Six Flags reported its annual financial results this morning, with the company taking credit for a ninth consecutive year of setting a new revenue record.
The company reported that overall attendance was up five percent, to 32 million guests in 2018. Note that the park added five parks during the year, as well as expanded its flagship Six Flags Magic Mountain to everyday operation during the year, which together helped drive the increase.
But guest spending and admissions per capita were up for the year, too, by two percent and four percent, respectively, so it wasn't just expansion driving the revenue gains. Six Flags guests' spending per capita was $42.58 for the year, with a breakdown of $25.30 in admissions per capita (up $0.93) and $17.28 in pure in-park spending per capita (up $0.04). Overall, Six Flags reported an eight percent increase in overall revenue in 2018, to $1.5 billion.
"I am very proud that we have achieved our ninth consecutive record year," Six Flags Chairman, President and CEO Jim Reid-Anderson said in the company's press release. "Our exceptional operating performance in the fourth quarter demonstrates the strength of our pricing power, membership strategy, and in-park spending programs, all of which, together with our domestic and international park expansion initiatives, will provide a strong platform for growth for many years to come."
Diving into the report, Six Flags reported that the number of people who have bought memberships or seasonal passes to its parks grew eight percent last year, and that the company spent $133 million in new capital projects in 2018. It also spent $23 million to acquire the leases for the five new parks, spent $267 million in dividends and spent $111 million buying back its own stock.
In addition, Six Flags reported "an unfavorable revenue adjustment of $15 million related to the company's international agreements due to delays in the expected opening dates of some of the parks in China caused by a challenging macroeconomic environment." In other words, the slow-down in the Chinese economy that Disney noted in its reporting on Shanghai Disneyland's performance is affecting Six Flags, too.
Let's take a look back at some of the new attractions that opened at Six Flags parks in the U.S. last year:
And if you'd like to compare Six Flags' performance with its industry benchmark, Cedar Fair reported its 2018 results yesterday.Tweet
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