In early 2020, the Six Flags theme park chain was threatened with extinction for the second time in about ten years, this time due to the coronavirus pandemic.
However, investors say the recent influx of cash needed and a renewed focus on the core business have given it a solid chance of survival and maybe some good years in the future.
Six Flags is often overshadowed by the huge and famous Disney and Universal destination parks and, with 26 locations in North America, is the largest provider in the regional theme park business.
Since its beginnings in Texas in 1961, Six Flags has had a successful, if sometimes turbulent, rise that went bankrupt in the middle of the financial crisis. The company has reappeared and has had strong sales for several years.
But when the corona virus pandemic hit Six Flags, it was already struggling with its weakened plans to expand internationally.
After a $ 725 million debt offer in April to deal with the crisis, the company is focusing on gradually reopening its parks.
It uses a number of health and safety measures. Park guests must reserve in advance to keep visitor numbers manageable. Most jurisdictions in which companies can be reopened limit customer capacity to around 25% of a company's typical maximum capacity, the then interim chief financial officer Lenny Russ said at a conference call on Oppenheimer investments on June 16.
All guests and employees must wear face masks. They will also undergo a temperature test before entering the park with new fast thermal scanning technology. There are special hand washing and disinfection stations and cleaning teams. Markers indicate how drivers should line up to create space between guests and the park. Empty spaces remain on the trips to keep the parties apart.
Some parks were already open in mid-June, Russ said. These include Oklahoma's Frontier City, a water park outside of Phoenix, and Six Flags over Georgia. Six Flags & # 39; Great Adventure turned his safari in Jackson, New Jersey back into a transit attraction and opened it on May 30.
More parks will open as local governments relax restrictions. These decisions could allow the company to generate some much-needed revenue during the usually busiest season. With spikes in cases in parts of the country, there is still a lot of uncertainty.
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