Hard Rock Park in Myrtle Beach, South Carolina, has been forced to close for the remainder of the 2008 season after its parent company filed for bankruptcy protection.

HRP Myrtle Beach Holdings filed for Chapter 11 protection at the end of September, although it has been denied that the attraction is set to go out of business. The US$400m (£217.3m, 273.5m euro) Hard Rock Park opened earlier this year after seven years in development with more than 50 rides and attractions based on famous rock musicians and groups.

A financial restructuring process will now be carried out by HRP Holdings after voluntarily filing for the bankruptcy protection, and it intends to reopen the attraction in 2009. Steve Goodwin, CEO of HRP Holdings, said: "The downturn in overall consumer spending, combined with rising fuel costs have had a significant impact on tourism in Myrtle Beach.

"As a result, we have made the strategic decision to utilise the Chapter 11 process to proactively adddress these issues and provide the park with the financial resources it requires for future success." However, Jim Pattinson Jr, the president of Ripley's, which also operates two attractions in Myrtle Beach, has played down the significance of a decline in tourism numbers in the area.

"We are enormously disappointed to hear the news from Hard Rock Park," he said. "HRP Holdings built a great park and the park has the potential of pulling in a great number of tourists into the region, which in turn would benefit other operators in the area. Riplay's operates both a Ripley's Believe It or Not! and a Ripley's Aquarium at Myrtle Beach, and Pattinson said the group had not experienced the same troubles as Hard Rock has.

"Visitor figures are slightly down for 2008, but that follows a great 2007. Any decline in visitor numbers this year will be single digit."