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Six Flags Puts 6 Parks on the Block - Washington Post - 8/21/2006

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  • Six Flags Puts 6 Parks on the Block - Washington Post - 8/21/2006

    http://www.washingtonpost.com/wp-dyn...082000572.html

    The letters have been sent, the parties are informed. It's official: Six Flags Inc. is courting buyers for six amusement parks it's thinking about selling.
    Six Flags America in Largo is not on the table. The parks up for grabs include Magic Mountain near Los Angeles, Wild Waves & Enchanted Village near Seattle, Elitch Gardens in Denver, SplashTown near Houston, Darien Lake near Buffalo and Waterworld in Concord, Calif.

    Aside from those details, there is not much else: Six Flags would not comment on the who, the where or the how many in terms of potential buyers. The hope is to sell all six parks as part of a package, but Six Flags spokeswoman Wendy Goldberg cautioned that the company has not officially decided if it will sell.

    The company is coming off a bruising summer, in which attendance for the 30 parks was down 14 percent -- about 1.5 million visitors -- from a year earlier. Six Flags reported a second-quarter loss of $39.6 million, or 48 cents a share, earlier this month, compared with profit of $11.1 million in the same period of 2005. And the company is still burdened by more than $2 million in debt.

    Hopes were high for Six Flags after Washington Redskins owner Daniel Snyder gained control last fall, installing former ESPN programming whiz Mark Shapiro as chief executive. But a new family-oriented approach has translated into higher operating costs. Moody's Investors Service Inc. changed its outlook on the company from "stable" to "negative."


  • #2
    Re: Six Flags Puts 6 Parks on the Block - Washington Post - 8/21/2006

    "Tonight I wash my hands of you
    You set the bar I could not live up to
    Tonight the light is breaking through
    So thank you very little and send me postcards from hell"
    Zebrahead

    Comment


    • #3
      Re: Six Flags Puts 6 Parks on the Block - Washington Post - 8/21/2006

      Originally posted by sir clinksalot
      I think that "$2 million in debt" needs to be changed to "$2 BILLION in debt."

      From the 10-Q (you're welcome!):

      At June 30, 2006, our total debt aggregated $2,325.8 million, of which approximately $199.7 million is scheduled to mature prior to June 30, 2007. Of the current portion of long-term debt, $190.0 million represents borrowings under the working capital revolver of our Credit Facility, which can be reborrowed. Based on interest rates at June 30, 2006 for floating rate debt and after giving effect to the interest rate swaps described herein, annual cash interest payments for 2006 on non-revolving credit debt outstanding at June 30, 2006 and anticipated levels of working capital revolving borrowings for the year will aggregate approximately $200.0 million. In addition, annual dividend payments on our outstanding preferred stock total $20.8 million, payable at our option in cash or shares of common stock. We plan on spending approximately $130.0 million on capital expenditures for the 2006 calendar year. At June 30, 2006, we had approximately $83.4 million of cash and $160.0 million available under our Credit Facility.

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      • #4
        Re: Six Flags Puts 6 Parks on the Block - Washington Post - 8/21/2006

        Originally posted by sediment
        I think that "$2 million in debt" needs to be changed to "$2 BILLION in debt."

        From the 10-Q (you're welcome!):
        No kidding. )

        Well Family approach will cost more. I just hope Shapiro sticks to it. I don't know about selling SFMM, but selling those smaller parks will be better for SF not having them, and for the parks who get lost in the big company.

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        • #5
          Re: Six Flags Puts 6 Parks on the Block - Washington Post - 8/21/2006

          Waterworld being sold is Concord is going to tick off the city. They spent a bunch of money to convert all their street signs from Waterworld USA to Six Flags Waterworld and now they have to change it again.

          No one ever went to that Waterworld though.

          And I wonder if this debt will cause them to pull out of managing Marine World in Vallejo (they don't own it, the city does). I'm not sure how much money they actually pull in from that park.

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          • #6
            Re: Six Flags Puts 6 Parks on the Block - Washington Post - 8/21/2006

            Marine World's name is being changed to Discovery Kingdom :yuck: so they're safe until their contract runs out. I doubt they'll get rid of that park though, it's a VERY Family friendly place with all the animals.
            "Tonight I wash my hands of you
            You set the bar I could not live up to
            Tonight the light is breaking through
            So thank you very little and send me postcards from hell"
            Zebrahead

            Comment


            • #7
              Re: Six Flags Puts 6 Parks on the Block - Washington Post - 8/21/2006

              Yay!! They're selling Enchanted Village! As a Seattle native, I grew up visiting that park, and when Six Flags bought it they destroyed the cute, fairy tale theming that I'd always loved about it. Ripped out all the trees and put in a lot of really crappy rides.
              "I don't need intelligent drugs because I don't know what they are. But I will put anything into my mouth that is given to me, whether it's supposed to go there or not. Because... I'm different."

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              • #8
                Re: Six Flags Puts 6 Parks on the Block - Washington Post - 8/21/2006

                Originally posted by sediment
                I think that "$2 million in debt" needs to be changed to "$2 BILLION in debt."
                I didn't write the news, I just report it.

                You need to correct the Washington post. ) :lol:

                Comment


                • #9
                  Re: Six Flags Puts 6 Parks on the Block - Washington Post - 8/21/2006

                  Originally posted by sir clinksalot
                  I didn't write the news, I just report it.

                  You need to correct the Washington post. ) :lol:
                  Well, to be fair, I wasn't trying to correct YOU.

                  I see it's still incorrect on that link. Maybe I'll send a note.

                  Comment


                  • #10
                    Re: Six Flags Puts 6 Parks on the Block - Washington Post - 8/21/2006

                    Originally posted by Hector
                    Marine World's name is being changed to Discovery Kingdom :yuck: so they're safe until their contract runs out. I doubt they'll get rid of that park though, it's a VERY Family friendly place with all the animals.
                    I haven't heard the rename thing. That is a really bad name and Marine World has too much history to just be completely changed like that. Vallejoians will throw a fit about it.

                    It's family friendly until the teens start hanging out there, then its Magic Mountain Jr.

                    EDIT: Sorry to hijack the thread with Marine World talk. But the more I think about this, the more it sinks in. I'm not going to believe until the Times Hearld reports on it. But Six Flags better be able to pony up the money to change all the street signs and freeway signs around Marine World Pkwy to their stupid little name. Nearly 30 years its been Marine World...
                    Last edited by Brain Toad; 08-22-2006, 08:44 PM.

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