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NEWS
Six Flags eats its words and offloads European operations
POSTED 12 Mar 2004 . BY
Oklahoma City-based leisure company, Six Flags, has announced it is to sell seven of its eight European theme parks to a private investment firm for around $200m (£111.5m) – just months after it declared it had no intention of selling any of its assets.

The troubled company also said it had sold its Worlds of Adventure park in Cleveland, Ohio, to Cedar Fair for $145m (£80.8m). The deal includes the adjacent hotel and campsite, but not the animals currently located at the park.

The news marks a dramatic turnaround in the company’s strategy.

Six Flags is now left with just one amusement park in its European portfolio – the Warner Bros. Movie World in Madrid, Spain, which it helped found.

Kieran Burke, chair, said: “While we continue to believe that there are potential internal and external growth opportunities in Europe, the sale of our European operations will enable us to focus our management and capital resources more completely on our North American operations.”

The company issued a statement, saying that it will use the cash from the sales to cut its debt, which has soared to around $2bn (£1.12bn).

Six Flags has recorded full-year losses for the last five years, with 2003 seeing the company return a net loss of $61.7m (£34.4m)

“While we will incur a book loss in the first quarter of 2004 – on the sale of these assets – of around $290m (£161.7m), these transactions are very positive for us,” said Burke.

“We expect to utilize the proceeds of the sales primarily to reduce our debt and to fund our existing parks. We do not expect any additional park disposals to occur.”

In 1998, Six Flags acquired six European parks from Walibi for $155m (£84.2m) and was listed on the New York Stock Exchange the same year.

Its initial success story was halted in 2000 however, when the company recorded its first decline in visitor numbers – a downward spiral it has been unable to revert.

Six Flags, which will subsequently operate a total of 31 parks in North America and Europe, has so far declined to name the buyer for the European parks, its is believed the purchaser is new to the industry, with no previous assets or interests in the leisure sector. Details: www.sixflags.com

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©Cybertrek 2022
Jobs    News   Products   Magazine
NEWS
Six Flags eats its words and offloads European operations
POSTED 12 Mar 2004 . BY
Oklahoma City-based leisure company, Six Flags, has announced it is to sell seven of its eight European theme parks to a private investment firm for around $200m (£111.5m) – just months after it declared it had no intention of selling any of its assets.

The troubled company also said it had sold its Worlds of Adventure park in Cleveland, Ohio, to Cedar Fair for $145m (£80.8m). The deal includes the adjacent hotel and campsite, but not the animals currently located at the park.

The news marks a dramatic turnaround in the company’s strategy.

Six Flags is now left with just one amusement park in its European portfolio – the Warner Bros. Movie World in Madrid, Spain, which it helped found.

Kieran Burke, chair, said: “While we continue to believe that there are potential internal and external growth opportunities in Europe, the sale of our European operations will enable us to focus our management and capital resources more completely on our North American operations.”

The company issued a statement, saying that it will use the cash from the sales to cut its debt, which has soared to around $2bn (£1.12bn).

Six Flags has recorded full-year losses for the last five years, with 2003 seeing the company return a net loss of $61.7m (£34.4m)

“While we will incur a book loss in the first quarter of 2004 – on the sale of these assets – of around $290m (£161.7m), these transactions are very positive for us,” said Burke.

“We expect to utilize the proceeds of the sales primarily to reduce our debt and to fund our existing parks. We do not expect any additional park disposals to occur.”

In 1998, Six Flags acquired six European parks from Walibi for $155m (£84.2m) and was listed on the New York Stock Exchange the same year.

Its initial success story was halted in 2000 however, when the company recorded its first decline in visitor numbers – a downward spiral it has been unable to revert.

Six Flags, which will subsequently operate a total of 31 parks in North America and Europe, has so far declined to name the buyer for the European parks, its is believed the purchaser is new to the industry, with no previous assets or interests in the leisure sector. Details: www.sixflags.com

MORE NEWS
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Seventh International Museum Construction Congress to be held in Norway this year
The International Museum Construction Congress (IMCC) will take place in the Norwegian capital city, Oslo, from 6 to 8 November 2022.
The 'world's most anticipated museum' to finally open this year
The Grand Egyptian Museum is set to finally open its doors after a design and construction project which has taken more than 20 years to complete.
Horniman Museum to return 72 looted artefacts to Nigeria
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COMPANY PROFILES
Polin Waterparks

Polin was founded in Istanbul in 1976. Polin has since grown into a leading company in the waterpa [more...]
IDEATTACK

IDEATTACK is a full-service planning and design company with headquarters in Los Angeles. [more...]
Simworx Ltd

The company was initially established in 1997. Terry Monkton and Andrew Roberts are the key stakeh [more...]
WhiteWater

WhiteWater was born in 1980 to create places where families unite and make joyful lasting memories [more...]
+ More profiles  
FEATURED SUPPLIER

Attractions industry to reunite this September at IAAPA Expo Europe in London
For the first time in more than a decade, industry leaders from across the global attractions industry will once again gather in London as part of the annual IAAPA Expo Europe, the sector’s premier international event. [more...]
VIDEO GALLERY

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Last July 7th, Red Raion took part in the opening event of FICO Eataly World, the Italian theme park dedicated to food - the only one worldwide! Find out more...
More videos:
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CATALOGUE GALLERY
+ More catalogues  
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+ More directory  
DIARY

 

03-04 Sep 2022

HEALING SUMMIT 2022 - The Healing of Everything

Pine Cliff Resort, Portugal
27-29 Sep 2022

International Congress on Thermal Tourism

Ourense, Ourense, Spain
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2022

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