These are Six Flags Results for the 2023 Fiscal Year

(eap) Six Flags Entertainment Corporation, which announced its merger with Cedar Fair Entertainment Company at the end of last year, today reported its results for the fourth quarter and full fiscal year 2023. The company generated revenue of USD 293 million (EUR 270.7 million), a net loss of USD 22 million (EUR 20.3 million) and adjusted EBITDA of USD 98 million (EUR 90.5 million) in the fourth quarter of 2023. Revenue for the fourth quarter thus increased by USD 13 million (EUR 12 million) compared to 2022, which is attributable to higher visitor numbers that were partially offset by lower per capita spending by guests.

For the full year, Six Flags reported revenue of USD 1,426 million (EUR 1,317 million), a net profit of USD 39 million (EUR 36 million) and an adjusted EBITDA of USD 462 million (EUR 426.8 million). Total revenue thus increased by USD 68 million (EUR 62.8 million) compared to the previous year, which the company attributes to higher visitor numbers and higher sponsorship income. Net profit fell by around 61 percent compared to a net profit of USD 101 million (EUR 93 million) in 2022. Six Flags traces this back to, among other things, self-insurance reserves of USD 38 million (EUR 35.1 million), merger-related transaction costs of USD 15 million (EUR 13.86 million and higher operating costs overall. Adjusted EBITDA, on the other hand, increased by around USD 1 million (EUR 923.9 thousand).

Per capita spending by guests fell by USD 2.90 (EUR 2.7) to USD 61.03 (EUR 56.39). Per capita spending on admissions also fell by USD 2.56 (EUR 2.37) and per capita spending in the park by USD 0.34 (EUR 0.31). The decrease in per capita spending on admissions is primarily due to lower average prices for season passes in the first nine months of 2023 compared with the same period of the previous year.

 “As we close out our second year pursuing our premiumization strategy, we are encouraged by the progress we have made to date. Since 2021, we have grown guest spending per capita by 17%, lowered cash expense in the face of historical levels of inflation, leveraged key partnerships to expand sponsorship revenue, and paid down debt,” says Selim Bassoul, President and CEO. “Looking ahead to 2024, we have seen early success in sales of our 2024 passes, which are ahead of last year, and should provide a solid foundation as we head into the core operating season. We have laid the groundwork long-term for profitable growth, and we have many exciting new developments in store for the 2024 season, including new innovative rides, immersive experiences, and new guest-facing technological innovations that will create a more seamless in-park experience, drive guest spending and improve operational efficiency.” ■