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Six Flags Corporate Discussion Thread


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https://www.themeparkinsider.com/flume/202004/7379/

 

Six Flags Increases its Credit Line as It Looks to Cut Spending

April 8, 2020, 5:18 PM ·

 

A week after adopting a so-called "poison pill" strategy to avoid a hostile takeover bid, Six Flags this week took additional steps to keep the amusement park company operating while its parks are closed.

 

Six Flags has gotten its lenders to agree to add $131 million to its revolving credit facility, taking it up from from $350 million to $481 million. The company said in a press release that it has $23 million in cash on hand, but that with its credit facility, "the company expects to have ample cushion under its debt covenants until at least the fourth quarter of 2020, even if the parks were to remain closed through September."

 

To cut costs, Six Flags said that it is deferring or eliminating at least $40-50 million of discretionary capital projects planned for 2020 and intends to eliminate at least $30-40 million of additional non-labor operating costs this year, including spending announced last year "to improve guest experiences." The company also has suspended all dividends and stock buybacks and suspended all spending on marketing and advertising. (FWIW, that's the one that hits me.)

 

Six Flags previously announced a 25 percent cut in pay for all salaried employees, including executives, and a reduction to 30 hours a week for all full-time hourly employees. The company also has "eliminated nearly all of its seasonal labor costs," in other words, dismissed or not hired any seasonal employees.

 

With all that, Six Flags estimates that it will be spending a net $30-$35 million per month while its parks are closed. "The company believes it has sufficient liquidity to meet its cash obligations until the opening of the 2021 operating season," it said in the press release.

 

Six Flags' stock closed today at $14.29, which is up from its March 18 low close of $10.36 but still well below the mid-$40 range where the company was trading before its China deals went south, costing it millions in licensing revenue. Six Flags has announced that its parks will be closed until at least mid-May, though it hopes to reopen "as soon as possible thereafter." The company is giving its members a free one-level Membership upgrade for the remainder of 2020 as well as extending season passes by the number of days that the parks are closed.

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  • 1 month later...

It appears that they have upgraded their information regarding the reservation system they plan to implement once the parks reopen. The full details and FAQ can be found at https://sixflags.com/reserve.

 

Some takeaways;

- Once the system goes live, they'll be opening reservations to attend throughout the remainder of the calendar year all at once.

- At first reservations will be limited to only members and season passes holders, with them opening up space for day ticket holders at later dates.

- Higher priority will be given to people on the higher tiers of membership (ie Diamond & Diamond Elite).

- When making a reservation, you will apparently be able to order masks at the same time. While it doesn't say whether or not masks will be mandatory to wear when entering/enjoying the park, it definitely sounds as if they're at least considering the possibility.

- When you make a reservation, you will not only be reserving a date, but also a specific time for entry into the park, in order to ease congestion at the gates. If you arrive too early, they will be asking you to wait inside your car.

 

They also make note that they have more wide-ranging safety measures planned to ensure proper social distancing, but they're outside the scope of the reservation system and not discussing them yet.

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I'm interested to know what happens if someone with a reservation shows up late. They make it clear what happens if you arrive early, but I'm wondering what happens if someone gets stuck in traffic. I guess we'll have to see how wide the entry bands are. I also want to know if you can still go to your car or is there no re-entry like they do during Fright Fest in the evenings.

 

I'm definitely glad you can book multiple days at once. I was worried if I went somewhere like Texas if I'd only be able to book one day at all the Six Flags parks total.

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I'm definitely glad you can book multiple days at once. I was worried if I went somewhere like Texas if I'd only be able to book one day at all the Six Flags parks total.

 

Until some toolbag Diamond/Elite members all decide to reserve every single day left in the season so that no one else will be able to book a day.

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You're penalized for not showing up, so unless they actually go every day (which is entirely within their right) then in theory they should not be able to do that.

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It sounds like they're not releasing all available slots for each day initially, so that would also help if someone tries to book everything up.

 

But the other big piece of information is whether or not the park is capped based off their usual capacity or maximum capacity. I doubt many of the parks in the Six Flags chain actually hit their official max capacity. The only one I hear that happen for is Six Flags Magic Mountain in that week after Christmas.

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- Higher priority will be given to people on the higher tiers of membership (ie Diamond & Diamond Elite).

 

I totally understand this, but I hate this too.

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You're penalized for not showing up, so unless they actually go every day (which is entirely within their right) then in theory they should not be able to do that.

I wonder what the penalty will be for this. I'd like to see it carry some weight, like a $50 no-show fee, but I'm not holding my breath

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The website states that guests who make reservations and don’t use them are subject to penalties such as reduced system priority and blockout periods.

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The website states that guests who make reservations and don’t use them are subject to penalties such as reduced system priority and blockout periods.

 

They have the same warning on parking passes. Anyone been dinged for not using those?

 

These could be some really deserted days at the parks. Are school groups / camps / etc going to be allowed to reserve?

 

I'm interested to see how this plays out and for how long. I would love to fast forward a month or two right now.

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People get dinged for not showing up for parking reservations. it will probably operate like that.

 

There probably won't be any school groups or camps because there are no schools and no camps.

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I'm guessing if you don't have a pass and reserve a day you'll have to pre-purchase your ticket and the penalty for not showing up will be that the tickets aren't refundable.

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My biggest concern about the Reservation system, is how they'll handle groups of people who don't all have the same pass level. My kids and I all have Memberships, but my kids are a tier below me. If I get priority, and they don't, and can't come, obviously I'm not going to come either. It'll be interesting to see how this all plays out, that's for sure...

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My biggest concern about the Reservation system, is how they'll handle groups of people who don't all have the same pass level. My kids and I all have Memberships, but my kids are a tier below me. If I get priority, and they don't, and can't come, obviously I'm not going to come either. It'll be interesting to see how this all plays out, that's for sure...

 

I would think that as long as YOU make the main reservation, they simply get added to yours, and your whole party is together.

 

the F.A.Q. does say you can add anyone to your reservation, you just have to input their membership/pass number.

 

so I expect this will not be an issue.

 

eagerly awaiting the announcement of how they are going to handle queuing inside the park, and when I'll be able to visit SFFT again!

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My biggest concern about the Reservation system, is how they'll handle groups of people who don't all have the same pass level. My kids and I all have Memberships, but my kids are a tier below me. If I get priority, and they don't, and can't come, obviously I'm not going to come either. It'll be interesting to see how this all plays out, that's for sure...

 

I would think that as long as YOU make the main reservation, they simply get added to yours, and your whole party is together.

 

the F.A.Q. does say you can add anyone to your reservation, you just have to input their membership/pass number.

 

so I expect this will not be an issue.

 

eagerly awaiting the announcement of how they are going to handle queuing inside the park, and when I'll be able to visit SFFT again!

Do we know how bring a friend tickets would work? They're loaded on your pass/membership so...

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  • 2 weeks later...

Six Flags just released a video detailing their measures for re-opening. See below:

 

 

[fbvideonew]

[/fbvideonew]
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^ just saw that, and while I'm not sure how the virtual queue is gonna work (going to be a learning curve for me, as this technology challenged "mundane" will have to figure out how to download and operate an app ) but I'll adapt and learn how to do it.

 

this is pretty much what I was expecting, so I'm glad they are not doing anything really crazy.

 

as this is the United States? I expect there will be TONS of privileged folks claiming "medical" exemptions for excuse not to wear a mask. will be extremely disappointed if they start issuing a lot of exemptions.

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^Sadly many Americans only medical problem is the mental illness of entitlement and privilege. And too many companies cave to it.

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They can't enforce their current rules.

They might not be able to enforce them throughout the open areas of the parks, but they can most certainly deny entry / boarding to attraction queues, restaurants, and merchandise locations, for any guest that doesn't have their mask on. All it takes is one greeter at major ride entrances. It's no different than denying a guest entry to a ride because they don't meet a height restriction.

 

^ just saw that, and while I'm not sure how the virtual queue is gonna work (going to be a learning curve for me, as this technology challenged "mundane" will have to figure out how to download and operate an app ) but I'll adapt and learn how to do it.

There are solutions that don't require you to use a mobile app. Some parks, like the Walt Disney World parks, let you use your ticket or a wristband in conjunction with kiosks around the park.

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I wonder if the metal detector replacements at the gate are millimeter-wave scanners or the old backscatter x-rays that the TSA got rid of?

 

I really hope that there are some open areas where you don't need to wear a mask. If not, I will probably be at a table with a beer in front of me half the trip, so I have an excuse to take it off. We don't have to wear masks outdoors any more in much of So Cal. I am more than happy to wear it on all of the rides, in lines, stores, close to other people, etc, but most Six Flags parks with limited attendance have more than enough room to socially distance. At least during the day, the sun and humidity produce hydroxyl that kills the virus in the air, so it is not as dangerous as being inside. I know this because we have hydroxyl generators at work that were designed to generate hydroxyl to kill the virus in the air inside a building. And unlike our ozone generators, it is completely safe to be around hydroxyl.

 

https://en.wikipedia.org/wiki/Hydroxyl_radical

http://www.hydroxylnews.com/hydroxyl-news/using-hydroxyl-technology-to-dynamically-sanitize-air-and-surfaces-on-cruise-ships/

https://www.odoroxhg.com/home

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I'm keeping my membership going to support the parks but I'll pass on actually going this year until this stuff ends. I do wish I could just get a full refund on the meal plan that I'm going to end up not using at all though instead of it just having months added to next season but oh well it is what it is.

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