Palace Entertainment was a Pittsburgh, Pennsylvania-based operator of amusement parks, water parks, and family entertainment centers across the United States. Founded in 1998 through the merger of four independently owned entertainment companies, it grew over the following decades into one of the largest regional park operators in the country, eventually managing more than 20 properties in ten states.
The company changed hands twice at the corporate level while its parks kept running under their own names. MidOcean Partners owned Palace Entertainment for about a year before selling it to Spanish leisure giant Parques Reunidos in 2007 for $330 million. Parques Reunidos operated the U.S. portfolio as Palace Entertainment until 2025, when it sold the business to Herschend Family Entertainment, folding a nearly three-decade chapter of American park history into a new owner.
Stats at a Glance
- Headquarters: Pittsburgh, Pennsylvania
- Founded: 1998
- Former Parent (2007-2025): Parques Reunidos
- Attractions Operated: 24 attractions across 10 U.S. states (at time of 2025 sale)
- Oldest Property: Lake Compounce, opened 1846, the oldest continuously operating amusement park in the U.S.
- Flagship Historic Park: Kennywood, opened 1898 in West Mifflin, PA
- Sold To: Herschend Family Entertainment, deal completed May 27, 2025
From Four Companies to a National Operator
Palace Entertainment traces its roots to 1998, when four independently owned family entertainment companies were combined under a single corporate umbrella. The business grew quickly through acquisitions, and by the mid-2000s it operated dozens of parks, water parks, and entertainment centers spread across the U.S. MidOcean Partners took ownership in 2006, then sold the company to Parques Reunidos in August 2007 for $330 million, with Fernando Eiroa continuing on as president and CEO through the transition.
Under Parques Reunidos, Palace Entertainment expanded further, acquiring several properties from Kennywood Entertainment Company between 2007 and 2009, including Lake Compounce. In 2014, the company sold off 15 smaller properties to Apex Parks Group to concentrate on its larger, better-known destinations.
Kennywood, Lake Compounce, and the Rest of the Portfolio
Palace Entertainment’s portfolio included some of the oldest amusement parks in America. Lake Compounce in Bristol, Connecticut, opened in 1846 and is recognized as the oldest continuously operating amusement park in the United States; Palace Entertainment took it over in 2009. Kennywood, which opened in 1898 in West Mifflin, Pennsylvania, and Idlewild Park, which dates to 1878, were also part of the lineup, alongside Dutch Wonderland, Story Land, Noah’s Ark Water Park, Sandcastle Waterpark, and multiple Raging Waters locations.
That chapter closed in 2025. Parques Reunidos agreed in March to sell its entire U.S. business to Herschend Family Entertainment, and the deal closed on May 27, 2025, transferring Palace Entertainment’s 24 U.S. attractions into Herschend’s growing portfolio.
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Palace Entertainment FAQs
What is Palace Entertainment?
Palace Entertainment was a Pittsburgh-based company that operated amusement parks, water parks, and family entertainment centers across the United States from 1998 until its 2025 sale to Herschend Family Entertainment.
Which parks did Palace Entertainment own?
Its portfolio included well-known parks such as Kennywood, Lake Compounce, Idlewild Park, Dutch Wonderland, Story Land, Noah’s Ark Water Park, and several Raging Waters locations, among more than 20 total properties.
What happened to Palace Entertainment?
Parent company Parques Reunidos sold the U.S. business to Herschend Family Entertainment, with the acquisition completing on May 27, 2025, bringing Palace Entertainment’s parks under Herschend’s ownership.
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Photo: Angelo Penone / Public domain, via Wikimedia Commons.