SeaWorld has yet to respond to an August notice of default, which warned that the publicly traded company would face litigation if outstanding rent payments and fees were not paid in full by Sept. 6
Three months after declaring its intent to sue SeaWorld, the city has sent the theme park yet another notice of default and is demanding payment by Sept. 6.SeaWorld San Diego has a long-term ground lease with the city, expiring in June 2048, for 190 acres of waterfront property on Mission Bay. The company’s minimum annual rent, which is adjusted every three years, was set at $10.4 million, plus a 3 percent surcharge, for the time period in question.
At issue is nearly $8.9 million in unpaid rent for the period between Jan. 1, 2019, and April 30, 2022, as calculated by the City Treasurer’s office in a lease audit conducted last year. The outstanding sum has been compounded by nearly $3.4 million in interest charges and late fees, with interest continuing to accumulate. The city issued invoices on Oct. 24, Nov. 2 and June 30 seeking payment, but no payments have been received.
The missed payments are a hangover from the pandemic, when SeaWorld was forced to close its amusement park in response to county and state mandates. The San Diego park closed for five months between March 2020 and August 2020, and then again for two months between December 2020 to February 2021. SeaWorld has previously said that it was not required to make its minimum rent payments during forced shutdowns, but city officials have countered that the company’s rent could be deferred but not waived.
In the report, SeaWorld said it paid $500,000 in rent in calendar year 2020, $11.1 million in rent and charges in 2021, and $13.6 million in rent and charges in 2022.
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