In early 2020, the Six Flags theme park chain was endangered for the second time in about a decade, this time due to the coronavirus pandemic.
But investors say a recent influx of needed cash and a renewed focus on its core business have given it a solid chance of survival, and perhaps a few good years ahead.
Often overshadowed by the massive and famous destination parks run by Disney and Universal, Six Flags is the biggest player in the regional theme park business, with 26 locations in North America.
Since its inception in Texas in 1961, Six Flags has enjoyed a successful, albeit sometimes tumultuous, rise, only to find itself bankrupt amidst the financial crisis. The company resurfaced and has enjoyed several years of strong sales.
But by the time the coronavirus pandemic hit Six Flags it was already struggling with blocked plans to expand internationally.
After a $ 725 million debt offer in April to help overcome the crisis, the company is focusing on gradually reopening its parks.
You are using a series of health and safety measures. Park guests will need to make reservations in advance to keep attendance levels manageable. Most jurisdictions that allow companies to reopen are limiting customer capacity to approximately 25% of a company’s typical maximum capacity, then-Acting Chief Financial Officer Lenny Russ said in an Oppenheimer investment conference call on June 16.
All guests and employees are required to wear face masks. They will also undergo temperature tests before entering the park with new rapid thermal scanning technology. There are dedicated hand washing and disinfecting stations and cleaning equipment. The markers indicate how bikers must line up to provide space between guests, and the park will leave empty seats in the rides to keep the parties separate.
Some parks were already open in mid-June, Russ said. These include Frontier City of Oklahoma, a water park just outside Phoenix, and Six Flags over Georgia, among others. Six Flags’ Great Adventure turned their Jackson, New Jersey safari into a self-service attraction and opened it on May 30.
More parks will be opened as local governments loosen restrictions. These decisions could allow the company to earn some much-needed income during what is normally the busiest season. With spikes in cases in parts of the country, there is still a lot of uncertainty.
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