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RICHMOND - Lucky Strike Entertainment (market cap: $1.39 billion) announced Thursday it has acquired five entertainment venues including two water parks and three family entertainment centers, expanding its portfolio of location-based entertainment destinations. According to InvestingPro data, the company currently trades near its Fair Value.
The company has purchased Raging Waters Los Angeles, California’s largest water park; Wet ’n Wild Emerald Pointe in Greensboro, North Carolina; Castle Park in Riverside, California; and two Boomers locations in Vista and Palm Springs, California. According to the company’s press release, these properties collectively attract over 1.5 million annual visitors. InvestingPro analysis reveals the company operates with a significant debt burden of $3.04 billion and faces short-term liquidity challenges with a current ratio of 0.64.
Raging Waters Los Angeles, situated on approximately 60 acres in San Dimas, features more than 50 attractions including 14 water slides and draws about 450,000 visitors annually. Wet ’n Wild Emerald Pointe spans 40 acres with over 40 attractions and is described as one of the largest water parks in the Southeast.
Castle Park, a 24-acre regional amusement park established in 1976, includes more than 20 rides, four miniature golf courses, and attracts over 250,000 visitors each year. The two Boomers locations offer attractions such as go-karts, laser tag, mini golf courses, and arcade games.
"This acquisition accelerates our vision to build the leading platform of location-based entertainment destinations in North America," said Thomas Shannon, Founder, Chairman, and CEO of Lucky Strike Entertainment, in the press release.
Lucky Strike Entertainment currently operates over 360 locations across North America, including bowling centers, amusements, water parks, and family entertainment centers. The company also owns the Professional Bowlers Association. With annual revenue of $1.18 billion and 6.65% year-over-year growth, Lucky Strike continues to expand its market presence. Discover more detailed financial insights and exclusive analysis in the comprehensive Pro Research Report, available on InvestingPro.
In other recent news, Lucky Strike Entertainment has increased its revolving credit facility by $50 million, bringing the total to $385 million. This amendment to their First Lien Credit Agreement was made with JPMorgan Chase Bank and includes Kingpin Intermediate Holdings LLC as a borrower. Additionally, Lucky Strike acquired the real estate of 58 venues for $306 million, transitioning from tenant to owner, which impacts their EBITDAR and rent obligations positively. Analysts at Stifel have reiterated a Buy rating for Lucky Strike, maintaining a $12.00 price target, citing the real estate acquisition as beneficial for the company’s financial outlook. Texas Capital Securities also initiated coverage with a Buy rating and a $14.00 price target, noting past underperformance due to consumer spending concerns. Furthermore, Lucky Strike has added two new board members, Richard Born and Jason Harinstein, enhancing their governance team. These developments are expected to influence the company’s strategic direction and financial performance.
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