Six Flags draws suitors in auction, but not Snyder
Posted Monday, October 10, 2005 10:34 PM | Contributed by Joey Stewart
Six Flags Inc. has received takeover interest from about three dozen prospective buyers, but dissident shareholder Dan Snyder, seeking to increase his stake, has not entered the auction to buy the entire theme park operator, sources familiar with the situation said on Monday.
Why is everyone so down on Snyder? Say what you will about the Redskins, or his involvement in Football Operations (I'm a Skins, I guess I should mention), but Washington's one of the most profitable teams in the league.
And what's the big deal about Mr. Six? Personally, my first time seeing the 'Mascot' was just this summer. Granted, never lived in a market where a Six Flags existed. But I made it through an interview at SFA without ever hearing mention of him.
Like it was said in CB's Podcast #3, why the hell would you axe the first marketing idea that a company has had that actually worked?
Granted I think the guy is a little creepy and seems to just remind you of the creepy old guy who lived down the street and everyone in the neighborhood was waiting for the cops to raid the house and find bodies in the fridge, but he works. He's recognized as the corporate figure.
Great just what we need is for Cedar Fair to purchase several worthless six Flag properties. Just look at Geuga Lake! You can't tell me they'll ever get the money they spent on that property back. I'm sure someone will argue with me, so go at it.
Are you kidding me? They bought Geauga Lake for, what, $145 million? The rides alone are worth that much, to say nothing of the land. The GL turn-around might not be happening as fast as they would have liked (total ROI in seven years), but it will certainly happen.
Like Jeff said "Are you kidding me?" Geauga Lake's attendance this year lept amazingly, and with Wildwater Kingdom expanding and becoming the parks biggest draw, I say that *if* nothing stupid is done by Cedar Fair, and they keep up this trend, that Cedar Fair will have there money back in about 5 years or so.
Getting rid of Mr. 6 is a horrible idea. It's the first marketing campaign that's really worked for SFI in a long time. Like it or not, he represents brand recognition. Think Nike and the swoosh stripe. Think McDonald's and the yellow arches. Think Energizer batteries and the bunny. It'd be like if Coppertone suntan products got rid of the cute girl and dog and replaced it with "safe, clean, fun"...how boring is that? Not to mention really generic.
I actually think the Mr Six thing works. He is easily recognized and generates attention to the parks. Even My Mom thinks the "dancing old man" is funny. Cedar Fair is rich, but I would question how rich they are to afford the Six Flags company. A few parks yes, go ahead....take 'em! Just leave my Great Adventure alone and I'll be alright.
*** This post was edited by Antuan 10/11/2005 7:55:14 PM ***
========= Why is everyone so down on Snyder? Say what you will about the Redskins, or his involvement in Football Operations (I'm a Skins, I guess I should mention), but Washington's one of the most profitable teams in the league. And what's the big deal about Mr. Six? Personally, my first time seeing the 'Mascot' was just this summer. Granted, never lived in a market where a Six Flags existed. But I made it through an interview at SFA without ever hearing mention of him. =========
Well, for one, he says that advertising and selling the parks out to outside companies is a better idea than acutall, uh, FIXING THE PARK. Nowhere in his plans does it outline a concise action to improve problems we have known for years, namely, customer service, maintainance, and the concept of Six Flags as a teen-sitter.
By the time cedar fair can turn around Geuga Lake the pay off won't be worth it. You've got to figure the cost of new attractions each year, accompanied by what they have sank into the park since they purchased it, the return on their investment won't be worth the time and effort. I wouldn't mind Cedar fair picking up one or two prime parks from six Flags. I would hate to see them attempt to purchase the entire chain.