Six Flags Faces Financial Turbulence Amid Attendance Drop

SANDUSKY, Ohio – Six Flags is facing significant financial challenges, including a 9% drop in attendance and $500 million in debt. Industry expert Dennis Speigel of International Theme Park Services expressed concern over these figures and highlighted the company’s need for a comprehensive reevaluation.

Speigel noted that season pass sales were down 8%, contributing to a revenue loss of $100 million. He predicts that up to half of Six Flags’ parks may be sold to address its financial strain. “We have not felt the aftershocks from this,” he said, suggesting that bankruptcy is also a possibility.

James Hardiman, an analyst at Citi Research, echoed Speigel’s sentiments, stating that all assets should be considered for sale to reduce debt. Earlier this year, Six Flags announced the closure of one of its parks in Maryland, with additional land sales in Virginia and a planned closure of California’s Great America in 2027.

Six Flags spokesperson Gary Rhodes mentioned that the company is confident in its ability to reduce debt through business growth and selective asset sales. The restructuring follows a disappointing second-quarter report, which was unexpected after company officials projected a 5–6% attendance increase.

On the day of the earnings report, Six Flags CEO was announced to be leaving by the end of the year, a surprising development according to Hardiman. “The timing is odd, seeing as attendance trends improved post-report,” he noted.

Further complicating matters, Six Flags has faced criticism for dropping park leaders, restructuring management, and firing 10% of its workforce. To increase revenue, the company has started charging extra for fall activities, which angered many season passholders.

Speigel criticized this strategy as shortsighted, asserting that it wouldn’t cover the company’s revenue losses. He suspects the merger with Cedar Fair was rushed and poorly planned, leading to unmet expectations.

Hardiman added that the company’s stock value has plummeted since the merger, although he still rates it as a buy. “If they can get a few things right, the stock will go up,” he stated, stressing the importance of finding a new leader equipped to handle the current challenges.

Despite the turmoil, he remains hopeful. “This is a management team aiming to balance investment and responsibility,” he said. “But we need to avoid a scenario where cutting is the only solution.”