In early 2020, the Six Flags theme park chain discovered itself going through extinction for the second time in about decade, this time due to the coronavirus pandemic.
But buyers say a latest inflow of wanted money and a renewed deal with its core enterprise have given it a stable probability of survival, and maybe some good years forward.
Often overshadowed by the huge and well-known vacation spot parks run by Disney and Universal, Six Flags is the largest participant within the enterprise of regional theme parks, with 26 areas throughout North America.
Since its beginnings in Texas in 1961, Six Flags loved a profitable, although typically tumultuous rise, solely to discover itself bankrupt within the midst of the monetary disaster. The firm reemerged and has loved a number of years of robust gross sales.
But by the point the coronavirus pandemic struck Six Flags was already combating stymied plans to increase internationally.
After a $725 million debt providing in April to assist climate the disaster, the corporate is specializing in steadily reopening its parks.
It is using quite a lot of well being and security measures. Park friends may have to make reservations forward of time to maintain attendance ranges manageable. Most jurisdictions which are permitting companies to reopen are limiting buyer capability to about 25% of a enterprise’s typical most capability, stated then-interim Chief Financial Officer Lenny Russ on a Oppenheimer funding convention name on June 16.
All friends and staff are required to put on face masks. They may even endure temperature screening earlier than they enter the park with a brand new quick thermal scanning know-how. There are devoted hand washing and sanitizing stations and cleansing groups. Markers inidcate how riders ought to line up to present house between friends and the park will depart empty seats on rides to maintain events aside.
Some parks had been already open as of mid-June, Russ stated. These embody Oklahoma’s Frontier City, a water park exterior Phoenix and Six Flags over Georgia, amongst others. Six Flags’ Great Adventure transformed its safari in Jackson, New Jersey, again to a drive-thru attraction, and opened it on May 30.
More parks will probably be opened as native governments loosen restrictions. These choices might permit the corporate to pull in some a lot wanted income throughout what is generally its busiest season. With spikes in circumstances in elements of the nation, there’s nonetheless loads of uncertainty.
Disclosure: Comcast is the guardian firm of NBCUniversal and CNBC.