Six Flags layoffs continue across the company

That's probably because the park was, relatively speaking, a rounding error in revenue while being very high margin. I doubt many GM's at the time shared that sentiment.

Did I read recently that Bassoul got a $20MM bonus this year? He must be doing a bang up job.

Today I was at a town event and talking with people I brought up the story of all the firings happening at FUN. The reaction was the same: cruelty. When folks heard about the millions Bassoul and Zimmerman are going to walk away with it reminded us all why employees have no loyalty to companies anymore.

Corporate barons walking away with millions is not a recent concept. I do recognize that employee loyalty is generally on the wane, though. Locking into one’s future with a pension guarantee is a thing of the past- the companies don’t want to compensate for longevity. I was one of the last at my company when I retired and I took a lump sum and invested elsewhere. Just in case.

Rick_UK:

I saw a post from Camille linked from somewhere ... spends 10 mins trying to find it

Talk about taking the high road. What a post.

I'm trying to wrap my mind around the emotions and thoughts surrounding being let go from the place that one's life quite literally revolved around, and generationally at that.

I don't think it really matters what industry one is in today; as RCMAC noted nothing is guaranteed. I was naïve as a younger version of myself to believe that the world of academia (or, as some view it, indoctrination) is a safe place.

Longevity is an endangered species. I read that the average tenure of an employee across all business lines is around 4 years now. That is hard for me to get my head around as I'm nearing 24 with my current employer. But, I was at 4 and 3 respectively with the two jobs before that.

I, too, feel for the 20+ year employees, particularly considering that 20 years in Cedar Fair, at least pre-Ouimet, was more like 30 with the crazy number of hours that were required. Those dedicated individuals deserved much better than this ending.

Gunkey Monkey:

What is even worse is Camille’s dad built that park!!! It was her family history!!

Zach's Zoomer to be renamed Zimmerman's Zipper.

I am not sure where this was originally posted (everything that is reporting it makes reference to a briefing) but this is quite interesting stuff - didn't think it qualified as news, Jeff.

https://www.msn.com/en-us/m...r-AA1IFumt

Using the wait times that are posted on the Six Flags app and comparing them against last year, UBS has concluded that the numbers will be way down and Six Flags will miss their targets. I guess that there are a lot of factors that go into wait times, but given what else has been going on it feels like a bit of a leap to conclude that they have brought a ton of operational efficiency into the parks this year and that is the be all and end all.

“We note that after Q1 EBITDA performance, Q2-Q4 visitation needed to be up 13% to 17% year-over-year to meet full year EBITDA guidance of $1.08B to $1.12B".

"According to data compiled by UBS Amusement Parks Wait-Time Monitor – which measures wait-times at target locations to create a proxy for foot traffic – wait times were down 2% to 3% in April, increasing to -12% in May and more than -20% into June/early July. As this indicates decreased traffic in the parks".

I guess we'll know when they release their results on August 7.

Edit - linked fixed, thanks hambone

Fixed link

https://www.msn.com/en-us/m...r-AA1IFumt

I don’t know about UBS’s methodology but maybe it could be accurate? What I’m more convinced by are photos on enthusiasts social media showing no waits for coasters at certain parks. The one I was must stunned by was Great Adventure.

I would say the “Great Reset” is a disaster and maybe the “Fun Forward” playbook should be brought back immediately. Most definitely the Chairman and CEO/COO all need to go.

Using wait times as a proxy to attendance assumes a constant in terms of operational throughput. I can't say this with a straight face, but if they improved, wait times would be shorter. Less Fastlane sales would also affect outcomes.

So, either Six Flags is now getting more heads through the queues, or the company is tanking. I'll put my money on the company tanking. Better throughput means caring about the guest experience, and I just don't buy it.

Gunkey Monkey:

Most definitely the Chairman and CEO/COO all need to go.

100% Fire these fools.

Expect there must to be people here shorting FUN stock.

I keep forgetting that I still have 5 shares of FUN, which used to be 10 shares of SIX. Still at -59% loss from when I bought it. Should probably just let go of the $200 I've lost (so far) and move on.

The weird thing about FUN stock is I want to say there are some big investors like education funds, like maybe the NY teachers/educators retirement program? Crazy for institutions like that to hang around. I’d like to know how former Cedar Fair executives made out with their investments that were part of their compensation, I suspect they aren’t too happy. But hey, Bassoul gets an easy $20M+ for running SIX in the ground and forcing this merger! Oh the American way!!!!

Those funds may be holding FUN because indexing is part of their strategy. And the funds are so big that they can’t help being major shareholders as a result.

Indeed. Link below lists 10 largest shareholders of Six Flags. And also lists mutual funds with largest holdings (all appear to be index funds).

https://finance.yahoo.com/q...N/holders/

They just cut their fall event from Michigan’s Adventure and will close on Labor Day.

While it might be “just” Michigans Adventure, it’s a bad sign of things to come when a company takes away product from customers AFTER the have paid.

Regardless of disclaimers these kind of things chase off customers.

They are also currently selling the All Parks pass at Canadas Wonderland for $99 CN. I understand that the dining and drink plans will now include all Six Flags parks in 2026.

Are they desperate to pump up season pass sale numbers for investors? Have they upset so many customers they are doing this to retain them?

(The season passes and meal/drink plans have always been underpriced while overpricing one time purchases Bad formula IMO)

This kind of pricing lead to the low quality Six Flags Parks parks and even bankruptcy in the past.

Semi-relatedly:

WDW just discounted new annual passes today. Not by a lot---about 6%, and in the form of a gift card---but still. That tells me that even the Mouse is starting to see things soften.

super7*:

This kind of pricing lead to the low quality Six Flags Parks parks and even bankruptcy in the past.

What does a high quality six flags park look like? I’ve never seen one.