Bad news for Six Flags?
Written by Robert Niles
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Six Flags CEO Dan Snyder announced today that the amusement park chain will cut $60 million in spending this year to combat disappointing attendance over the past two years.
Six Flags will cut advertising by $30 million, running fewer radio and TV ads, though it will increase its spending on the Internet (yay, Internet!). The parks will also cut in-park staff positions and shut down some rides.
Six Flags has had capital problems for years, thanks to its former owners overpaying for too many parks in the 1990s, which led to Snyder's takeover of the firm. Snyder's tried to make the parks more family-friendly, but turning thrill parks into family parks takes money for new attractions, something that's hard to come by when attendance isn't growing and the company's already up to its eyeballs in debt. Cutting non-essential expenses is the next step. And here it is.
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