|This company has recently filed for protection under Chapter 11 of the U.S. Bankruptcy Code.|
Six Flags (NYSE: SIX) is the largest regional theme park operator in the world and owns or operates 19 theme parks throughout North America. The company's only business segment involves the operation of its regional theme parks which generates theme park admission revenue and in-park sales income. Six Flags holds exclusive long-term licenses for the use of Warner Brothers and DC Comics characters like Bugs Bunny, Daffy Duck, Batman, and Superman; in addition to planting walk-around characters in its parks and using licensed characters for advertising, Six Flags builds character-inspired rides that are an important marketing tool. The company 's parks have an annual attendance of around 24 million people.  The company earned $912 million in revenue but incurred a net loss of $64 million in 2009.
Six Flags has only turned a profit once since 1998, and in 2009 filed for Chapter 11 bankruptcy protection due to the accumulation of $2.5 billion in debt.
Six Flags is the largest regional theme park operator and the second largest amusement park operator in the world. Although approximately 24 million people visit its 19 operating theme parks each year, the company has posted a positive net income just once since 1998. Six Flags operates as a seasonal business - over 84% of park attendance and revenues are generated between the second and third quarters of the calendar year - and primarily generates its income through ticket sales, in-park food and merchandise sales, and sponsorship revenue.
Six Flags manages its operations on an individual park location basis; financial information is kept for each park and regularly submitted to management for review and decision-making. The company has only one official segment - "operation of theme parks" - since the company's parks all provide similar services to a similar group of customers. Six Flags' parks are:
Because theme parks provide a discretionary service, they are often susceptible to the pressures of the economic environment. In a sluggish economy, consumers cut back on discretionary spending and as a result theme parks suffer from lower attendance. Additionally, the consumers that do end up going to theme parks typically spend less on food, drinks, and merchandise, also hurting the revenues of the park. In 2009, attendance at Six Flags parks fell 8.4% and sales from food and merchandise fell 10.8%. 69
Six Flags is the second leading amusement park operator in the United States behind the Walt Disney Company. While Disney's Parks and Resorts segment focuses on attracting visitors from across the globe to visit its parks, Six Flags targets its local demographic and does not seek to advertise internationally.
Cedar Fair is a regional theme park operator that owns and operates many parks that directly compete with Six Flags.
A subsidiary of Anheuser-Busch, the Busch Entertainment Corporation ("BEC") operates nine theme parks across America, including the Sea World and Busch Gardens parks.
Each of SIX's parks competes with different parks within its region.
|Park Name||Location||Competes With||Distance from SIX Park (miles)||Owner|
|King's Dominion||Doswell, Virginia||Six Flags America||120||Cedar Fair|
|Hershey Park||Hershey, Pennsylvania||Six Flags America / Great Adventure||125 and 150||Privately held by Hershey Entertainment & Resorts|
|Busch Gardens||Williamsburg, Virginia||Six Flags America||175||Anheuser-Busch|
|Aquarium of the Bay at Pier 39||San Francisco, California||Six Flags Discovery Kingdom||30||Privately held by Aquarium of the Bay Foundation|
|Great America||Santa Clara, California||Six Flags Discovery Kingdom||60||Cedar Fair|
|Gilroy Gardens||Gilroy, California||Six Flags Discovery Kingdom||100||Privately held by Gilroy Gardens, Inc.|
|Outer Bay at Monterey Bay Aquarium||Monterey, California||Six Flags Discovery Kingdom||130||Privately held by Monterey Bay Aquarium Foundation|
|Sea World of Texas||San Antonio, Texas||Six Flags Fiesta Texas||Same City / 285||Anheuser-Busch|
|Dorney Park||Allentown, Pennsylvania||Six Flags Great Adventure||75||Cedar Fair|
|Disneyland||Anaheim, California||Six Flags Magic Mountain||60||The Walt Disney Company|
|Universal Studios Hollywod||Universal City, California||Six Flags Magic Mountain||20||Privately held by Universal Studios|
|Soak City USA||Buena Park, California||Six Flags Magic Mountain||50||Cedar Fair|
|Raging Waters||San Dimas, California||Six Flags Magic Mountain||50||Privately held by Palace Entertainment|
|La Feria de Chapultepec||Mexico City||Six Flags Mexico||Same City||Privately held by CIE Parques|
|Lake Compounce||Bristol, Connecticut||Six Flags New England||50||Privately held by Kennywood Entertainment|
|Carowinds||Charlotte, North Carolina||Six Flags Over Georgia||250||Cedar Fair|
|Alabama Adventure||Birmingham, Alabama||Six Flags Over Georgia||160||Privately held|
|Dollywood||Pigeon Forge, Tennessee||Six Flags Over Georgia||200||Privately held by The Dollywood Company|
|Wild Adventures||Valdosta, Georgia||Six Flags Over Georgia||240||Privately held by Herschend Family Entertainment Corporation|
|Sun Valley Beach||Powder Springs, Georgia||Six Flags White Water Atlanta||15||Privately held by Wayne and Ann Powell|
|Worlds of Fun||Kansas City, Missouri||Six Flags St. Louis||250||Cedar Fair|