Marineland going under?

Florida marine park needs money, visitors to stay afloat

MARINELAND, Florida (CNN) -- Florida's oldest marine park is in financial trouble, along with the tiny city that carries its name.

Located on coastal State Road A-1-A, about midway between Daytona Beach and St. Augustine, Marineland used to be Florida's busiest tourist attraction. In operation since opening in 1937 as an underwater movie studio, it was incorporated as a town in 1940 and still has 15 permanent residents.

But Marineland's aging facilities lack enough tourists to stay in business and make the promised payments on $9.7 million dollars in municipal bonds issued in 1996 to keep the place afloat.

Last year, 118,000 people visited the park, but officials say they need anywhere from 150,000 to 200,000 people to make payments on the bonds and keep the park running.

Marineland Ocean Resorts, which owns the complex and its motels, campground and marina, filed for Chapter 11 bankruptcy protection on October 30, 1997.

A host of new central Florida attractions have joined Walt Disney World vying for tourist attention. Disney, Universal Studios, Busch Gardens and Sea World have all offered stiff competition to Marineland's 59-year run as a top tourist attraction.

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