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Dollywood is shelling out $22 million for The Lightning Rod, which is the biggest attraction, investment ever for the theme park, located in Pigeon Forge, Tennessee. The new coaster will be situated in the Jukebox Junction area of the park and will open in March 2016.

It is not a traditional wooden roller coaster, Dollywood President Craig Ross said, because it will be the first wooden coaster to use launch technology. The coaster will then drop riders 73 degrees down the 165 foot first drop where it will reach speeds of 73 miles per hour,...