The City of San Diego has settled its lawsuit against SeaWorld San Diego over unpaid rent during the pandemic lockdowns.
The city owns the Mission Bay property upon which SeaWorld operates its original theme park. The lease agreement with the city requires the park to pay rent based on its income, with minimum payment guarantees.
That minimum payment became an issue for the year that the park was closed to guests due to California's pandemic lockdowns. SeaWorld argued that it did not owe anything since the park was closed, which SeaWorld said violated its lease. The city countered with a demand for about $8.9 million in unpaid rent plus $3.4 million in interest charges and late fees.
Now, the two parties have settled, with SeaWorld owner United Parks to pay the city $8.5 million. The settlement also includes free tickets to local teachers and to active duty and retired military, but SeaWorld frequently has provided free or discounted admission to those groups in the past, anyway.
Earlier this year, a federal judge ordered United Parks to pay Sesame Street owner Sesame Workshop $11.4 million in unpaid licensing fees from the during the pandemic.
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LOL. Truth.
I was calling it the whole time, this was a big ruse to just put off having to pay until the company was on more sound financial footing. They basically lost both this and the Sesame Workshop litigation.
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So $11.4 (Sesame Workshop) + $8.5 (San Diego) + $5.3 (BGT trampoline injury settlement) = @440k shares United Parks won't be buying back this year.