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Six Flags (1961–2024)

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This is an old revision of this page, as edited by 24.98.184.194 (talk) at 03:35, 19 October 2007 (→Growth (acquisitions)). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.
For the national flags of Texas, see Six flags over Texas.

Six Flags (NYSE: SIX) is the world's largest chain of amusement parks and theme parks and is headquartered in New York City. There are 20 such parks run by Six Flags. The first Six Flags amusement park, Six Flags Over Texas, was built midway between the cities of Fort Worth and Dallas in Arlington (Tarrant County), Texas, United States.

The company took its name from the six flags that have flown over the State of Texas during its history, namely those of Spain, France, Mexico, the Republic of Texas, the United States of America and the Confederate States of America. In 2006, the company celebrated the 45th anniversary since the opening of Six Flags over Texas.

History

Beginnings

The Six Flags chain began in 1961 with the creation of Six Flags Over Texas by Angus G. Wynne at Arlington in Tarrant County, which initially featured a Native American village, a gondola ride, a railroad, some Wild West shows, a stagecoach ride, and "Skull Island", a pirate-themed adventure attraction. There was also an excursion aboard "French" boats through a wilderness full of animated puppets. Over time, all of those attractions, except for the railroad, would be replaced by others, such as roller coasters, swing rides, log flumes, and shoot-the-chute rides, as well as an observation tower.

Growth (acquisitions)

The original park in Arlington was sold to Penn Central Corp. in 1966 and the company began to expand with the founding and acquisition of other parks. Six Flags Corp. opened Six Flags Over Georgia in 1967, Six Flags St. Louis in 1971 and purchased Six Flags Astroworld in Houston, TX from the Hofheinz family in 1975. The chain continued to expand, acquiring Six Flags Magic Mountain in Valencia, CA and Frontier City in Oklahoma City before Penn Central sold its assets to Bally Manufacturing Corporation in 1982. Great America in Gurnee, Illinois was added to the company in 1984. This park had been founded by the Marriott hotel chain in 1976 and featured an Americana theme throughout.

The company established a relationship with Time Warner in 1984 with the acquisition of the rights to Warner. Bros animated characters for use in their properties. Bally surrendered control of the chain to Wesray Capital Corporation in a leveraged buyout in 1987. Time Warner quickly began to gain more leverage in the company, gaining a 19.5% stake in Six Flags Corp. in 1990 and then 50% in 1991, the remaining shares of the company being split by Blackstone Group and Wertheim Schroder & Company. Time Warner purchased the remaining stakes in the company in 1993 changing the company's name from Six Flags Corp. to Six Flags Theme Parks Inc.

File:Sixflags45.jpg
Six Flags 45th Anniversary logo- used for 2006 season

Premier parks

Six Flags Theme Parks Inc. was purchased in whole on April 1, 1998 from Time Warner by Oklahoma City-based Premier Parks for $1.86 billion. Premier then began to apply the Six Flags name to a number of smaller parks that the company had purchased and expanded before its purchase of Six Flags, including Darien Lake, Elitch Gardens, and Adventure World. In 2000, Premier Parks changed its name to Six Flags, Inc. Premier Parks began vigorously expanding, attempting to branch out internationally, acquiring numerous properties across the country and overseas including the Walibi and Warner Bros. Movie World chains and historic Belgian park Bellewaerde in Europe, La Ronde in Canada, and Reino Aventura in Mexico. Only three in the chain ever became Six Flags parks: Six Flags Holland, Six Flags Belgium, and Six Flags Mexico. The Walibi properties lasted a mere three years under the Six Flags name. Six Flags' European division was sold to Star Parks Group in 2004, with the exception of the Movie World park in Madrid which was sold back to Time Warner and renamed "Parque Warner Madrid". The other re-branded parks in Europe have since been renamed "Walibi World", "Walibi Belgium", "Movie Park Germany". The chain has continued to lose money every year since 1998 amassing more than $2 billion in debt due to over expansion and mismanagement. Headquartered in New York City, Six Flags is now the largest amusement park operator in the United States. Bill Gates owns about 11% of Six Flags and rumors were flying around that Bill Gates' Cascade Investments and Daniel Snyder's Red Zone LLC (which owns 12% of Six Flags) may take it over. Indeed, on August 17, 2005, Red Zone began a proxy battle to gain control of Six Flags' board of directors. On November 22, 2005, Red Zone announced success in the attempt. After gaining control of the board, CEO Kieran Burke was ousted on December 14, 2005 and replaced by Mark Shapiro, former EVP of Programming at ESPN. Moreover, Six Flags named former Representative Jack Kemp, entertainment mogul Harvey Weinstein, and the former president, Michael Kassan, of the Interpublic Group of Companies Incorporated, a global marketing and advertising agency, to their newly revamped board of directors.

Marketing

Until 2004, Six Flags parks would do separate commercials for each park, sometimes with special themes (like Great America's 25th anniversary in 2001). In 2004, Six Flags began a series of commercials linking all of the parks. The commercials were notable for a new mascot, "Mr. Six", and would each begin with an old man in a tuxedo and red bow tie slowly exiting a bus, only to start frenetically dancing to the Vengaboys' We Like to Party. The commercials were an immediate hit and Mr. Six almost instantly became the official mascot, although he was retired after the 2005 season.

Subsequently, Bugs Bunny became a mascot, whose image is on the 45th anniversary banner, since Looney Tunes, along with DC comics characters, dominates the park's themes.

Papa John's Pizza deal

On March 30, 2006, Six Flags announced that it will sell no other pizza besides Papa John's at its parks. In turn, Six Flags will receive an annual sponsorship and promotional opportunities from Papa John's, though financial details of the deal have not been disclosed.

Sale of properties

In 2004, Six Flags Inc. began to close and sell properties in an effort to help alleviate the company's growing debt.

AstroWorld's closure

On September 12, 2005, Six Flags CEO, Kieran Burke, announced that the company's legendary AstroWorld theme park in Houston, Texas, would be closed and demolished at the end of the 2005 season. The company cited issues such as the park's performance, and parking issues involving the Houston Texans football team, Reliant Stadium, and the Houston Livestock Show and Rodeo leveraged with the estimated value of the property upon which the park was located. Company executives were expecting to receive upwards of $150 million for the real estate, but ended up receiving less than half of that amount. After spending $20 million to demolish the park and clear the land, Six Flags received $77 million when the bare property was sold to a development corporation in 2006 (reported in a corporate earnings report). [1] This transaction contributed to the decision by shareholders of the company to remove CEO, Kieran Burke, from his position on the board. He was replaced by Mark Shapiro formerly of Disney and ESPN.

Frontier City

On January 27, 2006, Six Flags announced the sale of Frontier City theme park and White Water Bay water park, both located in Oklahoma City, at the conclusion of the 2006 operating season. At the same time, Six Flags also announced its plan to close corporate offices in Oklahoma City. Six Flags CEO Mark Shapiro said he expects the parks to continue operation after the sale, a lesson the company learned after its public relations debacle with AstroWorld. Six Flags also announced that it would be moving all of its corporate operations to New York City.

2004 sale of properties

In April 2004, Six Flags announced its selling their Ohio park, Six Flags World's of Adventure, to Cedar Fair, L.P. (Now Cedar Fair Entertainment Group). The park was purchased by Premier Parks in 1996 and later expanded and given the Six Flags name in 2000. After mismanagement the company offered the park to Cedar Fair. Since then Cedar Fair has slowly been turning the park around by changing the parks name back to "Geauga Lake" and enforcing its policy. Even with all these changes the company has yet to beat, or even match, the high attendance Six Flags had with the park. Cedar fair announced that for the the 2008 season Geauga Lake will operate as exclusively a waterpark.

2006 sale of properties

In June of 2006, Six Flags announced it was considering closing or selling up to six of its parks, including Elitch Gardens (Denver, CO), Darien Lake (Darien, NY), WaterWorld (Concord, CA), Wild Waves and Enchanted Village (Federal Way, WA), Splashtown (Spring, TX), and Magic Mountain (Los Angeles)/Hurricane Harbor (Various). [2] In addition, Six Flags also announced the sale of Wyandot Lake in Powell, Ohio to the Columbus Zoo and Aquarium, which is located next to the park. [3]

2007 sale of properties

On January 11, 2007, the company announced it sold seven parks to PARC Management for $312 million to help the company's debt burden. Six Flags will receive $275 million cash and a note for $37 million for four theme parks and three water parks. PARC 7F, of Jacksonville, Florida, is expected to sell the parks to CNL Income Properties Inc., a real-estate trust based in Florida, and then lease them back. Six Flags sold Darien Lake, Elitch Gardens, Frontier City, White Water Bay, Splashtown, WaterWorld, Wild Waves, and Enchanted Village. The company decided not to sell Magic Mountain and its adjacent water park. Spokeswoman Wendy Goldberg said that upon further evaluation, the company decided that the Los Angeles parks remained too valuable to let go as season passes and general sales were up.

Purchase of Dick Clark Productions

On June 19, 2007, Six Flags announced it has purchased 40% of Dick Clark Productions, which owns rights to American Bandstand and other shows and productions.[4]

Current properties

United States

California

Georgia

Illinois

Kentucky

Louisiana

Maryland

Massachusetts

Missouri

New Jersey

New York

Texas

Canada

Quebec

Mexico

Federal District

Former properties

listed by the final name of the park while under Six Flags control

File:SFAWlogo.gif
Former Six Flags AutoWorld logo

Trivia

  • Six Flags' current CEO is Mark Shapiro (former head of programming for ESPN).
  • Six Flags' entire European division, excluding Movie Park, was sold on March 10, 2004.
  • The first Six Flags property was Six Flags Over Texas.
  • Only three Six Flags properties were built from the ground up: Six Flags Over Texas, Six Flags Over Georgia and Six Flags St. Louis.
  • Six Flags has more roller coasters than all other theme park companies in the world combined. Six Flags operates 160 roller coasters at its 30 parks, and those coasters travel almost 2.5 million miles each year.[citation needed]
  • The 2004 sale of the entire European division, as well as Six Flags Worlds of Adventure, raised $345 million dollars in an effort to relieve Six Flags' massive debt.[5]
  • Six Flags debt (as of June 2005): $2.3 billion[6]
  • In fall 2006, most Six Flags parks offered front-of-line passes and other privileges during Fright Fest if an individual ate a live cockroach, drawing criticism from PETA.[citation needed]
  • Six Flags dubbed Nintendo's Wii console the "Official Console of Six Flags".[7]
  • The video game Roller Coaster Tycoon 2 featured recreations of rides and parks from the Six Flags chain.[clarification needed]
  • The Six Flags commercials were parodied in an episode of Robot Chicken in which The elderly dancing man dances in the middle of a car accident.
  • The Current Slogan is You Are Here, which it follows with a red dot, like most maps, which also changed from booklets to street map sized.
  • A local urban legend in Utah resurfaces every few years claiming that Six Flags has or is about to acquire the Lagoon Amusement Park in Farmington, Utah. Variations on this theme claim that Six Flags has acquired land adjacent to the Lagoon Amusement Park and will be a direct competitor.

Accidents

Main article: Incidents at Six Flags parks

References

  1. ^ http://www.bizjournals.com/houston/stories/2006/05/08/daily27.html?from_rss=1
  2. ^ [1]
  3. ^ Zoo to keep Wyandot Lake afloat, Marla Matzer Rose. Columbus Dispatch, June 13, 2006.
  4. ^ http://investors.sixflags.com/phoenix.zhtml?c=61629&p=irol-newsArticle&ID=1016920&highlight=
  5. ^ http://www.coastergallery.com/SFSale.html
  6. ^ http://www.msnbc.msn.com/id/9073074
  7. ^ http://www.n-sider.com/newsview.php?type=story&storyid=2600

Six Flags park sites

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