by Lacey Pfalz
Last updated: 9:25 AM ET, Wed November 6, 2024
Six Flags Entertainment Corporation announced its first quarterly report following the merger of Six Flags and Cedar Fair, announcing strong third-quarter results with over a billion in net revenue and sharing long-term business goals.
The $8 billion merger was finalized in July and created the Six Flags Entertainment Corporation. The past quarter saw a net revenue of $1.35 billion, with combined net income of $111 million, spurred on by 9.2 million guests who visited Six Flags parks during this period.
While Six Flags park attendance grew, Cedar Fair parks were impacted by three hurricanes during this period, leading to a 200,000-visit drop in attendance.
Adjusted EBITDA, or earnings before interest, taxes, depreciation or amortization, increased from $170 million to $558 million, $206 million of which is attributable to Six Flags.
The third quarter of the year saw an increase of operating days from 1,091 in 2023 to 2,585, resulting from the merger.
October has seen a 20 percent increase in attendance year-over-year, making predictions for the end of the year seem positive. The company expects the fourth quarter to report an Adjusted EBITDA of $205-215 million.
Six Flags Entertainment Corporation expects to continue positive growth with new park investment and continue its Project Accelerate business plan. Back in August, the company announced several new park investments, including new roller coasters and water slides in parks across the country.
“We delivered solid results in our first quarter as a combined company and are encouraged by the continued momentum we see in the business,” said Six Flags President and CEO Richard A. Zimmerman.
“While extreme weather and other operating disruptions at critical points during the third quarter impacted our financial results, consumer demand for our parks remained strong during normalized operating conditions,” said Zimmerman. “The strength of our business and considerable demand for our parks was particularly evident over the past five weeks, when attendance was up more than one million visits compared to combined legacy Cedar Fair and legacy Six Flags attendance over the same period last year. Our Halloween and other special events continue to produce some of our biggest days of the year, demonstrating the differentiated and compelling family entertainment that our parks offer.”
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