Six Flags Entertainment Corporation has reported its financial results for the fourth quarter of 2023 and the full fiscal year.
For the fourth quarter of 2023, Six Flags has reported revenue of $293 million, a net loss of $22m, and adjusted EBITDA of $98m.
Total revenue for fourth quarter increased by $13m, or 5 percent, compared to the fourth quarter of 2022. This was driven by higher attendance.
Six Flags’ net loss of $22m is compared to net income of $10m in Q4 2022. This is attributed to $15m of transaction costs in 2023 related to the proposed merger with Cedar Fair.
Cedar Fair merger transaction costs
For the full year, the company reported revenue of $1,426m, net income of $39m, and adjusted EBITDA of $462m.
Revenue for the full year increased by $68m, or 5 percent, compared to 2022. This was also driven by higher attendance and higher sponsorship revenue. Six Flags‘ net income of $39m is compared to net income of $101m in 2022.
Selim Bassoul, president and CEO of Six Flags, said the company is “encouraged by the progress we have made to date”.
“Looking ahead to 2024, we have seen early success in sales of our 2024 passes, which are ahead of last year, and should provide a solid foundation as we head into the core operating season.
“We have laid the groundwork long-term for profitable growth, and we have many exciting new developments in store for the 2024 season, including new innovative rides, immersive experiences, and new guest-facing technological innovations that will create a more seamless in-park experience, drive guest spending and improve operational efficiency.”
Six Flags’ merger with Cedar Fair is expected to close in the first half of this year, the company said in a statement alongside the financial results.
In its latest financial results, Cedar Fair noted $17 million of transaction costs related to the Six Flags merger.
Images courtesy of Six Flags
