Six Flags has reported its financial results for the second quarter of 2022, revealing a decline in revenue due to lower attendance.
“This is a transitional year for Six Flags, as we reset the foundations of our business model to focus on delivering a premium guest experience, while at the same time, correcting for decades of heavy price discounting,” said Selim Bassoul, president and CEO.
Total revenue for the second quarter of 2022 decreased by $24 million (5 percent) compared to Q2 2021. This was due to lower attendance and a $5 million reduction in sponsorship, international agreements and accommodations revenue.
“This is a transitional year for Six Flags”
For the first half of 2022, total revenue increased by $32 million (6 percent) compared to the first half of 2021. This was driven by higher per capita spending but offset by lower attendance.
“Our guest satisfaction scores are well above 2021 and our guest spending per capita has increased more than fifty percent versus pre-pandemic levels,” Bassoul added.
“We believe our initial progress validates the potential of our new strategy, and provides a very healthy earnings base from which we can grow.”
Net income in the second quarter of 2022 was $45 million. However, Six Flags had a net loss of $20 million in the first half of this year.
In comparison, Disney parks, experiences and products has reported earnings for the third quarter of 2022, with revenue increasing by more than $3 billion compared to Q3 2021.
In Six Flags’ financial results for the first quarter of this year, total revenue increased by $56 million (68 percent) compared to the prior-year quarter. This was driven by higher attendance and guest spending.
The company has recently launched 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.
Images: Six Flags
