Six Flags

Last updated
Six Flags Entertainment Corporation
Company type Public
Industry Theme parks
Predecessors
FoundedJuly 2, 2024;3 months ago (2024-07-02)
Headquarters Charlotte, North Carolina, U.S.
Number of locations
42
Area served
  • United States
  • Mexico
  • Canada
Key people
Richard Zimmerman (president & CEO)
Selim Bassoul (chairman)
Revenue
  • Decrease2.svg US$1,358,236,000 (2022) [1]
  • US$1,496,905,000 (2021) [2]
  • Decrease2.svg US$108,928,000(2022) [1]
  • US$129,923,000 (2021) [2]
Number of employees
1,450 full-time; 40,000 seasonal (2022) [3]
Website sixflags.com

Six Flags Entertainment Corporation, often referred to simply as Six Flags, is an American amusement park corporation headquartered in Charlotte, North Carolina, United States. It was formed on July 2, 2024, following a merger between longtime rivals Cedar Fair and the former Six Flags company. The combined company owns and operates 51 properties throughout North America, including amusement parks, water parks, and resorts.

Contents

History

Pre-merger

Six Flags Theme Parks originated in with the creation of The Great Southwest Corporation by Angus G. Wynne and other investors, who would go on to open the chain's original park, Six Flags Over Texas, in August 1961. After the Pennsylvania Railroad gained a controlling stake in the company's shares, a handful of new parks were constructed, and multiple independently-owned parks were purchased over the following two decades. Following the acquisition of Marriott Corporation's Great America theme park in 1984, Six Flags acquired the rights to feature Warner Bros.' Looney Tunes animated characters at their properties; Time Warner subsequently purchased much of the company and was its sole owner from 1993 to 1995. Six Flags Theme Parks, Inc. was later bought out by Premier Parks – an Oklahoma-based real estate firm and theme park chain – on April 1, 1998, for $1.86 billion. [4] Premier began to apply the Six Flags name to several of their existing properties in North America and Europe, eventually fully assuming the brand name in 2000.

Throughout the 2000's, Six Flags began to suffer from growing debt and organizational bloat, eventually resorting to selling off assets like its European parks and Worlds of Adventure in 2004. Some of the company's largest investors grew frustrated with Six Flags and demanded change; Daniel Snyder's Red Zone, LLC successfully gained control of Six Flags' board of directors in 2005 by means of a proxy battle. New management continued to sell off various American amusement park locations throughout 2006-2007, although their cash flow continued to decrease, falling $120 million annually under Red Zone's board. Weighed down by the financial crisis of 2007–2008 and the New York Stock Exchange's decision to delist their stock, Six Flags filed for Chapter 11 bankruptcy protection in 2009 but continued to operate the parks as normal. Six Flags re-emerged as Six Flags Entertainment Corp. on May 3, 2010, moving head offices from New York City to Grand Prairie, Texas and allowing lenders to control 92% of the company in exchange for canceling $1.13 billion in debt. [5]

Jim Reid-Anderson was instated as chairman, president and chief executive officer (CEO) on August 13, 2010 and succeeded by Mike Spanos in late 2019. New initiatives were launched to build Six Flags theme parks in global markets; the previously cancelled Six Flags Dubai was revived in 2014 before being called off again in 2018. Six Flags Zhejiang and Six Flags Chongqing both began construction in China before a declining real estate and the collapse of its local investment firm in 2020 forced both projects to be sold on to other developers. The COVID-19 pandemic also hindered Six Flags' operations during 2020, forcing many parks to remain closed for the year. Mike Spanos stepped down in 2021, allowing chairman Selim Bassoul to assume the role of CEO. Seeking reinvention, Bassoul announced a new strategy favoring guest experience over capital investments; this meant raising prices in order to lower daily park crowds, thus improving the park experience for higher-paying guests. [6] The initiative and various comments made by Bassoul proved controversial with shareholders, and was abandoned in November 2022 after park attendance plummeted by 33%. [7] [8] [9] [10]

Cedar Fair

This section is an excerpt from Cedar Fair § History.[ edit ]

Cedar Point Amusement Park began as a bathing beach resort in the 1870s, and its growing popularity as a recreational destination led to the formation of Cedar Point Pleasure Resort Company in 1887. The company was founded with the purpose of expanding the resort commercially. An economic depression in the 1890s threatened the resort's future, however. A newly formed business, Cedar Point Pleasure Resort Company of Indiana led by George Arthur Boeckling, purchased Cedar Point for $256,000 in 1897. It was later reorganized as the G.A. Boeckling Company. [11]

The resort thrived under Boeckling's leadership, which lasted through 1931. [11] G.A. Boeckling Company continued to control operations at the amusement park for much of the 20th century. [11] A proposal in 1974 to build an amusement park in Cambridge Township, Michigan, was contemplated and later abandoned the following year. [12] Then in 1978, Cedar Point acquired Valleyfair amusement park. Parent company Cedar Fair Limited Partnership, commonly known as Cedar Fair, was formed in 1983. [13] Its name was derived from both parks – "Cedar" representing Cedar Point and "Fair" representing Valleyfair. [14] The company went public on April 29, 1987. [13] Under Cedar Fair's leadership, Cedar Point grew to become one of the largest amusement parks in the world, and the company increased its portfolio by acquiring other amusement properties throughout the United States. [11]

Merger

Previous unsuccessful attempts had been made to assimilate Cedar Fair in the decade leading up to the merger. One such deal with Apollo Global Management fell apart in April 2010. [15] On October 2, 2019, Reuters reported that Six Flags had first approached Cedar Fair with a cash-and-stock acquisition offer, although the proposal was quickly rebuffed. [16] [17] In February 2022, SeaWorld Parks & Entertainment (now United Parks & Resorts) made an unsolicited all-cash bid to buy Cedar Fair for $3.4 billion; the offer was rejected two weeks later. [18] [19]

Six Flags and Cedar Fair eventually merged in 2024 after announcing the pending agreement in 2023. [20] Described as a "merger of equals", [20] the combined company retained the Six Flags name, formed a net worth of $8 billion, and created a portfolio of 27 amusement parks, 15 water parks, and 9 resort properties. [21] The transition resulted in Cedar Fair stakeholders becoming majority owners, with "unitholders" owning a 51% stake in the new company. [20] President and CEO of Cedar Fair, Richard Zimmerman, became President and CEO of the new combined company, while Selim Bassoul, former President and CEO of Six Flags, became the executive chairman of the company's board of directors. [20] The combined company's new headquarters is scheduled for relocation to Charlotte, North Carolina, with significant administrative and financial operations being located at Cedar Fair's former headquarters in Sandusky, Ohio. [21] The merger was completed on July 1, 2024. [22]

Properties

Year acquired lists the year the property was acquired by the property's previous respective owner among the current company's two predecessors.

Amusement parks

NameLocationYear openedYear acquiredNotes
California's Great America Santa Clara, California 19762006A seasonal amusement park acquired by Cedar Fair in 2006 during the purchase of Paramount Parks.
Canada's Wonderland Vaughan, Ontario 19812006The most visited seasonal amusement park in North America, acquired by Cedar Fair in 2006 during the purchase of Paramount Parks.
Carowinds Charlotte, North Carolina 19732006A seasonal amusement park acquired by Cedar Fair in 2006 during the purchase of Paramount Parks.
Cedar Point Sandusky, Ohio 1870—Once the flagship of the Cedar Fair chain, it is currently one of the two oldest Six Flags parks.
Dorney Park & Wildwater Kingdom Allentown, Pennsylvania 18841992A seasonal amusement park acquired by Cedar Fair in 1992. [23]
Frontier City Oklahoma City, Oklahoma 19582018An original Six Flags property during the Premier Parks era. Owned by EPR Properties; operated by Six Flags since 2018.
Kings Dominion Doswell, Virginia 19752006A seasonal amusement park acquired by Cedar Fair in 2006 during the purchase of Paramount Parks.
Kings Island Mason, Ohio 19722006A seasonal amusement park acquired by Cedar Fair in 2006 during the purchase of Paramount Parks.
Knott's Berry Farm Buena Park, California 19201997Originally acquired by Cedar Fair from the Knott Family in 1997, [24] the year-round park is the most-visited park in the chain.[ citation needed ]
La Ronde Montréal, Quebec 19672001Built for Expo 67. Emphyteutic lease from the City of Montréal through 2065.
Michigan's Adventure Muskegon, Michigan 19562001A seasonal amusement park acquired by Cedar Fair in 2001.[ citation needed ]
Six Flags America Largo, Maryland 19731999Acquired in the Premier Parks deal. Formerly known as Adventure World, and before that Wild World.
Six Flags Darien Lake Darien, New York 19812018Owned by Six Flags from 1999 to 2007. Owned by EPR Properties; operated by Six Flags since 2018.
Six Flags Discovery Kingdom Vallejo, California 19681997Acquired in Premier Parks deal. Initially re-branded as Six Flags Marine World, it received its current name in 2007.
Six Flags Fiesta Texas San Antonio, Texas 19921998Originally owned by USAA and managed by Gaylord Entertainment from 1992 to 1995. Six Flags took over park management in 1996 and the park was purchased mid-season 1998.
Six Flags Great Adventure Jackson, New Jersey 19741977Safari Off-Road Adventure is attached to the park, making Great Adventure the second-largest theme park in the world.
Six Flags Great America Gurnee, Illinois 19761984Acquired from Marriott Corporation. By acquiring this park, Six Flags gained the rights to the Warner Bros. licenses. Purchase price $114.5M [25]
Six Flags Great Escape and Hurricane Harbor Queensbury, New York 19541996Acquired in Premier Parks deal. Originally known as Storytown USA until 1982.
Six Flags Magic Mountain Valencia, California 19711979Acquired from Newhall Land and Farming Company. Purchase price $51M [26]
Six Flags México Mexico City, Mexico 19821999Acquired from Reino Aventura. Purchase price $59M [27]
Six Flags New England Agawam, Massachusetts 18701997One of the two oldest parks in the chain, predating the founding of the first Six Flags Park by nearly a century. Acquired in Premier Parks deal, formerly Riverside Park.
Six Flags Over Georgia Austell, Georgia 1967—Built by Six Flags, the second of three locations. The park is partially owned by a limited partnership and is managed and operated by Six Flags.
Six Flags Over Texas Arlington, Texas 1961—Built by Six Flags, the first location. The park is partially owned by a limited partnership and is managed and operated by Six Flags.
Six Flags St. Louis Eureka, Missouri 1971—Built by Six Flags, the last of three locations and the only one completely owned by Six Flags. Originally opened as Six Flags Over Mid-America.
Valleyfair Shakopee, Minnesota 19761978A seasonal amusement park acquired by Cedar Point in 1978 that led to Cedar Fair's formation in 1983. [28]
Worlds of Fun Kansas City, Missouri 19731995A seasonal amusement park acquired by Cedar Fair in 1995. [29]

Water parks

Outdoor

NameLocationYear openedYear acquiredNotes
Located in amusement parks
Carolina Harbor Charlotte, North Carolina 19822006Located within Carowinds. Has gone through several name changes since opening, serving most recently as Boomerang Bay until 2016.
Oceans of Fun Kansas City, Missouri 19821995Located adjacent to Worlds of Fun. In 2013, the water park became included with admission to Worlds of Fun. [30]
Six Flags Hurricane Harbor Queensbury, New York 19951996Located within Six Flags Great Escape. Was originally known as Splashwater Kingdom until 2019.
Six Flags Hurricane Harbor Maryland Largo, Maryland 19821992Located within Six Flags America. Renamed to Hurricane Harbor Maryland in 2023. [31]
Six Flags Hurricane Harbor Darien, New York 20102018Located within Six Flags Darien Lake.
Six Flags Hurricane Harbor Agawam, Massachusetts 19971998Located within Six Flags New England.
Six Flags Hurricane Harbor Austell, Georgia 2014—Located within Six Flags Over Georgia.
Six Flags Hurricane Harbor Eureka, Missouri 1999—Located within Six Flags St. Louis.
Soak City Doswell, Virginia 19922006Located within Kings Dominion. Has gone through several name changes since opening, serving most recently as WaterWorks until 2015.
Soak City Mason, Ohio 19892006Located within Kings Island. Has gone through several name changes since opening, serving most recently as Boomerang Bay until 2012.
Soak City Shakopee, Minnesota 1983 as Liquid Lightning—Located within Valleyfair. Previously known as Whitewater Country until being renamed for 2009.
South Bay Shores Santa Clara, California 20042006Located within California's Great America. Has gone through several name changes since opening, serving most recently as Boomerang Bay until 2020.
Splash Works Vaughan, Ontario 19922006Located within Canada's Wonderland.
WildWater Adventure Muskegon, Michigan 19912001Located within Michigan's Adventure.
Separate admission or property
Cedar Point Shores Sandusky, Ohio 1988—Located adjacent to Cedar Point. Previously known as Soak City until being renamed for 2017.
Knott's Soak City Buena Park, California 2000—Located adjacent to Knott's Berry Farm, Opened under the name, Soak City U.S.A., a legacy Cedar Fair park.
Schlitterbahn Galveston Galveston, Texas 20062019Purchased by Cedar Fair in 2019 from the Henry family.
Schlitterbahn New Braunfels New Braunfels, Texas 19792019Purchased by Cedar Fair in 2019 from the Henry family.
Six Flags Hurricane Harbor Los Angeles Valencia, California 1995—Located adjacent to Six Flags Magic Mountain.
Six Flags Hurricane Harbor Arlington Arlington, Texas 19831995Acquired from Wet 'n Wild. Located across Interstate 30 from Six Flags Over Texas.
Six Flags Hurricane Harbor New Jersey Jackson, New Jersey 2000—Located adjacent to Six Flags Great Adventure.
Six Flags Hurricane Harbor Oaxtepec Oaxtepec, Mexico 20172016Reopened in the former Parque Acuatico Oaxtepec location. One hour from Six Flags Mexico.
Six Flags Hurricane Harbor Concord Concord, California 19952017This water park was built by Premier Parks prior to its purchase of Six Flags. It was sold to PARC Management in the 2007 property sell-off. On April 27, 2017, Six Flags announced it had entered into an agreement with EPR Properties to manage the park. On February 22, 2018, Six Flags announced that the park would be renamed from Waterworld Concord to Six Flags Hurricane Harbor Concord. [32] Located about 15 miles from Six Flags Discovery Kingdom.
Six Flags Hurricane Harbor Phoenix Phoenix, Arizona 20092018Owned by EPR Properties; operated by Six Flags.
Six Flags Hurricane Harbor SplashTown Spring, Texas 19842018Owned by EPR Properties; operated by Six Flags.
Six Flags White Water Marietta, Georgia 19831999Located about 15 miles from Six Flags Over Georgia.
Six Flags Hurricane Harbor Oklahoma City Oklahoma City, Oklahoma 19812018Located about 15 miles from Frontier City, the park is owned by EPR Properties and is operated by Six Flags.
Six Flags Hurricane Harbor Rockford Cherry Valley, Illinois 19842019Owned by Rockford Park District, operated by Six Flags under a ten-year lease agreement beginning April 1, 2019.
Six Flags Hurricane Harbor Chicago Gurnee, Illinois 2005—Located adjacent to Six Flags Great America. It became a separate gate from Great America, making it the company's 27th amusement park and was rebranded to Hurricane Harbor Chicago in 2021. [33]
Six Flags Hurricane Harbor San Antonio San Antonio, Texas 19921998Located adjacent to Six Flags Fiesta Texas. Formerly called Ol' Waterin' Hole from 1992 to 1998, Armadillo Beach from 1999 to 2005. It was rebranded to Hurricane Harbor San Antonio and became a separate gate in 2023. [34]

Indoor

NameLocationYear OpenedYear AcquiredNotes
Castaway Bay Sandusky, Ohio 2004—Located about a mile from Cedar Point, a legacy Cedar Fair park.
Six Flags Great Escape Lodge & Indoor Waterpark Queensbury, New York 2006—Located across from Great Escape, includes a resort. Water park is named Six Flags White Water Bay.

Upcoming properties

Amusement parks

NameLocationYear OpeningYear AcquiredNotesSource
Six Flags Qiddiya Riyadh, Saudi Arabia 2025 (expected) [35] —This will be the first Six Flags-branded theme park in Saudi Arabia, and the first Six Flags park outside of North America since 2004. [36]

Fast Lane

Fast Lane is an expedited queue system in use at parks formerly associated with Cedar Fair. It was first announced for Kings Island on July 18, 2011. [37] The park served as the testing park for the system. For an increased cost, visitors get a wrist band which gives them the ability to wait in a shorter queue for most attractions. Originally, it could only be used from noon to 7:00 PM, but it was soon expanded to be available all day. Fast Lane would be rolled out to all Cedar Fair parks for the 2012 season. [38] There is also Fright Lane, which is Fast Lane for the haunted attractions during the Halloween events. [39] For the 2016 season, Cedar Fair began testing all season Fast Lane at Valleyfair and Dorney Park. By the 2019 season, all parks offered all season Fast Lane.

The Flash Pass

The Flash Pass is an optional, pay-per-person virtual queue system offered at amusement parks operated by Six Flags before the merger. The system, named after DC Comics character The Flash, allows guests to reserve places in line at participating attractions, and access must be purchased for a nominal fee in addition to the general park admission price. The first iteration, called Q-bot, was designed by Lo-Q and was first implemented at Six Flags Over Georgia in 2001. Guests are given handheld devices, which are then used to make reservations and receive notifications when it is their turn to ride. [40] Another iteration is where guests can scan a QR code on in-park signs or through the mobile app, and guests can buy individual Flash Passes per ride or use their season pass or membership Flash Pass. This feature was adopted in 2021. [41]

A water park version of the virtual system called Q-band was first tested at Six Flags White Water in 2011. [42] [43] Guests wear waterproof RFID wristbands that can be scanned at kiosks near participating water park attractions. [44]

See also

Related Research Articles

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Cedar Point is a 364-acre (147 ha) amusement park located on a Lake Erie peninsula in Sandusky, Ohio, United States, owned and operated by Six Flags. It opened in 1870 and is considered the second-oldest operating amusement park in the US behind Lake Compounce. Prior to the merger with Six Flags in 2024, Cedar Point served as the "flagship park" of the Cedar Fair amusement park chain and hosted the corporate headquarters. Known as "America's Roller Coast", the park features 17 roller coasters, which ranks third among amusement parks in North America behind sister parks Canada's Wonderland (18) and Six Flags Magic Mountain (20).

<span class="mw-page-title-main">Kings Island</span> Amusement park in Ohio

Kings Island is a 364-acre (147 ha) amusement park located 24 miles (39 km) northeast of Cincinnati in Mason, Ohio, United States. Owned and operated by Six Flags Entertainment Corporation, the park was built by Taft Broadcasting and opened in 1972. It was part of a larger effort to move and expand Coney Island, a popular resort destination along the banks of the Ohio River that was prone to frequent flooding. After more than $300 million in capital investments over the years, the park has grown to feature over a hundred attractions including fifteen roller coasters and a 33-acre (13 ha) water park.

<span class="mw-page-title-main">Six Flags (1961–2024)</span> Former American entertainment company based in Arlington, Texas

Six Flags Entertainment Corporation, formerly Six Flags Theme Parks, Inc., was an American amusement park corporation, headquartered in Arlington, Texas. At its height, Six Flags owned more theme parks and waterparks than any other company: 42 properties in the United States, Canada, and Mexico, including theme parks, amusement parks, water parks, and a family entertainment center. In 2019, Six Flags properties hosted 32.8 million customers, the seventh-highest attendance in the world.

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Carowinds is a 407-acre (165 ha) amusement park primarily located in Charlotte, North Carolina. Owned and operated by Six Flags Entertainment Corporation, the park first opened to the public on March 31, 1973. Carowinds straddles the state line between North and South Carolina, adjacent to Interstate 77, with a portion of the park located in Fort Mill, South Carolina. The park has a sign telling guests where the state line lies. It was constructed at a cost of $70 million following a four-year planning period led by Charlotte businessman Earl Patterson Hall. Carowinds also features Carolina Harbor, a 27-acre (11 ha) water park that is included with park admission. Annual events include the Halloween-themed SCarowinds and the Christmas-themed WinterFest.

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References

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  25. ↑ "Marriott to Sell Park to Bally". The New York Times. 1984-04-27. ISSN   0362-4331 . Retrieved 2019-10-08.
  26. ↑ "Six Flags Magic Mountain To Close Colossus For Good After August 16". KHTS FM 98.1 & AM 1220. 2014-06-03. Retrieved 2019-10-08.
  27. ↑ "Six Flags Operations Inc 1999 Annual Report 10-K". SEC.report. Archived from the original on October 8, 2019. Retrieved 2019-10-08.
  28. ↑ O'Brien, Tim (October 2015). Dick Kinzel Roller Coaster King of Cedar Point Amusement Park. Nashville, TN: Casa Flamingo Literary Arts. p. 23. ISBN   978-0-9743324-6-8.
  29. ↑ Alm, Rick (March 10, 2009). "Worlds of Fun, Oceans of Fun up for sale". The Kansas City Star. Retrieved May 22, 2021.
  30. ↑ Shastry, Sangeeta (2012-08-31). "Oceans of Fun prepares for a huge expansion". The Kansas City Star . Archived from the original on 3 September 2012. Retrieved 2024-01-24.
  31. ↑ Harpster, Lexi (2023-03-23). "Six Flags unveils plans for regions tallest water coaster at Hurricane Harbor Maryland". WJLA. Retrieved 2023-03-25.
  32. ↑ "Concord Water Park is Now Six Flags Hurricane Harbor Concord" (Press release). 2018-02-22.
  33. ↑ "Six Flags Announces Reopening of Six Flags Great America Parks". investors.sixflags.com. Retrieved 2021-03-22.
  34. ↑ Henry, Natassia (March 23, 2023). "Six Flags introduces rebranded water park". KENS . Retrieved March 27, 2023.
  35. ↑ Revell, Eric (2023-11-19). "Record-shattering roller coaster simulates falling from cliff with 155 mph speeds". FOXBusiness. Retrieved 2023-12-06.
  36. ↑ "International Expansion Continues with Six Flags-Branded Park in Saudi Arabia". investors.sixflags.com.
  37. ↑ "kings island announces fast lane". newsplusnote on Blogspot.com. 18 July 2011. Retrieved 30 August 2012.
  38. ↑ "Fun Forward Presentation" (PDF). Cedar Fair. 2012. Archived from the original (PDF) on 2012-01-31. Retrieved 2012-01-19.
  39. ↑ "cedar point 2012". point buzz. Archived from the original on 15 April 2012. Retrieved 30 August 2012.
  40. ↑ "Six Flags, Inc. extends the agreement with Lo-Q to four years". Blooloop. November 18, 2008. Archived from the original on August 31, 2021. Retrieved August 31, 2021.
  41. ↑ "The Flash Pass". gr.sfflashpass.com. Retrieved 2022-08-16.
  42. ↑ Six Flags White Water (July 5, 2011). "World's First Water Park Virtual Queue System debuts at Six Flags White Water". Press Release. Six Flags. Retrieved February 20, 2012.
  43. ↑ Whiterow, Philip (January 31, 2012). "Lo-Q to install Q-band system in ninth Six Flags water park" . Retrieved February 20, 2012.
  44. ↑ "Lo-Q signs new agreement with Six Flags extending to 2017". Amusement Today . November 21, 2011. Archived from the original on August 31, 2021. Retrieved August 31, 2021.
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