Six Flags considering closing some parks, according to first quarterly report since Cedar Fair merger

Six Flags Entertainment Corporation has released its first quarterly earnings report since merging with Cedar Fair to become the largest regional amusement park operator in North America.

The report suggests that Six Flags will at least consider closing some of its 42 amusement or water parks as part of its long-term business plan.

The report, released Wednesday, is for Six Flags' 2024 third-quarter results. But it's the company's first quarterly report since the former Six Flags merged with the former Cedar Fair to form the new Six Flags Entertainment Corporation (SFEC).

The merger closed on July 1.

In a media release, SFEC says Wednesday's third-quarter report reflects the financial results for the new company from July 1 through Sept. 29, 2024, since the merger. That means the financials look quite different than what was reflected in the first and second quarters of 2024, when Six Flags and Cedar Fair reported as separate companies.

SFEC also released a long-range plan as part of its third-quarter report, which it calls "Project Accelerate."

Among the project's other long-range objectives, the company plans to "review the park portfolio over time, to optimize the asset base, narrow management’s focus, and help reduce net leverage."

In other words, that means SFEC will consider closing some of its parks.

It's important to note, however, that the report does not indicate whether the company has any definite plans to close parks; the plans are just presented as considerations.

The company has started demolition of one of its parks, Six Flags New Orleans. However, that park has sat vacant for almost 20 years since floodwaters from Hurricane Katrina enveloped its grounds. It never reopened after Aug. 29, 2005.

Other highlights

The main highlights from the quarter, as the company reports, are: net revenues totaling $1.35 billion, net income totaling $111 million, and park attendance totaling 21 million guests.

"We delivered solid results in our first quarter as a combined company and are encouraged by the continued momentum we see in the business," Six Flags President and CEO Richard A. Zimmerman said in a media release. "While extreme weather and other operating disruptions at critical points during the third quarter impacted our financial results, consumer demand for our parks remained strong during normalized operating conditions."

Zimmerman went on to note that the final five weeks of the quarter showed particularly strong results, when attendance was up one million over the combined total from the old Six Flags and Cedar Fair companies a year ago during the same period.

"Since completing the merger, we have been finding ways to operate more efficiently and reducing unnecessary costs while still delivering a high level of guest service," Zimmerman also said.

Following the merger of Six Flags and Cedar Fair, SFEC now features 27 amusement parks, 15 water parks and nine resort properties across 17 states in the U.S., Canada and Mexico.

In August, SFEC announced its new lineup of rides and attractions set to come to its parks in 2025. One of those is Wrath of Rakshasa, a brand-new dive coaster set to open at Great America next season.

In the same announcement, SFEC said it was introducing an expanded "All Park Passport Add-On" that can be used at all 42 of the company's amusement and water parks beginning in 2025.