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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
Queen Elizabeth II to be commemorated by Thames' Illuminated River
Illuminated River, described as the world’s longest public artwork, will be lit in commemoration of the passing of Her Majesty The Queen, Elizabeth II.
Brad Pitt makes debut as sculptor at Finnish art museum
Hollywood superstar, Brad Pitt, has made his debut as a sculptor as part of British artist Thomas Houseago’s first ever exhibition in the Nordic countries.
World's longest and 'technologically advanced' zipline planned for Iceland
A 1km-long zipline offering riders speeds of 120km/h is set to open in Iceland later this year.
Triotech secures deal to supply rides for Puy Du Fou Asia's first Chinese attraction
Triotech has secured a deal to supply its interactive ride technology for the SAGA Experience, an immersive attraction being developed in the heart of Shanghai, China, by Puy du Fou Asia.
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Merlin takes over operations at UK's largest indoor waterpark
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+ More news   
 
COMPANY PROFILES
Red Raion

Founded in 2014, Red Raion is the CGI studio specialized in media based attractions. [more...]
Vekoma Rides Manufacturing B.V.

Vekoma Rides has a large variety of coasters and attractions. [more...]
IDEATTACK

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

QubicaAMF is the largest and most innovative bowling equipment provider with 600 employees worldwi [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

Proslide Tech Inc - ProSlide's all-in-one waterplay entertainment center
RideHOUSE is an iconic waterplay complex purposefully designed for young kids and families to enjoy. Find out more...
More videos:
Red Raion Showreel 2021 – Red Raion
Red Raion TV - Testimonial: Leolandia – Red Raion
IAAPA Expo Europe Promo – International Association of Amusement Parks and Attractions (IAAPA)
+ More videos  

CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

27-29 Sep 2022

International Congress on Thermal Tourism

Ourense, Ourense, Spain
13 Oct 2022

VAC 2022

The ICC Birmingham, Birmingham, United Kingdom
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2022

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
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LEISURE MEDIA PRODUCT SEARCH
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PRINT SUBSCRIPTIONS
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