Omaha World Herald: Kearney Arch files for bankruptcy protection

[OmahaBlueDog]

He said the failure to repay bondholders and other creditors is linked to the attraction’s inability to meet the attendance projections that lured investors to buy $60 million in bonds in 1997 prior to the archway’s construction.

Promoters had predicted 300,000 or more visitors a year. Attendance was 223,013 in 2000, the arch’s first year. The visitors included President Bill Clinton.

The turnstile count rose to 249,174 in 2001 but has steadily declined. In 2012, attendance was 49,960.

“Last year was not a good year,” Johnson said. “It was hot and dry, and gasoline prices were high. When gas prices go up, attendance goes down, and that includes charter buses. That type of traffic is very volatile.”


Coincidentally, the bankruptcy comes as the museum is close to easing one of its major concerns — access. A new I-80 interchange directly east of the museum is scheduled to be completed this year at a cost of about $20 million.

http://www.omaha.com/article/20130306/NEWS/130309740

[madaboutharry]

1. I think I should visit this place.

[OmahaBlueDog]

2. It's really cool

Everyone I know who's visited it likes it. If you are on 80 (headed to Denver, or Cheyenne, or east toward Omaha, Des Moines, or Chicago) go see it.