Renaming it Silver Dollar City Tennessee, they used their proven tricks to steadily lift attendance almost fourfold over the next ten years. This has left the company vulnerable to shifts in market demand and sentiment in these unprecedented operating conditions. As a photographer at the aquarium you're never doing any one thing for too long and it really makes the time go faster. - Doing a lot of work at the time for only $10 hourly. HFE is committed to creating memories worth repeating by producing wholesome, immersive family entertainment experiences. The uncertainty over the depth and duration of the pandemic and the impact on the economy will continue to pressure the company's liquidity position and lead to materially higher leverage levels in 2020. The ratings could be downgraded due to ongoing cash usage or poor operating performance that led to an elevated risk of default. They were also ready to pack it in. Read employee reviews and ratings on Glassdoor to decide if Herschend Entertainment is right for you. Often outside of your department. Recent expenditures on park expansions will likely support performance after the impact of COVID-19 subsides and lessen the need for capital expenditures in the near future. See Andrew Wexler's compensation, career history, education, & memberships. But theres a lot to be said for a CEO whose name isnt Herschend. Two years after Jacks son was let go, the brothers brought in their first chief executive. Nice perk to enjoy business locations, Meeting great people who help you develop skills In and around workplace environments, Long hours and several different harsh conditions. Early on Manby met with the family to get a sense of what the company meant to them. Jack's intensity and deep caring for people shaped the company culture into what it is today. Sometimes lighthearted. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. The 1880s Ozark-themed Silver Dollar City in Branson, MO, is the original Herschend family theme park, featuring period craftsman and pioneer excitement, along with a mix of thrill rides, attractions and live entertainment. Transfers of assets to unrestricted subsidiaries are permitted as long as there is not an event of default and the Borrowers are able to incur at least $1 of additional debt under the Total Net Leverage Ratio test. Shortly after World War II Hugo and Mary Herschend visited the cave, which reaches 505 feet below sea level, and walked away impressed. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations Corporate Governance Director and Shareholder Affiliation Policy.". Herschend Family Entertainment serves customers in the United States. Guests can be a handful sometimes. Day Butterfly Center, Ida Cason Memorial Chapel and gardens. Athletes' ambitions don't end when they leave the field of play. Truly the first of its kind in North America, says Tim Baldwin, a writer for Amusement Today . Silver . Herschend Family Entertainment - America's Largest Family-Owned Themed Attractions Corporation Herschend Family works daily to create wholesome, immersive entertainment experiences with soul and depth. Founded by Jack and Pete Herschend of Branson, Missouri, in its early years HFE was simply known as Herschend Enterprises. Herschend Entertainment Company, LLC (the lead borrower), and co-borrowers Herschend Adventure Holdings, LLC, and Harlem Globetrotters International, Inc. operate a portfolio of consumer entertainment attraction including three amusement parks, three waterparks, two aquariums, adventure tours (including Pink Jeep), dinner shows, lodging, and the Harlem Globetrotters. Their next CEO, a former Disney executive named Mel Bilbo, added just one small park, a property called Celebration Citya nighttime version of nearby Silver Dollar City. Please only use it for a guidance and Herschend Family Entertainment's actual income may vary a lot from the dollar amount shown above. Herschend Family Entertainment ( HFE) is a privately owned themed-entertainment company that operates several theme parks and tourist attractions within the United States, and as of 2021, one aquarium in Vancouver, Canada. He brought along his wife and new baby. . At Albion, Manby graduated with a bachelor's degree in Economics as the valedictorian of his class and was a Rhodes Scholarship Finalist. The rapid spread of the coronavirus outbreak, deteriorating global economic outlook, low oil prices, and high asset price volatility have created an unprecedented credit shock across a range of sectors and regions. we all fought so hard to make something worth while. Jack Herschend For most of the company's first 50 years, Jack served as Chairman, President and CEO. Pro forma for the transaction leverage is 4.1x as of Q1 2020 with approximately $151 million of cash on the balance sheet. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. Leverage sustained above 7.5x, or an EBITDA minus capex to interest ratio below 1x could also lead to a downgrade. Theyre not in the basketball business, explains Pete. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH CURRENT OPINIONS. Moody's projects Herschend will have more than enough liquidity to manage through 2021 even if normal operation of the parks are disrupted or perform well below historical levels for a prolonged period of time. Track your investments 24 hours a day, around the clock from around the world. ### Friendly coworkers. Committed for more than half a century to bringing families closer together by Creating Memories Worth Repeating, we work daily to create wholesome, immersive entertainment experiences with soul and depth. The Herschend properties have a nostalgic feelthe light-in-the-head, lead-in-the-stomach mix of roller coasters, carnival games and high-calorie Southern food that feels as American as a summer baseball game. He still walks with a limp. Joel is also the CEO of Herschend Family Entertainment, whose agency also participated in the first season of Undercover Boss. At least one ESG consideration was material to the credit rating action(s) announced and described above. With relatively low starting salaries but generous benefitssubsidized food, $15-a-visit doctors near the largest parks and profit sharing after 1,000 hours of up to 2.5% of annual salaryits easier for employees to buy into the Herschend line. but once your are thrown into the pit they leave you for the wolves, belligerent guests and management did not support their teams. He crushed three vertebrae, broke his leg and took 57 stitches to mend the gash in his head. anytime corporate members were on site they wouldn't acknowledge your existence. UPDATE 1-Alphabet's CapitalG appoints insider Laela Sturdy as managing partner, Salesforce CEO Marc Benioff: 'We have hit the hyper-space button', Costco earnings: 3 things were watching ahead of the Earnings Call, WRAPUP 1-Ukraine clings to Bakhmut but time may be running out as Russians advance, Modest Australia house price correction unfazed by rising rate expectations: Reuters Poll. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. After a few years with Saturn, Manby was promoted to CEO of Saab Automobile USA. Rating Action: Moody's assigns B3 CFR to Herschend Entertainment and B3 rating to new Term Loan; outlook stable. Herschend Family Entertainment and its portfolio of theme park, resorts, and aquariums is part of the Herschend Enterprises family of brands with a collective vision and mission of bringing families closer together by Creating Memories Worth Repeating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com. Committed to "creating memories worth repeating" by producing wholesome, immersive family entertainment experiences, Herschend Family Entertainment is the largest family owned theme park corporation in the United States. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. The outlook is stable. Our team of more than 11,000 employees creates, develops and operates entertainment, tourism and hospitality properties that currently span 26 locations across the US and British Columbia. Today, Herschend Family Entertainment and its parent company Herschend Enterprises are considered the nations largest family-owned themed attractions corporation in the US. These values are reflected in the EnterprisesLeading With Love program and free employee tuition through Herschend GROW U. Theyve seen better days. Humility and Accountability define the principle behind the business model of a majority independent board for their family-owned company. Great atmosphere, great benefits, Wonderful culture, HR is very lazy and do not care about the prople, Good people and Culture. Many people ask about the amount of money Herschend Family Entertainment makes from Instagram. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Can run very lean on the corporate side leading to everyone being overworked or project timelines constantly getting pushed. A governance impact that Moody's considers is the expectation of a relatively moderate financial policy focused on debt reduction over time. At Dollywood Parks & Resorts, we create memories worth repeating. Proof positive: Attendance at the park, renamed Dollywood, immediately doubled. [13:30] Reasons behind the business model of a majority independent board for a family-owned company. The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure. Total Joel Manby Net Worth in 2021 $1 Million $5 Million (Approx.). Hed joined the board in 1998 after serving as part of the startup team at GMs Saturn, becoming CEO of Saab USA and leading the spectacular fall of Greenlight.comthe online auto retailer that had backing from Kleiner Perkins, partnered with Amazon and crashed in early 2001. The documentary, Blackfish, explored the conditions of killer whales at SeaWorld, and the company's repeated attempts to hide the aggressiveness of the animals toward the trainers. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Glassdoor has 68 Herschend Entertainment reviews submitted anonymously by Herschend Entertainment employees. He and his brother Pete were then mulling retirement and who might take over their Christian-tinged amusement parks when one possible successor suddenly dropped out of the picture: Jacks son had just been fired from his job running one of the locations. Though he was back at work a few weeks later, his bulky cast relegated him to operating the cement mixer. (No Ratings Yet) Pro forma debt to EBITDA leverage is 4.1x as of Q1 2020 (including Moody's standard adjustments) and is expected to increase substantially as parks perform below previous levels in the near term before improving to below 6x by the end of 2021. They are not authored by Glassdoor. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. Usually loquacious, he chooses not to engage in this discussion. 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