Six Flags has reported a 21 percent decline in revenue driven by lower attendance in its financial results for the third quarter of 2022.
Revenue for Q3 2022 decreased by $133 million (21 percent) compared to the same period in 2021. This was due to lower attendance but offset by higher per capita spending.
Lower attendance at Six Flags’ theme parks was attributed to an increase in ticket prices and the elimination of free tickets.
The company partially offset the revenue drop with lower cash operating costs, including a reduction in full-time staff, fewer total employee hours and lower advertising costs.
Six Flags posted net income of $116m in Q3 2022, a decrease compared to $157m in the same quarter of 2021.
“This was a year of transition for Six Flags, as we made bold changes to our business model in order to elevate the guest experience and to position the company for sustainable, long-term earnings growth,” said Selim Bassoul, Six Flags president and CEO.
“While it will take time to achieve our ambitious goals, we are encouraged by our recent progress, with guest spending per capita up nearly 50 percent year-to-date relative to 2019, and with attendance trends and season pass sales significantly accelerating in October and early November.”
“This was a year of transition for Six Flags”
Six Flags also reported a decline in revenue due to lower attendance in its financial results for the second quarter of this year. However, in the first quarter of 2022, total revenue increased by $56m (68 percent) compared to the prior-year quarter.
This year, the company has opened Six Flags Magic Mountain’s 20th roller coaster, Wonder Woman Flight of Courage, as well as the world’s steepest dive coaster, Dr. Diabolical’s Cliffhanger, at Six Flags Fiesta Texas.
“We have an exciting lineup of new rides and immersive festivals planned for 2023, and we are optimistic that our momentum will continue through the upcoming season and beyond,” added Bassoul.
Images: Six Flags
