Posted Friday, April 16, 2004 8:24 AM | Contributed by supermandl
Six Flags has revealed the identity of the buyer of its European theme parks as Palamon Capital Partners, a private equity firm which has agreed to pay $183 million for the parks. All parks will be renamed and the new company will operate as Star Parks Luxembourg.
Read more from World Leisure News.
Friday, April 16, 2004 9:08 AM
wow! this will for sure pull Six Flags out of any financial problem and get them back on track and hopefully put them back at the top? 183 mill payed by Palamon Cap. is a nice piece of pocket change
Friday, April 16, 2004 9:19 AM
183 mil doesn't even begin to dent their debt, even with Cedar Fair's contribution of 145 mil, but it does start them down the right track.
Now if the economy around Six Flags parks catches up with the rest of the country, and they can figure out how to turn off those weather machines that exist within 5 miles of each park that make it rain there more than any other park in the country, they'll be golden! Perhaps they should use that 183 mil to contract out an investigation ...
Friday, April 16, 2004 10:18 AM
Not to mention they've reduced their revenue generation ability by not having as many parks.
Friday, April 16, 2004 10:38 AM
Isn't the debt still close to 2 billion for the chain?
Friday, April 16, 2004 12:04 PM
Were the two Warner Bros parks included in this sale?
Friday, April 16, 2004 12:08 PM
If Six Flags would start treating its cutsomers as guests and not revenue-producing entities, then MAYBE they can survive. For every one good story about having a great day at a Six Flags park, there are hundreds of horror stories out there as well.
Friday, April 16, 2004 12:16 PM
X-Flight -> The German park is included in this sale, the Spain park is mainly owned by the city of Madrid (Parque Tematico de Madrid) and is not a park Six Flags is allowed to sell. They only have a 5% share of the park.*** This post was edited by Belgian 4/16/2004 12:22:51 PM ***
Friday, April 16, 2004 6:57 PM
OrlandoCoaster - Quit being a hater. ;) That has been said many times, and it appears they are fixing those problems. Reading TRs this year, there have been many people happy with six flags. If you want to continue talking about how much you hate the employees at Six Flags parks, then create your own thread and title it, "Do not read this!!" That way I will be able to tell its repetitive garbage. :)
Friday, April 16, 2004 7:03 PM
183 Million what a freekin steal, jeez Cedar Fair could of picked up a nice oversees division. And from what I hear the Europe parks where the best run in the company.
Sunday, April 18, 2004 1:42 AM
Yes..that price IS quite a steal. Star Parks will be paying almost the same amount of dollars for multiple parks that Cedar Fair paid for just one!
I know Six Flag's is desperate, but I am wondering why they put such a low price on all those parks. Seems like SF Holland alone should have gone for about that price!
Friday, April 23, 2004 11:23 AM
The European park division was *massively* undervalued in this sale, and I wouldn't even hazard a guess as to how many people got their pockets lined in this fire-sale....
One thing is fairly certain: The amount of debt SFI is able to pay off from this won't even come CLOSE to approaching what they could've made by keeping those parks and operating them effectively...
Geauga Lake was a bargain, this is an outright THEFT...I'm definitely calling "Shenanigans" on this European parks deal.