Parks
United Parks is focused on opportunities in the amusement park, water park, and entertainment industries. United Parks CEO Jack Falfas leads a senior management team that brings more than 100 years of operating experience.
The company offers its guests an unparalleled family entertainment value by operating the safest and cleanest parks in the industry, and provide an atmosphere that hard-working families from all walks of life can easily access and enjoy. United Parks prides itself on delivering a great day of fun and excitement at fair prices to all of its patrons.
United Parks is an indirect subsidiary of Purchase Capital, an investment firm led by Nicholas J. Singer, that provides patient capital for private and public companies with significant potential for long-term value creation. For more on United Parks, please visit www.unitedparks.com.