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Is Six Flags considering closing its amusement parks? What do we know?

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Is Six Flags considering closing its amusement parks? What do we know?

Some of Six Flags’ 42 theme parks across the U.S. may be closing. The Independent reports.

Six Flags Entertainment Corporation on Wednesday quarterly earnings report It gives rough details of a long-term plan called “Project Acceleration”, which promises “a comprehensive review of the portfolio to consider the potential divestiture of non-core assets to help reduce leverage”.

It’s been four months since Six Flags and Cedar Fair Entertainment Co. announced their $8 billion merger, emerging under the new label Six Flags Entertainment Corporation.

Will this affect any of New York’s Six Flags parks? Here’s what we know.

Where are New York’s Six Flags theme parks located?

Six Flags Lake Darien It is located on Corfu, between Rochester and Buffalo and has been around since 1964. New York’s other location, Six Flags The Great EscapeIt is located in Queensbury, north of Albany.

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Will Six Flags close Lake Darien or the Great Escape?

This is unclear at the moment. Accordingly Theme Park InsiderClosure or sale of Six Flags amusement parks “is currently on the table.”

However, Six Flags Entertainment Corporation spokesman Gary Rhodes told USA TODAY Network otherwise. “We have no plans to close the parks,” he said Thursday.

In the report, Six Flags’ parent company outlined plans for “additional cost savings across the portfolio” through 2025. These will include integrating technology to harmonize combined systems, improving operational efficiency, while maintaining a “disciplined approach” to enable capital investments. Realize each park’s full market potential while “maximizing free cash flow efficiency.”

At the same time, the report noted that Six Flags Entertainment Company achieved “solid results” in its first quarter as a combined company. SFEC reported more than 21 million guests for the period ending September 29, 2024; this was a 20% increase compared to the former Cedar Fair and former Six Flags’ total attendance during the same five-week period before the merger.

Companywide net revenues reached $1.35 billion in the quarter, with an average parking spend of $61.27.

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What did Six Flags say?

In the report, Six Flags President and CEO Richard Zimmerman said the company is focused on continuing Project Accelerate’s efforts.

“Four months ago, we launched Project Accelerate, a transformational initiative to align our operations and unlock the full potential of the new Six Flags,” Zimmerman said in the report. “We have only scratched the surface of what we can achieve and we are acting with a sense of urgency to optimize performance and implement our new long-term initiatives.

“I am extremely confident that focusing on our core strategic objectives will deliver superior and sustainable value creation over the next few years and enable us to achieve our target of at least $800 million of annual unleveraged pre-tax free cash flow by 2027.”

Cedar Fair and Six Flags’ combined portfolio includes 27 amusement parks and 15 water parks in North America, attracting 48 million visitors annually, according to The Independent.

When emailed for comment, a Six Flags spokesperson noted language in the company’s financial reports about “a plan to review the park portfolio over time, optimize the asset base, narrow management’s focus, and help reduce net leverage.”

Reporter Chad Murphy contributed to this report.

Emily Barnes reports on consumer issues for the USA TODAY Network’s New York Connect Team, focusing on fraud and recall-related issues. Follow him on Twitter and Instagram @byemilybarnes. Contact at [email protected].

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