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 is the world’s largest regional theme park company and the largest operator of waterparks in North America.
Six Flags Entertainment achieved record revenues of $129m for the first quarter of 2018, an increase of $29m or 30% on the same period the previous year.
Six Flags is developing three new parks in China. The operator has again partnered real estate firm Riverside Investment Group to build a new theme park, water park and adventure park in Nanjing, the capital of Jiangsu province.