Attendance declined year over year at Six Flags' theme parks in the fourth quarter of 2019, and bumped up just 2 percent overall for the year, thanks in part to the addition of five parks, the company announced today.
Revenue for the year increased $24 million to approximately $1.5 billion in 2019, the company said. Despite the increase in attendance, per capita guest spending declined $0.21 to $42.37 in 2019. Of that, $24.86 was for admissions (a $0.44 decrease from 2018) and $17.51 was for in-park spending (up $0.23 from the prior year).
Overall, net income was down 35 percent in 2019, to $179 million. For the fourth quarter specifically, attendance and revenue were down 3 percent, contributing to a net loss of $11 million for the quarter. Six Flags also recently announced that its Chinese development partner has defaulted on payments to the company leading to Six Flags advising that it "is unlikely that the company will recognize any revenue or income in 2020 related to the development of parks in China."
It's a tough start for new Six Flags CEO Mike Spanos, who took over in November for the retired Jim Reid-Anderson.
"We are working diligently to formulate a new strategic plan with the goal of restoring sustainable growth in attendance, revenue and profitability, and also to add directors with critical skills and experiences to our board," Spanos told investors.
"We will continue our consumer-centric approach, while focusing our organization on action, creativity, and relentless execution for the benefit of our guests, our employees, and our shareholders. I believe that Six Flags’ future is bright, and I am excited to take on this new chapter with our great team."
Six Flags also announced today that its chief financial officer, Marshall Barber, will retire from that position on Monday. Leonard Russ, Six Flags' Senior Vice President of Strategic Planning and Analysis, will become interim CFO as the company seeks a permanent replacement.Tweet
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