Santa Monica Amusements LLC, the operating group of Pacific Park on the Santa Monica Pier, announced its sale on Thursday, March 15, to NYC-based SC Holdings (SC), an investment firm with history of working in the consumer, entertainment, and hospitality sectors.
According to a statement from Pacific Park, over the next five years, SC will make $10 million in capital investments in food and entertainment programs, supporting park operations and “keeping it a fun and welcoming destination for tourists, families, and the community.”
Pacific Park has been a hub for entertainment and recreation for almost 30 years and forms part of the Santa Monica Pier, which itself welcomes over 10 million visitors annually, plus it’s the only admission-free amusement park in Los Angeles county.
“Having SC as owners and investors in Pacific Park is a milestone moment,” said Pacific Park Vice President 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.”
SC Holdings have been active investors in the entertainment and live experience sectors since 2019, including the SpringHill Company, the merger of Major League Pickleball and the Professional Pickleball Association, plus celebrated chef James Kent’s Saga Hospitality Group.
“We’re honored to support the Park’s growth through investments into its programs and operations,” said SC Partner Adrian Williams in a statement. “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.”
Santa Monica City Manager, David White, said in a statement, “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 part of an ever-changing, ever-evolving industry,” Jim Harris, Executive Director of Santa Monica Pier told the Daily Press, adding, “[Pacific Park] is a huge part of the attraction of the Pier and a great partner at the Pier Corporation. We’re happy that this announcement means there will be continued investment and development in this world famous historic landmark to ensure it remains relevant and appealing to both residents and visitors.”
According to the statement, both SC and Pacific Park will make additional announcements about growth and developments on the Pier, including new food and entertainment amenities in the coming months.
scott.snowden@smdp.com