Six Flags Entertainment Reports Q2 Pre-Merger Results

(eap) Six Flags Entertainment Corporation (Six Flags) has reported the final operating results for Cedar Fair and Six Flags separately as of the respective second fiscal quarter that ended on 30 June 2024. On July 1^st, Six Flags completed the merger with regional amusement park operator group Cedar Fair.

The Q2 key figures for Cedar Fair (extract):

• 53 net additional operating days compared to Q2 2023
• Net revenues totaled a record USD 572 million (approx. EUR 523 million), an increase of 14 per cent or USD 71 million (approx. EUR 65 million) compared to the same period of the previous year
• Including merger- and integration-related costs of USD 11 million, net income in the second quarter of FY 2024 amounted to USD 56 million (approx. EUR 51 million), an increase of 4 per cent compared to Q2 2023.
• Adjusted EBITDA totaled USD 205 million (approx. EUR 188 million) in Q2 2024 – a year-on-year increase of 36 per cent.
• Attendance totaled a record 8.6 million visitors to the Cedar Fair parks in Q2 (17 per cent or 1.2 million guests more than in the same period last year)
• In-park per capita spending decreased by three per cent to an average of USD 59.54 (EUR 54.48)

The Q2 key figures for Six Flags (extract):

• 58 net fewer operating days compared to Q2 2023
• Total revenue of USD 438 million (approx. EUR 400.75 million), a decrease of one per cent or USD 5 million compared to Q2 2023
• Including merger-related costs of USD 1 million, net income of Q2 2024 amounted to USD 34 million (approx. EUR 31 million), which corresponds to an increase of 66 per cent or USD 14 million compared to the same period of the previous fiscal year.
• Adjusted EBITDA for Q2 2024 totaled USD 138 million (approx. EUR 126 million), a decrease of 14 per cent compared to Q2 2023
• A total of 6.9 million guests were welcomed to the Six Flags parks in Q2, which corresponds to a two per cent decline in attendance compared to the previous year
• Total guest spending per capita rose by one per cent to an average of 61.22 US dollars (56.01 euros).

Richard A. Zimmerman, CEO of Six Flags Entertainment Corporation, comments, “This performance is a continuation of the strong momentum we built over the past three quarters and underscores the strong guest demand by the successful execution of our strategic plans and initiatives. While weather conditions have negatively impacted trends in July, we are confident that the combined portfolio is well positioned to deliver a strong full-year performance in 2024. Since completing the merger on July 1st, we have quickly implemented initial integration plans to start to realize the meaningful synergy and growth opportunities now available to us. The merits and strategic rationale of the merger remain clear, and we are focused on pursuing its benefits and unlocking the full potential of our combined organization. We have a highly diversified footprint with geographic scale never before seen in the regional amusement parks space. […],” says Zimmerman. ■