July 15, 2024 Breaking News, Latest News, and Videos

Pacific Park on Santa Monica Pier Sold to SC Holdings, $10M Investment Planned

The Cultural Institution Set for Exciting Upgrades

Santa Monica Amusements LLC (SMA), the operating group of Pacific Park on the Santa Monica Pier, today announced its sale to SC Holdings (SC), an investment firm with extensive experience in the consumer, entertainment, and hospitality sectors. Over the next five years, SC will make $10 million in capital investments in Pacific Park’s food and entertainment programs, supporting park operations and keeping it a fun and welcoming destination for tourists, families, and the community.

David White, Santa Monica City Manager, responded to the sale and said, “SC Holdings’ purchase and planned improvements for Pacific Park reinforce the confidence we are seeing in Santa Monica’s future. We’re seeing more than a billion dollars in investment in local hotels, increased residential and retail projects, and new shopping, dining, and entertainment coming online throughout our city.

Santa Monica continues to be a destination for travelers and locals alike and remains a thriving place to do business. I look forward to continued progress ahead for our city and the beloved, iconic Santa Monica Pier.”

Pacific Park is a cultural institution and hub for entertainment and recreation located on the Santa Monica Pier, which welcomes ten million visitors annually. As the only admission-free amusement park in Los Angeles, Pacific Park has delivered some of Southern California’s highest-quality entertainment for almost 30 years.

Pacific Park’s Vice President and General Manager, Jeff Klocke, and his long-tenured management team will continue to lead the Park’s day-to-day operations. Collectively, this team has 300 years of combined experience managing the Park’s operations.

SC Holdings, led by Managing Partners Jason Stein and Daniel Haimovic, brings substantial capital and operational capabilities to Pacific Park. Since 2019, SC has been an active investor in the entertainment and live experience sectors, including The SpringHill Company, the merger of Major League Pickleball and the Professional Pickleball Association, and celebrated chef James Kent’s Saga Hospitality Group, which is home to multiple Michelin-starred restaurants, a top-ranked bar in the world, events venues, and membership clubs.

In Santa Monica, SC will work closely with Pacific Park’s longtime management team to further support the Pier as a premiere destination for visitors to California and the Los Angeles community. Lars Liebst, who served for 24 years as CEO of the celebrated Tivoli Gardens in Copenhagen, will serve on SC’s Pacific Park Advisory Board. He will be joined by David Swinghamer, the former CEO of Shake Shack, who brings his successful and highly regarded consumer, food, and beverage experience to the board.

“Having SC as owners and investors in Pacific Park is a milestone moment,” said Pacific Park Vice President and General Manager Jeff Klocke. “The Pier is a treasured part of Santa Monica and a place where both tourists and Angelenos come for fun and relaxation. SC’s investment and resources will help us expand what makes Pacific Park great today and write its next exciting chapter.”

“We’re honored to support the Park’s growth through investments into its programs and operations,” said SC Partner Adrian Williams, “The Pier and Park are such iconic parts of Southern California’s coastline, and we want to make sure they stay a welcoming place where visitors and locals can come have fun and relax.”

In the coming months, SC and Pacific Park will make additional announcements about growth and developments on the Pier, including new food and entertainment amenities. For more information on Pacific Park on the Santa Monica Pier, visit www.pacpark.com.

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