LOUISVILLE, Ky. -- The old Kentucky Kingdom amusement park will remain closed.
In a surprising announcement late Friday afternoon, the owners of Holiday World announced they are withdrawing from the project to reopen the park as Bluegrass Boardwalk.
The Koch family had just received approval for state incentives to help reopen the park in 2014.
But Bluegrass Boardwalk CEO Natalie Koch says "the many layers of governmental regulations and stipulations" ultimately caused them to withdraw.
The Kentucky State Fair Board issued a statement, saying it "remains committed to finding options for the amusement park and will assess the situation over the next few weeks."
The park closed in 2009 amid bankruptcy proceedings by then-owner Six Flags.
Metro Councilman David Tandy, who chairs the Labor and Economic Development meeting, says he met with Holiday World representatives Friday morning, and all seemed to be going well. Then, a Friday evening call when they announced they were backing out.
He calls the news disappointing, since it would have been a boost to the local economy, in particular the 800-seasonal jobs that would have gone to high school and college students.
Tandy adds, the committee was to act on an incentive program during a special meeting on Monday.