News, Theme-park chain Six Flags files for bankruptcy. (debt, financial, profit)

[JD59]

-- In an effort to shed $1.8 billion in debt, popular theme-park chain Six Flags announced Saturday that it was filing for Chapter 11 bankruptcy.

Theme-park chain Six Flags files for bankruptcy - CNN.com

[sconley9922]

This is the reason they didn't reopen six flags new orleans after hurricane Katrina. Made financial sense to them even though the park was doing well b4 the storm hit the city. I guess the newest park with the most damage got the axe.

[Lagaroth]

I wonder how they will be doing 13 years after this bankruptcy. I hope a pandemic doesn't interfere with operations.

[mshultz]

I did not predict this, but in retrospect, I am not surprised. Even after the parks were allowed to reopen, the COVID-19 restrictions really took the joy out of an amusement park visit. As an example, some amusement parks required reservations when they reopened. They ended up dropping this requirement because attendance was low enough that reservations were not needed; attendance was below the capacity caps.

[NJ Brazen_3133]

Theme Park thrills are not something Amazon, or any online retailer can ship to your home.

What is going on? Oh probably Covid-19.

But the business model is safe. So this is probably just a temporary way to save themselves from some debt.

Once the world moves on from Covid-19, theme parks will be back.

[City Guy997S]

Theme parks only thrive when constantly improved, new rides/improvements cost money and the ticket/concession prices can be a delicate balance before scaring off patrons. In some locations the parks are only open seasonally (which is why Disney only picks warm climates/year round operations).

[Chi-town]

Some seasonal Parks up North still do good. Hershey Park in PA is. PA still has a couple free admission ones also that are not tiny. Knoebles has multiple roller coasters, one world renown and by my hometown. It still can do it despite the lack of full staff of employees this year and survives making a profit. It does pay a low-wage scale of mostly students and retired folk. It still has also a full-time higher-wage staff over most the year to maintain it and build new rides some years and concessions. All despite Covid era issues. If some do it.... Why can't 6-flags fleet of Parks in major metros vs small ones?

[beachmouse]

Original post is from the 2009 recession. Had a look at rival Cedar Fair's most recent numbers and they seem to be getting through the pandemic well.

[Sonic_Spork]

Me over here thinking, "huh...my Six Flags stock hasn't really seen much movement either way..."

(I own a very tiny amount that I got for free as a promotional thing, I didn't really pick it.)

[skeddy]

meh they're restructuring debt, it's done all the time.