The Six Flags theme parks today reported a 25% attendance jump in the first quarter of 2022 compared with the same period one year earlier. It's the latest example of recovery in the theme park industry as the world emerges from the Covid pandemic.
Six Flags reported a 68% increase in revenue for the quarter, driven by that attendance gain as well as increases in average guest spending. Total guest spending per capita jumped 34% in the quarter over the year prior, to $75.46. Admission spending was up 31%, to $43.28, while in-park spending rose 39%, to $32.18.
A big part of the good news was that Six Flags Magic Mountain - the chain's most popular park - was open for the first quarter of 2022 after being closed for the same period in 2021, helping to drive the attendance gains and Six Flags' recovery.
However, since most Six Flags parks are closed for the first three months of the year, expenses kept the company in the red for the quarter, with a net loss of $66 million and an Adjusted EBITDA [earnings before interest, taxes, depreciation, and amortization] loss of $16 million. That's still quite a bit better than the Adjusted EBITDA loss of $46 million in Q1 2021.
"Six Flags has been quickly executing to improve the guest experience, improving ride throughput by increasing ride uptime and implementing single rider lanes on busy days; improving staffing and training of our team members; upgrading our park appearance, including our front gates, restrooms and restaurants; providing better food quality; and offering more guest amenities such as benches, shade structures, and children’s areas," President and CEO Selim Bassoul said. "We have reoriented our culture to prioritize the guest in everything we do, and we fundamentally believe this will drive significant and sustainable long-term earnings growth."Tweet
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