Six Flags has reported record revenue for a first quarter, despite a decline in attendance in the first three months of this year compared to the same period in 2022.
Total revenue for the first quarter of 2023 was $142 million, an increase of $4m (3 percent) compared to the first quarter of 2022.
This was driven by higher guest spending but partially offset by lower attendance due to severe weather at Six Flags’ theme parks in California and Texas.
The company had a net loss of $70m in first quarter of this year, compared to a net loss of $66m in Q1 2022. Adjusted EBITDA loss in Q1 2023 was $17m, the same as the prior-year period.
“We are pleased to have delivered record first quarter revenue and the second-highest first quarter adjusted EBITDA in our company’s history, which we believe are proof points that our new strategy and our new culture are beginning to take hold,” said Selim Bassoul, Six Flags’ president and CEO.
‘New culture beginning to take hold’
The company’s new events, “combined with exciting new rides and attractions and our focused investments in infrastructure, should help us deliver an enhanced guest experience this year”, Bassoul added.
He said: “We are still in the early stages of our transformation, but with our season pass sales accelerating and our attendance improving, we are encouraged by our recent progress.”
In its financial results for the first quarter of 2023, Cedar Fair also reported declines in revenue and attendance due largely to unusually rainy weather in California.
Late last month, Six Flags Fiesta Texas revealed more about its new esports facility, which includes gaming PC and console stations with state-of-the-art equipment.
“This cutting-edge gaming arena is a first for the amusement industry, representing our dedication to offering a premium experience in every aspect of our guests’ visit,” said Jeffrey Siebert, park president.
Images: Six Flags
