NEWS: Six Flags To Sell Frontier City

[Alexander Nagel]

http://today.reuters.com/business/newsArticle.aspx?type=realEstateRestaurantsHotels&storyID=nN27282060

 

NEW YORK, Jan 27 (Reuters) - Six Flags (PKS.N: Quote, Profile, Research) on Friday said it planned to sell its theme parks in Oklahoma City and close offices there as part of its streamlining efforts.

 

"We continue to evaluate every asset in the Six Flags portfolio," Chief Executive Mark Shapiro said in a statement.

 

Six Flags recently went through a shake-up in its top management and board after investor Daniel Snyder won a long-running battle for the company's control.

 

Snyder, who also owns the Washington Redskins football team, said at the time that he planned to turn around the company, whose profit and stock price have lagged in recent years.

 

Shapiro, a former executive at Walt Disney Co.'s (DIS.N: Quote, Profile, Research) ESPN unit, was named Six Flags chief executive after Snyder took control of the company.

 

The sale of Frontier City, a Western-themed amusement park, and water park White Water Bay will be handled by Staubach Co. and is expected to take effect after the 2006 season, Six Flags said. The season ends in October.

 

Staubach Co. is run by former Dallas Cowboy quarterback, Roger Staubach, one of the Washington Redskins' fiercest competitors.

 

Six Flags also said it planned to consolidate corporate operations, expanding its presence in New York.

 

 

 

Can't say i'm not surprised that their closing the Oklahoma City offices, or the sale of Frontier City. The question is do they plan to sell it to someone else or pull another AstroWorld.

[TheGreatOne]

I wouldn't be surprised if Herschend tried to pick up Frontier City. It seems right up their alley. From what I hear, it's a nice park for such a small place.

[robbalvey]

My gut feeling tells me this won't be the last of the "smaller parks" to be sold.

 

I'd be willing to bet that Wyandot Lake is next.

 

--Robb

[TheGreatOne]

^ Yeah, especially since it has ZERO room to expand and plays second fiddle to PKI in the central Ohio market anyways. If it wasn't for the waterpark part, it would hardly make any money..

[SharkTums]

Dude, wow...glad to see some big changes being made!

[Shockwave]

I did have a hunch that Wild Waves/Enchanted Village might be culled sometime, but there's little else up there apart from that. Now that Frontier City is up for sale, I reckon WW/EV may stay under SF control for a while yet.

[momo1tx]

I've always wondered about Frontier City... why were SF season passes not valid at this park, but valid at every other major park.

 

Also... NOOO!!! Not Wyandot! I loved that park! It wasmy home park before I rode coasters, I loved to go there when visiting the Columbus Zoo.

[coasterdude5]

Not surprised in the least.

[ParkTrips]

Let's just hope that we can avoid having YET ANOTHER Schwarzkopf bite the dust.

[coasterdude5]

^Doubt it.

 

The sale of Frontier City, a Western-themed amusement park, and water park White Water Bay will be handled by Staubach Co. and is expected to take effect after the 2006 season, Six Flags said. The season ends in October.

[Cameraman]

Hopefully they divest this park in tact though. I think there's more money to be made by selling it in one piece. The problem is finding a buyer.

[calcajun]

With this new "streamline" news,

I am now getting the feeling, that since SFNO is already down, that it may not be rebuilt.

 

Good thing I am going on an interview Tuesday for a position with a construction company!

[OzCatter]

I wonder about SFNO now, they've sold 2 SF parks, as they said they would.

[calcajun]

Not much to sell at SFNO.

The land is leased.

Quite a few of the rides are leased.

Everything went underwater.

That’s why with the "streamline" I feel it won't come back.

It did make money, but it was not an over achiever.

 

I have come to my senses and believe it is a gonner. SIGH

[Cameraman]

I guess the only way it can be saved is if they find out what kind of federal help they can get. Even then it's pretty bleak.

 

BTW, before this [Edit- this meaning before the two recent articles] they never said they'd sell any parks. An analyst said they could sell two parks to help the debt out. But Frontier City aint gonna make a dent.

[ParkTrips]

Shapiro himself was quoted as saying "the company also may sell some parks." (AJC)

[Cameraman]

May is different from saying they're going to definitely sell exactly two parks. The two park thing was just what an analyst said. Don't really know how the selling park deal will really end. There could be more or this could be the last.

[DerekRx]

The sale of Frontier City, a Western-themed amusement park, and water park White Water Bay will be handled by Staubach Co. and is expected to take effect after the 2006 season, Six Flags said. The season ends in October.

 

Looks like I'll have to put Oklahoma City on my farewatcher for this summer. And to think, I kept putting it off until Nightmare was finally reopened!

[ParkTrips]

May is different from saying they're going to definitely sell exactly two parks. The two park thing was just what an analyst said. Don't really know how the selling park deal will really end. There could be more or this could be the last.

 

OK.. if that wasn't enough:

 

"... he said, adding that the company is evaluating parks to sell."

 

http://www.mdjonline.com/articles/2006/01/26/89/10208451.txt

 

Does it mean that they will? Not definately, but seems like they've been talking about it an awful lot...

[Cameraman]

That's not what I was referring to. I was referring to the thread (and article that started the thread) "Six Flags Debt Restructuring--Selling Two Parks!?!," which took place before the Frontier City sale and SFoG articles. At the time of that article there was nothing said by Six Flags that they would sell exactly two parks. I was assuming that's what OzCatter was referring to when he said "...they've sold 2 SF parks, as they said they would."

 

I agree that at this point we don't know whether this will be the last of park sales or the beginning. Some people thought that another article definitely meant that Six Flags will sell just two parks. However, that's just what an analyst suggested and anything goes.

[rollermonkey]

I'm surprised mostly at the selling of a waterpark. I was under the impression those places nearly print money! Selling the one in Oklahoma may just to sweeten the deal of the park. If I recall OK tends to run pretty warm in the summer...

[USCoaster]

Isn't Frontier City the "home park" of Premier Parks? If I am correct, it could be just a huge symbolic gesture towards old management.

[DenDen]

Well, I hope someone buys it, and keeps it as a park. I went to FC a while back when moving cross country. (Moving truck and all, we stopped to have some fun!) It was a nice little place, still un-poisoned by premier at the time. Finding a new independent buyer would be a real positive for the place.

[DmctNY8]

I believe that Shapiro said he plans on selling the parks as parks, not as land.

[dj snow]

Isn't Frontier City the "home park" of Premier Parks?

It's where they began it all. They (known as Tierco at the time) were a real-estate company and had purchased the park midseason, with the intent of closing it and developing it for other purposes. Since they were obligated to operate the park through the season, though, they had the opportunity to find it an interesting and rewarding business. They kept the park open and eventually bought other parks and became the Six Flags of today.

 

I don't believe that the new management team intends for this move to be symbolic in any way, but it is interesting how things at this park may turn out to come full circle, back to the beginning steps of the company as we know it.