New park costs offset continuing revenue growth for Six Flags
by Andy Knaggs | 24 Jul 2019
Six Flags has 26 theme parks in the US, Canada and Mexico / Shutterstock
– Jim Reid-Anderson
Increased theme park attendances, successful membership upgrade promotions and improved revenues from sponsorship, international agreements and accommodation are among the factors in Six Flags' latest quarterly and half-yearly financial results, both of which have broken company records.
Six Flags, which has 26 parks across the US, Canada and Mexico, recorded increased revenue in Q2 2019 of US$477m (€427m, £381m), up by 7 per cent from the same quarter last year. It said this was the result of an 8 per cent increase in attendance to 10.5 million guests and a 14 per cent increase in sponsorship, international agreements and accommodation revenue. Its net income for the quarter was US$5m (€4.48m, £4m).
Revenue for the first six months of the year was US$605m (€542m, £483m), a 5 per cent increase on the first half of 2018, producing a net income of US$10m (€8.96m, £8m). Increased attendance by 5 per cent (to 12.7m guests) and the 14 per cent rise in sponsorship, international agreement and accommodation revenues were behind these figures.
The increased attendance was primarily realised through Six Flags' six newly acquired parks, as well as a 2 per cent year-on-year increase on its Active Pass Base membership.
Chair Jim Reid-Anderson said he was pleased with the company's momentum and with the execution of Six Flags' premium-priced membership programme in particular.
"I'm confident that 2019 will be the tenth consecutive record year for our shareholders, as we continue to innovate and deliver on our five-pillar strategy to drive our business toward achieving our aspirational goal of US$750m of Modified EBITDA by 2021."
The company's adjusted EBITDA for the first six months of 2019 was US$148m (€132m, £118m) ‒ a decrease of 2 per cent on the prior-year period, which it said was due to incremental costs to lease, rebrand and fund the carrying costs related to its new parks.
Six Flags Jim Reid-Anderson26 Apr 2019
Easter timing hits Q1 results for Six Flags
08 Mar 2019
Six Flags on the hunt for new CEO as Reid-Anderson steps down
19 Feb 2019
Six Flags reports record results for ninth consecutive year
14 Feb 2019
Rebrand, renovation and new attractions planned for US parks acquired by Six Flags
Increased theme park attendances, successful membership upgrade promotions and improved revenues from sponsorship, international agreements and accommodation are among the factors in Six Flags' latest quarterly and half-yearly financial results, both of which have broken company records. Six Flags, which has 26 parks across the US, Canada and Mexico, recorded increased revenue in Q2 2019 of US$477m (€427m, £381m), up by 7 per cent from the same quarter last year.
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