Six Flags Entertainment Corporation today released its final quarterly financial reports for its legacy Cedar Fair and Six Flags theme parks.
Since the merger of the two companies became official last month, future earnings reports will be prepared for the combined company, but the release of each chain’s final reports highlights the differences between the old companies’ parks.
The former Cedar Fair parks welcomed 8.6 million guests in the three months ending June 30, while the former Six Flags parks attracted 6.9 million visitors during that period. Per capita guest spending at the former Cedar Fair parks was $59.54, while the average guest spent $61.22 on admission and in-park purchases.
At traditional Cedar Fair parks, attendance increased 17% year-over-year, while at traditional Six Flags parks, attendance decreased 2%, with some of this discrepancy due to the different number of days each chain operated in the quarter compared to the previous year.
Accordingly, revenue at Cedar Fair rose 14% to $572 million, while Six Flags fell 1% to $438 million. Both sides reported an adjusted/modified EBITDA margin of around 36%.
“I am extremely pleased with the performance of the Cedar Fair portfolio in the second quarter, which delivered record attendance and net revenues and delivered a 570 basis point increase in Cedar Fair’s adjusted EBITDA margin for the quarter,” said Richard A. Zimmerman, President and CEO of Six Flags Entertainment Corporation. “Although weather conditions in July negatively impacted demand trends, we are confident that the combined portfolio is well positioned to deliver strong full-year performance in 2024.”
“Since the merger closed on July 1, we have quickly implemented initial integration plans to capitalize on the significant synergy and growth opportunities now available to us,” Zimmerman said. “In the near term, we are focused on advancing our strategic initiatives and embedding our core operating principles across our portfolio to realize the tremendous potential we believe lies in combining these iconic asset portfolios.”
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