Six Flags posts net loss of $100 million in second quarter
Posted
From the press release:
- Net revenues totaled $930 million, $389 million of which relates to the legacy Six Flags operations added in the merger.
- Net loss attributable to Six Flags Entertainment Corporation was $100 million, which included a net loss of $126 million from legacy Six Flags operations added in the merger.
- Adjusted EBITDA for the quarter totaled $243 million, $62 million of which relates to the legacy Six Flags operations added in the merger.
- Attendance totaled 14.2 million guests, 6.3 million of whom attended legacy Six Flags parks added in the merger. Combined attendance of 14.2 million guests was down 9% or 1.4 million visits compared to the second quarter last year.
- In-park per capita spending was $62.46, including admissions per capita spending of $34.19 and per capita spending on in-park products of $28.27.
- Out-of-park revenues totaled $72 million, $15 million of which relates to legacy Six Flags operations added in the merger.
- The active pass base(which reflects total outstanding and active season passes and memberships), totaled approximately 6.7 million units as of June 29, 2025, down approximately 579,000 units or 8% compared to combined active pass base for legacy Cedar Fair and legacy Six Flags at the end of the second quarter last year.
The attendance for Q2 in 2007 was 6.3m for Cedar (first season post Paramount merger) and 8.2m for Six, total of 14.5.
So yes, this is the worst Q2 that I think you could possibly make any real comparison to. Even then it’s not apples to apples because Six had 6 fewer properties in 2007.
I just bought a bunch more stocks a few weeks ago... It had dipped so much already, and I decided to gamble that the next earnings report wouldn't be too bad after the merger. OOOPS!!! Time to hold for 10+ more years 🤣
Unfortunately, I'd say the odds of it going to zero have increased drastically. It's critical they get this CEO hire right. The question I have is will the board see someone that specializes in bankruptcies as the "right" fit? Or will they hire an actual amusement/hospitality guy hoping to right the ship and build something that actually will last?
-Matt
Ouch! That is bad news! But some parks that people may think are in danger such as La Ronde, Darien Lake or Frontier Town are probably okay because SF just operates them, they don't own the land, only the rides! Last year I heard that La Ronde was one of their most profitable parks amongst the chain!
I know this, but they could back out of contract if losing money like when they left KK. But it is also why they are under invested in, heck they still don’t own all of the original SFOT either.
2024 capex between the two companies was around 400m, and about the same in 2023. Feels like a return to normal in 2026.
Inflation doesn’t only affect the poors. Assuming a constant rate of inflation continues, 😂 which it won’t because of the pedopres, they should be spending roughly 422 million in 2026.
While not confirmed, I’m convinced that SFMM will delay whatever silliness they were planning for 2026. They will cede the summer to USH and Fast and Furious.
What I’m not sure of is whether they will cancel the Vekoma whatever, and punt for something else.
I’m now further convinced that the situation is much worse than initially thought after the earnings announcement and cash is a real concern.
While this is not financial advice, anyone holding shares should be very alert to any further changes/announcements.
I was at Dorney yesterday and the parking lot was almost entirely full, and CP has had a really long stretch of great weather. The real question is have the small improvements they made across Six legacy parks offset the ride closures and history? And as Zimmerman learned not in a single season.
As far as MM, that park still needs just alot of general maintenance, even after all it’s got so far. I do find the bump of Great Adventures ride the most perplexing cause that the parks that needs it worse.
I think the quicker they fix the food situation at SF, the better will be. I am also sure the alchool stands will also double.
Also all the movable rides from SFA will be relocated, so that helps on cost too.
seeing ride closures (and the ultimate removal) happening:
At KI, it looks like Invertigo is gone. While not announced, it's apparently gone from the map.
KI seems to have closed the Boo Blasters attraction (odd that it is closing labor day weekend when it normally runs for Winterfest, as it's the only indoor attraction).
Wonder what else isn't going to run at Winterfest? Expect cost cuts everywhere they can.
Went to my home park CGA today, last weekday it is open, and operations were soooooooooooo bad. Like... i couldn't believe it. Even though coasters were running 2 trains, the operations were so slow it was as if they were 1 trains. Railblazer closed all day, opened at 2pm, we waited in line 45 mins, then closed again before we got on (probably for the rest of the day). Drop Tower only running 3 of the carriages out of 6. Psycho Mouse running only 3 'mice' so line moved at a snails pace. Demon didn't open until around 12pm, Mass Effect (now renamed Mass Relay Experience to get rid of the IP I guess) didn't open until 1pm, some of the worst rides like Grizzly had waits of almost 1 hour (even though park was not that packed), and the employees were just sooooooooooooo slow. Everywhere. Like walking at a sloth's pace. The midway area with all the carnival games kept majority of the games shuttered all day. Much of the dining didn't open until 12 or even 1pm. I see a significant downhill spiral the last month specifically. Not a good sign.
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