Six Flags Entertainment Corporation, the parent company of Six Flags Great America in north suburban Gurnee, has released its first quarterly earnings report since merging with Cedar Fair to become the largest regional amusement park operator in North America.
And the report suggests that Six Flags will at least consider closing some of its 42 amusement or water parks as part of its long-term business plan.
The report, released Wednesday, is for Six Flags’ 2024 third-quarter results. But it’s the company’s first quarterly report since the former Six Flags merged with the former Cedar Fair to form the new Six Flags Entertainment Corporation (SFEC).
The merger was closed on July 1.
In a media release, SFEC says Wednesday’s third-quarter report reflects the financial results for the new company from July 1 through Sept. 29, 2024, since the merger. That means the financials look quite different than what was reflected in the first and second quarters of 2024, when Six Flags and Cedar Fair reported as separate companies.
SFEC also released a long-range plan as part of its third-quarter report, which it calls Project Accelerate.
Among the project’s other core long-range objectives, the company says one is to “review the park portfolio over time, to optimize the asset base, narrow management’s focus, and help reduce net leverage.”
In other words, that means SFEC will consider closing some of its parks.
It’s important to note, however, that the report doesn’t say the company will definitely close parks or has any imminent plans to do so. These plans are just presented as considerations.
The company has begun demolition of one of its parks, Six Flags New Orleans, reports NOLA.com. However, that park has sat vacant for almost 20 years since floodwaters from Hurricane Katrina enveloped its grounds. It never reopened after Aug. 29, 2005.
Other highlights
You can click HERE to read SFEC’s full third-quarter report if you wish, but like any quarterly report, it contains a lot of numbers and corporate speak.
The main highlights from the quarter, as the company reports, are: net revenues totaled $1.35 billion, net income totaled $111 million, and park attendance totaled 21 million guests.
“We delivered solid results in our first quarter as a combined company and are encouraged by the continued momentum we see in the business,” Six Flags President and CEO Richard A. Zimmerman said in the release. “While extreme weather and other operating disruptions at critical points during the third quarter impacted our financial results, consumer demand for our parks remained strong during normalized operating conditions.”
Zimmerman went on to note that the final five weeks of the quarter showed particularly strong results, when attendance was up one million over the combined total from the old Six Flags and Cedar Fair companies a year ago during the same period.
Zimmerman also says, “Since completing the merger, we have been finding ways to operate more efficiently and reducing unnecessary costs while still delivering a high level of guest service.”
More about SFEC
With the old Six Flags and Cedar Fair combined, SFEC now features 27 amusement parks, 15 water parks and nine resort properties across 17 states in the U.S., Canada and Mexico.
Cedar Fair’s centerpiece property that it brought to the merger is Cedar Point in Sandusky, Ohio, which has long been a mecca for amusement park and thrill-ride enthusiasts around the world.
Great America, meanwhile, opened in Gurnee in 1976 as Marriott’s Great America. It was purchased by Six Flags in 1984.
In August, SFEC announced its new lineup of rides and attractions set to come to its parks in 2025. One of those is Wrath of Rakshasa, a brand-new dive coaster set to open at Great America next season.
Marcus Leshock of the WGN Morning News and Coastin’ the Country talked about the new ride when it was announced.
In the same announcement, SFEC said it was introducing an expanded “All Park Passport Add-On” that can be used at all 42 of the company’s amusement and water parks beginning in 2025.
Great America just wrapped up its 2024 season last weekend with the conclusion of its annual Fright Fest.