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Wednesday, Apr 24, 2024

Six Flags Considers Sale of Magic Mountain and Hurricane Harbor

Six Flags, Inc. is eyeing the sale of six of its theme parks, including Magic Mountain and Hurricane Harbor in Valencia, the company announced Thursday. The move is being done to reduce company debt and focus resources on parks with the highest strategic value. The other parks slated for sale are in Buffalo, Concord, Calif., Denver, Seattle and Houston. Options available to the company are to sell the parks outright, or dismantle and re-use certain rides and attractions and sell the land for real estate purposes. “We’re making progress with our strategy to focus on the growth of our strongest assets, reduce the company’s debt and generate increased value for our shareholders,” said Six Flags President and Chief Executive Officer Mark Shapiro. Revenues at the theme parks were down 1 percent for the period through June 18 compared with the same period a year ago. Per capita guest spending was up 14 percent but attendance was down 1.3 million primarily due to reduced season pass attendance, the company said. Six Flags is attempting to attract more families to its parks and get away from catering to teenagers who spend little money. “Make no mistake about it, families are coming back but not as quickly as we had hoped,” Shapiro said. “”We have to work even harder to regain their trust and bring them back to sample today’s Six Flags.”

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