Six Flags Entertainment Corporation has announced that revenue for the third quarter of 2018 increased $39 million or 7% from the third quarter of 2017 to $620 million.
Revenue growth was driven by a 5% increase in attendance on the same period last year, as well as a 42% increase in sponsorship, international agreement and accommodations revenue. Six Flags saw 13.6 million guests during the period.Net income for the quarter increased $3 million or 2% compared to the same period last year. EBITDA in the third quarter increased $6 million or 2% compared to the same period last year.
Jim Reid-Anderson, Chairman, President and CEO, said: “We were pleased to achieve record revenue and Adjusted EBITDA for the first nine months of 2018, and we are on track for our ninth record year in a row. Our five key growth initiatives provide a strong platform for growth for many years to come: we are increasing ticket yields; enhancing recurring revenue through our new membership and loyalty programs and expanding our operating calendar; growing in park revenue, especially culinary sales; expanding our domestic footprint via targeted acquisitions; and pursuing additional Six Flags-branded international parks.”
Acquisitions drive attendance improvement
Attendance at the company’s parks for the first nine months of 2018 increased to 25.7 million guests, an increase of 6% on this period last year. Attendance increase was driven by the five newly acquired parks, the two new waterparks in Mexico and California, and the benefit of 365-day operations at Six Flags Magic Mountain.Six Flags isthe world’s largest regional theme park company andthe largest operator of waterparksinNorth America.
Six Flags Entertainmentachieved record revenuesof $129m for the first quarter of 2018, an increase of $29m or 30% on the same period the previous year.
Six Flags is developingthree new parks in China. The operator has again partnered real estate firmRiverside Investment Groupto build a new theme park, water park and adventure park in Nanjing, the capital of Jiangsu province.
