Bangkok’s 46-year-old park offered for sale at $300M as flood damages rides

Siam Park City, a 46-year-old Bangkok park, has been put up for sale at a price of $300 million amid significant flood damage, according to its founder and executive chairman, Chaiwat Luangamornlert. The facility was forced to close for approximately six months starting from September 26 as floodwaters inundated the entire park.

According to Chaiwat, he considers the flooding the biggest crisis of his life, with preliminary damage estimated to be at least THB500 million. Repair and maintenance costs are expected to reach around THB300 million, while wages and employee support during the shutdown would total about THB100 million. Additional funding of at least THB500 million would be necessary for the park's recovery.

Chaiwat revealed that floodwaters entered the property within a single day without any prior warning, leaving the park with no time to prepare or install flood protection measures. He stated that he aims to expedite the restoration work so that the park could reopen in about three months, as opposed to the initial estimate of around six months.

To ensure the safety of the rides before resuming operations, engineers from the countries where they were manufactured have been brought in to assess the damage and verify their safety. The park's future depends on various factors, including government relief, assistance from financial institutions, and the public's response. With ongoing operating expenses and employee wages still owed, Chaiwat is unsure whether the business will be able to continue.

Siam Amazing Park, open since 1980, is a Bangkok amusement and water park featuring over 30 rides. Last year, CEO Wuthichai Luangamornlert estimated that the park attracted approximately 500,000 visitors, experiencing a 40-50% drop in attendance during the first seven months of the year.