Six Flags Looks To Sell 6 Parks
Posted: June 28, 2006
NEW YORK (AP) -- Theme park owner Six Flags says it it could sell or even close six of its 30 properties across North America. The revelation was among several made overnight that sent shares plunging 19 percent.The company said it may fail to meet certain bank credit agreements. Six Flags says reaching its previous financial forecast will be extremely difficult.
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It is citing lower park attendance and rising costs, but says those who are coming to the parks are spending more. President and CEO Mark Shapiro says the attendance drop was expected because the company is no longer deeply discounting season passes. It has been targeting families as consumers, rather than teenagers. The six properties being examined for possible changes include Six Flags Darien Lake outside Buffalo, New York, Six Flags Waterworld in Concord, California, Six Flags Elitch Gardens in Denver, Wild Waves and Enchanted Village outside Seattle, Six Flags Splashtown in Houston and Six Flags Magic Mountain and Hurricane Harbor near Los Angeles. The company says it can't predict for certain whether any transactions will occur. It could sell the properties outright or dismantle the parks and sell the land for its real estate value. |
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