Six Flags to Sell 7 of Its Amusement Parks Six Flags Entertainment Corp. said it plans to sell seven of its amusement parks as part of a broader effort to focus on its core business and reduce debt. The company, which operates theme parks and water parks across the U.S., Canada, and Mexico, has struggled in recent years with declining attendance and revenue. The seven parks slated for sale are located in Arizona, Georgia, Illinois, Maryland, Massachusetts, New Jersey, and Texas. They include parks such as Hurricane Harbor Oaxaca in Mexico and Wild Adventures in Valdosta, Ga. In a statement, Six Flags CEO Michael Spanos said the company would use proceeds from the sales to pay down debt and invest in its remaining parks. "This strategic decision will enable us to strengthen our financial position, enhance our competitiveness and focus on the core of our business," he said. The move is part of a broader effort by Six Flags to restructure its operations and reduce costs. The company has been under pressure from investors and creditors as it struggles to recover from declining attendance and revenue in recent years. Six Flags operates 27 theme parks and water parks across North America, but the company has faced intense competition from other amusement park operators and changing consumer preferences. In recent years, the company has sought to revamp its offerings by adding new attractions and expanding its online presence. The sale of the seven parks is expected to be completed in the next few months, although details of the deals have not been disclosed. The move is likely to result in job losses at the affected parks as...#Texas #Illinois #Massachusetts #Georgia #Arizona #Hurricane_Harbor_Oaxaca #Six_Flags_Entertainment_Corp #Michael_Spanos #Wild_Adventures #Maryland #New_Jersey
Six Flags Further Streamlines Its Portfolio With Agreements to Divest Seven Parks Six Flags Entertainment Corporation (NYSE: SIX) today announced that it has entered into agreements to divest seven parks, further streamlining its portfolio and enhancing its focus on high-growth, high-margin markets. The company expects to generate approximately $100 million in after-tax proceeds from the transactions. The seven parks being sold are located across the United States and Canada, with five of them operated under license agreements. The parks include Hurricane Harbor Oaxaca in Mexico, which will continue to be operated by Six Flags as a standalone water park. "This strategic move allows us to sharpen our focus on the most profitable and high-demand markets, while also generating significant proceeds that we can deploy towards our core business," said Mike Spanos, President and CEO of Six Flags. "We are committed to delivering exceptional experiences to our guests and creating long-term value for our shareholders." The agreements are subject to customary closing conditions and regulatory approvals. The company expects the transactions to close in the second half of 2023.#Mexico #United_States #Canada #Six_Flags_Entertainment_Corporation #NYSE_SIX #Hurricane_Harbor_Oaxaca
