Six Flags has no plans to sell Knott’s Berry Farm or Six Flags Magic Mountain as the struggling company considers selling underperforming amusement parks amid a plummeting stock price and declining revenues.
Knott’s Berry Farm and Six Flags Magic Mountain are critical to the long-term growth of the amusement park chain, Six Flags CFO Brian Witherow said during an earnings call earlier this month.
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Six Flags parks with high property values in Southern California and Toronto “are critical to the long-term growth of the business,” Witherow said on the call.
The sale of Knott’s Berry Farm in Buena Park, Six Flags Magic Mountain in Valencia or Canada’s Wonderland outside Toronto “would not be something, at least where we sit today, that we would be interested in pursuing,” Witherow said on the call.
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Six Flags plans to sell underperforming “non-core” parks to raise money to pay down nearly $5 billion in debt after reporting a significant loss in the most recent quarterly earnings report earlier this month.
The company plans to sell the Six Flags America property in Maryland that permanently closed earlier this month.
California’s Great America in Santa Clara will close in the next few years — with the exact closing date yet to be set.
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Six Flags and rival Cedar Fair merged in 2024 in an $8 billion deal that combined the two companies into a North American amusement park juggernaut.
The Six Flags stock price hit a 52-week low after the company reported a 2% decline in net revenue during third quarter results in early November.
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Theme park veteran John Reilly will take over as Six Flags Chief Executive Officer on Dec. 8.
Reilly’s career has included stops as Palace Entertainment CEO, SeaWorld Parks and Entertainment interim CEO and SeaWorld San Diego president.