Hershey Entertainment and Resorts Company
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Formerly called
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Hershey Estates (1927-1976) HERCO, Inc. (1976-1980) |
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| Privately held corporation | |
| Industry | Entertainment and hospitality |
| Founded | 1927 |
| Founder | Milton S. Hershey |
| Headquarters | Hershey, Pennsylvania, United States |
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Key people
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Directors: Jane Cooper Sheila E. Dow-Ford Richard A. Harvey Eric Henry Jeffrey W. Jones Joseph M. Senser Executive Officers: William F. Simpson (CEO) David P. Lavery (CFO) John Lawn (COO) Garrett Gallia (VP) Andrew Helmer (VP) Jane LaFranchi (VP) Leslie Ferraro (VP) |
| Brands |
Hersheypark The Hotel Hershey |
| Services | Amusement park, attractions, hotels, restaurants, meetings |
| Owner | Hershey Trust Company |
| Website | www |
Hershey Entertainment and Resorts Company is a privately held corporation based in Pennsylvania. Milton S. Hershey established HE&R in 1927 to distinguish and separate his chocolate manufacturing company from his other business ventures. All his non-chocolate producing businesses were established as Hershey Estates, renamed Hershey Entertainment and Resorts Company in 1980.
In 1894, Milton S. Hershey founded the Hershey Chocolate Company as a subsidiary of his Lancaster Caramel Company. In 1900, the American Caramel Company offered to purchase the Lancaster Caramel Company for $1 million. Hershey accepted the offer, maintaining ownership of the Hershey Chocolate Company. In 1903, Hershey began purchasing land in Derry Township, Pennsylvania, not far from the family homestead he owned, to create a company town for his proposed chocolate factory. To build the structures of the town, Hershey created a subsidiary company called the Hershey Improvement Company. This company was the predecessor to Hershey Entertainment and Resorts. After the factory was completed and put in operation in 1904, the Hershey Improvement Company turned toward building the town, which included homes, stores and parks. Hershey Park was opened on May 30, 1906, having a dance hall pavilion, band shell for shows, and tennis courts and a baseball field with a grand stand available for sporting events. As the park gained popularity, further improvements were made, such as a grand entrance for the park in 1916.
In 1905, Hershey created the Hershey Trust Company to provide banking to the town of Hershey. In 1909, Hershey and his wife Catherine, who were unable to have children, established the Hershey Industrial School for orphan boys (renamed the Milton Hershey School in 1951). Hershey created a deed of trust establishing a trust fund for the school. He named the Hershey Trust Company as administrator of the school trust. In 1918, three years after Catherine Hershey died, Hershey transferred nearly all of his assets, including his control of the chocolate company, and various other entities, to the school. This made the Hershey Trust Company owner of the Hershey Improvement Company.
In 1920, Hershey experienced financial difficulty following the collapse in sugar futures. Hershey was forced to sign a promissory note from National City Bank to keep the chocolate company in business. Under the terms of the note, National City Bank sent R.J. DeCamp to be on the board of managers, to assume management of the company. DeCamp remained on the board until 1922, when the company settled the debt. During that time period, DeCamp prevented substantial improvements to the park or the town, as it was considered too costly an investment. Once Hershey regained control of the company, this made him realize that he should split his operations such that if the chocolate company ever failed again as it had, it wouldn't directly impact the town as the DeCamp period had.
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Wikipedia