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Kearney Archway declares bankruptcy
It's no secret, attendance has been subpar for the Great Platte River Road Archway and getting there has been difficult without a convenient exit.
One is being built, but not soon enough to prevent the attraction from filing for Chapter 11 bankruptcy. The Archway owes $20 million to bondholders. When it was built in 1999, the Archway was expected to draw nearly a million visitors a year. But the numbers have never been near that. In 2001, about 250,000 people visited the attraction. In 2010, 61,000. Joel Johnson, with the board of directors tells News 5 that the initial attendance projections were "totally unrealistic." Especially with admission being the primary revenue source. Johnson says right from the start, bonds couldn't be serviced and they started to default 10 years ago. The Archway will remain open while they work to reorganize following the filing. Johnson adds he hopes the bankruptcy will eventually be a positive for the Archway-helping it to become the attraction that was originally envisioned. |
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