Six Flags Searching for New CEO

[GAcoaster]

Six Flags announced they have begun a search for a new CEO to replace Jim Reid Anderson who is planning to retire in 2020. Much like Bob Iger, Reid Anderson had planned to retire a couple of years ago, then was persuaded to stay on as CEO.

SEC-Show

I wonder if we might see Joel Manby or John Reilly from SeaWorld as possible replacements.

 

[GAcoaster]

Interesting turn of events, CEO abruptly replaced:

Six Flags Announces New CEO

ARLINGTON, Texas, November 15, 2021--Six Flags Entertainment Corporation (NYSE: SIX), the world’s largest regional theme park company and the largest operator of waterparks in North America, today announced that Selim Bassoul, formerly the Non-Executive Chairman of the Board, has been appointed...

finance.yahoo.com

I was liking some of what I was hearing about the company's new direction (more money for maintenance and upkeep, and more autonomy for the parks individually), and I'm sure this may put some of those plans in flux...

 

[Ron101]

Interesting turn of events, CEO abruptly replaced:

Six Flags Announces New CEO

ARLINGTON, Texas, November 15, 2021--Six Flags Entertainment Corporation (NYSE: SIX), the world’s largest regional theme park company and the largest operator of waterparks in North America, today announced that Selim Bassoul, formerly the Non-Executive Chairman of the Board, has been appointed...

finance.yahoo.com

I was liking some of what I was hearing about the company's new direction (more money for maintenance and upkeep, and more autonomy for the parks individually), and I'm sure this may put some of those plans in flux...

Hope this means more trees, paint, benches, restroom remodels, cleanliness, and SAVING capital for bigger additions to their parks. No more of this adding a spinner flat ride every year, was the worst thing about Jim Ried Anderson.

 

[GAcoaster]

Hope this means more trees, paint, benches, restroom remodels, cleanliness, and SAVING capital for bigger additions to their parks. No more of this adding a spinner flat ride every year, was the worst thing about Jim Ried Anderson.

That WAS the plan under the CEO who just got canned. Now, who knows...

There's also some speculation of a sale/merger/acquisition of more parks coming. Rumor is Kennywood may be sold to Six Flags.

 

[Ron101]

That WAS the plan under the CEO who just got canned. Now, who knows...

There's also some speculation of a sale/merger/acquisition of more parks coming. Rumor is Kennywood may be sold to Six Flags.

Don’t know how I feel about them acquiring more parks when they hardly keep the lower attendance parks interesting by skimping on big additions/renovations for them. Then there’s the whole pricing model for their parks in which they essentially “give away” the parks.
The memberships were a good move, but then you decide to price parks in an area that has a higher cost of living (SFMM), the same price as a park with in an area that’s lower cost. The benefits for the lower tier passes/memberships are TOO generous and the food plans too cheap (impacts operations), something cedar fair restricts to the highest tier pass and charges way more for plans. The lowest tier passes should NOT be including parking AND all six flags parks.
The prices are nice for the guest, definitely, as it’s so cheap, but from a company standpoint, they don’t have the capital they could’ve earned, for park investments. These are just some of the changes I’d make when I become CEO one day. Hope this ceo can make some good changes.

 

[shiekra38]

I'll do it

Giga Vekoma SLC's for everyone

 

[GAcoaster]

Anecdotally it looks like Six Flags parks are struggling this season in comparison to the competition. I'm predicting we'll see news of a sale, merger, or sales of assets soon. Their financial outlook is not looking great at the moment, but we'll see what their numbers look like...

With Recession (Possibly) on the Horizon, Can Six Flags Survive? | The Motley Fool

This amusement park operator has a staggering amount of debt.

www.fool.com

Maybe SeaWorld can acquire a couple of parks at fire sale prices to add to the portfolio.

 

[Ron101]

Anecdotally it looks like Six Flags parks are struggling this season in comparison to the competition. I'm predicting we'll see news of a sale, merger, or sales of assets soon. Their financial outlook is not looking great at the moment, but we'll see what their numbers look like...

With Recession (Possibly) on the Horizon, Can Six Flags Survive? | The Motley Fool

This amusement park operator has a staggering amount of debt.

www.fool.com

Maybe SeaWorld can acquire a couple of parks at fire sale prices to add to the portfolio.

Is Seaworld in any position to acquire parks?

 

[GAcoaster]

They made a bid for all of Cedar Fair just a few months ago. They seem to be in decent shape financially.

 

[GAcoaster]

Well, tomorrow's earnings call should be interesting. After Cedar Fair and SeaWorld both posted great numbers for the quarter it looks like Six Flags was looking for scapegoats for their performance:


Anecdotally their parks have been ghost towns this summer while their competition was packed. I know they just laid off a bunch of staffers at all their parks at the same time these park presidents were let go/forced into retirement. The new CEO's incompetence is catching up with him...

 

[JS610]

They're gonna have to change their business model. Coasters r us is not enough. They want large crowds, they need to host more festivals, live shows, and tell stories with their rides and lands

 

[Jerroddragon]

I'll do it for wayyy under what they will and can use part of what would have been my salary to improve the park I'm at.

Six Flags MM could I think could draw in more people with simple things like redoing Looney Tunes area and DC area for starters. The fact neither lands have a sit down themed restaurant when you have cool IP's like DC and Looney Tunes to me is insane and just money being left on the table

 

[GAcoaster]

Ooof... 22% decrease in attendance. Per cap up, but not nearly enough to offset the drop in guests:

Six Flags Announces Second Quarter 2022 Performance

ARLINGTON, Texas, August 11, 2022--Six Flags Entertainment Corporation (NYSE: SIX), the world’s largest regional theme park company and the largest operator of waterparks in North America, today reported second quarter 2022 financial results.

finance.yahoo.com

 

[SailwiththeTide]

Ooof... 22% decrease in attendance. Per cap up, but not nearly enough to offset the drop in guests:

Six Flags Announces Second Quarter 2022 Performance

ARLINGTON, Texas, August 11, 2022--Six Flags Entertainment Corporation (NYSE: SIX), the world’s largest regional theme park company and the largest operator of waterparks in North America, today reported second quarter 2022 financial results.

finance.yahoo.com

1 million lost visits attributed to the cancellation of the dining plan. They are coming back with a revamped plan. They were losing money on that thing. But I think it is a good move to get rid of the riff raff. SFMM has been nice this summer. Also they are focusing on guest experiences and not building coasters. I am all for it because Magic Mountain is a great park.

 

[Ron101]

For the dining plan, all they have to do is raise the price. $240 minimum! Equals $20 a month. Still cheaper than buying a $15 entree and $6 drink without it. Put a 4+ hour time limit gap between your two meals like cedar fair. Not the broken system they had.

 

[Ron101]

deleted

 

[shiekra38]

Ooof... 22% decrease in attendance. Per cap up, but not nearly enough to offset the drop in guests:

Six Flags Announces Second Quarter 2022 Performance

ARLINGTON, Texas, August 11, 2022--Six Flags Entertainment Corporation (NYSE: SIX), the world’s largest regional theme park company and the largest operator of waterparks in North America, today reported second quarter 2022 financial results.

finance.yahoo.com

I normally don't judge a company based on a single quarter...but when I look at how other chains have performed this year....ouch

 

[Jerroddragon]

From the Six Flags parks I've been to, shade is also many times an issue and its been cold during the winter and hot as hell in the summer.

 

[OhHaiInternet95]

So…RIP El Toro? Not a good look, Six Flags.

 

[GAcoaster]

Injuries were minor, but it was essentially the same thing that happened a year ago with the train derailing in essentially the same spot that it happened last time. I would say it's now a candidate for an RMC makeover in 2024 (if Six Flags has any money by then).