After a sharp decline in revenue, Six Flags is fighting to stay afloat as more of its parks face closure.
Chief Financial Officer Brian Witherow, speaking during the company’s third-quarter earnings report, stated that Six Flags is “focusing on reducing capital needs, closing high-risk assets, and achieving a smaller, more agile portfolio.” Following its 2023 merger with Cedar Fair, the company now operates more than 40 parks across North America.
After 50 years of operation, Six Flags America, located outside Washington, D.C., and its water park Six Flags Hurricane Harbor, permanently closed this week.
The company also plans to shut down California’s Great America between 2028 and 2032 and has sold unused land near Kings Dominion in Virginia, which will remain open.
While attendance at the Texas parks slightly increased between July and September, visitors spent less, leading to an overall decline in revenue. Six Flags, which operates in the U.S., Canada, and Mexico, saw a 1% rise in summer attendance (21.1 million visitors), but lower demand in September offset earlier gains.
The company reported a 2% revenue drop for the third quarter, down to $1.32 billion, below analyst expectations, along with a 4% decline in in-park spending.
Six Flags posted a net loss of $1.2 billion, compared to a $111 million profit a year earlier — largely due to a $1.5 billion non-cash impairment charge tied to weaker performance and falling stock prices.