Are they going to sell six flags then destroy the rides or will it just be under new mangaement?
2006-11-29 15:36:39 · 18 answers · asked by Anonymous in Games & Recreation ➔ Amusement Parks
You can stop reading after this article. This should bring everyone up to date with what's happening with Six Flags. It's 5 months old but has been updated since.
Good-bye Magic Mountain? Six Flags puts six parks up for sale or closure
2006-06-22
By Robert Niles: Six Flags announced plans Thursday to sell or close six of its properties, including the chain's once-flagship park, Magic Mountain, in Valencia, Calif.
In a press release issued after the U.S. stock market closed Thursday, Six Flags announced that it would sell the properties, to either a single buyer or multiple buyers, or that it might sell or redeploy the properties' attractions, to clear the land for real estate sale.
The six parks on the block are Magic Mountain, Elitch Gardens in downtown Denver, Colorado, Darien Lake near Buffalo, New York, Wild Waves and Enchanted Village outside Seattle, Washington and the waterparks Six Flags Waterworld in Concord and Six Flags Splashdown in Houston.
Long-time TPI readers are familiar with our coverage of Six Flags' financial struggles, and we predicted some of the parks would be going back in January. With Paramount Parks already selling out to Cedar Fair, one wonders what company will be able and willing to mount a bid to purchase the Six Flags parks. Real estate sales, alas, seem the most likely result for most of the parks. Magic Mountain, obviously, is the most viable park among the six, but Cedar Fair already has a Southern California park, in Buena Park's Knott's Berry Farm. The land underneath Magic Mountain would be worth many millions, even in SoCal's stalled real estate market, if no theme park company is willing to add this roller coaster haven to its portfolio.
Six Flags shares plunged, losing nearly a fifth of their value in after-hours trading, following the announcement.
Update: A comment I've made in a couple TV interviews since the story broke: It'd be ironic if Magic Mountain were sold off for real estate development, given that real estate development is the reason the park was built in the first place.
Magic Mountain was not always a Six Flags park. Its builder and original owner was the Newhall Land Company, the developer that built many of the communities around the park. Newhall Land thought it needed a big attraction to lure families over the pass from the San Fernando Valley into the Santa Clarita. So it contracted SeaWorld's designers and built Magic Mountain.
How ironic, now, that the park might fall victim to the success of the real estate market it was built to inspire.
Update (9/27/2006): It looks like Magic Mountain will not close in 2007, at least.
*****On a side note. Valencia won't close. It makes too much money. Probably one of their top 5 revenue generators. They threw it in the mix to sweeteen the pot; in hopes another operator would try and buy all the parks(package deal). It doesn't seem to be working; however, Six Flags Waterworld in Sacramento was recently purchased by another operator. -
Palace Entertainment Acquires Northern California Water Park
New Park to Open May 2007 as Raging Waters Sacramento
Newport Beach, CA – Palace Entertainment, the largest owner and operator of water parks and family entertainment centers in the U.S., announced today that it has reached an agreement in principal to acquire Waterworld USA Cal Expo from the Six Flags organization.
The Park will be renamed Raging Waters Sacramento and will re-open in
May 2007.
Palace Entertainment currently operates 8 water parks and 24 family entertainment centers / amusement parks throughout the United States. Collectively, they host in excess of 10 million guests annually. With the acquisition of this Sacramento water park, the company will now have three major water parks in California – Raging Waters San Dimas, Raging Waters San Jose and Raging Waters Sacramento.
In total, Palace Entertainment will now own and operate 17 parks in California, employing more than 3,300 residents.
The new Raging Waters Sacramento consists of 25 water rides including thrilling slides, a wave pool and a lazy river. The Park also features a lagoon with a 5-story water kingdom, featuring water slides, secret tubes and hundreds of water activities. In addition to plans to improve the existing facilities, Palace Entertainment is currently working on a major new attraction for next season that will be announced soon. Open from mid-May to mid-September, the Park is located in the center of Sacramento on the Cal Expo grounds off the Capital City Freeway at Exposition Blvd.
Palace Entertainment manages a geographically diverse portfolio of family-oriented parks in eight states, operating under established brand names such as Boomers!®, Malibu Grand Prix®, Mountasia™, Raging Waters®, SpeedZone®, Splish Splash™, Silver Springs®, Big Kahuna’s® and Wet ‘N Wild®.
The company is principally owned by MidOcean Partners, LLP, a $3 billion private equity fund headquartered in New York and London. MidOcean acquired Palace Entertainment in April 2006, with the goals of increasing its entertainment portfolio and improving the company’s quality of operations.
Palace’s management team is led by John A. Cora, President & CEO, who previously spent over 30 years with Disney Parks & Resorts. With respect to the prospective new water park, Mr. Cora announced, “we are very excited about welcoming Raging Waters Sacramento into the Palace Entertainment family of parks, and have big plans for new attractions, increased service levels and providing families with an outstanding guest experience. Combining the park’s already strong community image with Palace Entertainment’s commitment to guest service, Raging Waters Sacramento will join Raging Waters San Jose as the best places to play in Northern California.”
Three of Palace Entertainment’s water parks were recently selected by The Travel Channel and ABC’s “Good Morning America” as among the top 10 water parks in the nation.
2006-11-30 05:42:38 · answer #1 · answered by A 3 · 0⤊ 0⤋
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I just got hired at Six Flags Discovery Kingdom and they talked about this. Yes, they are in debt, around 2.3 billion I believe, but they aren't near closing or going out of business. Six Flags recently purchased (in 2007) the property that Discovery Kingdom is on, for $52 million. They wouldn't have done this if they were in danger of closing. This year, Six Flags expects to make a good amount of money becuz as the economy sucks, people won't be going on week long vacations to Hawaii and Europ. Instead, they will go to an amusement park for a day and spend $80 becuz they still want to do something fun and affordable.
2016-04-06 01:46:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
They most likely won't be closing. But, if they have to close a few parks, it won't be the really good ones like Six Flags Great Adventure, Six Flags Magic Mountain, Six Flags Over Texas, or Six Flags Great America.
2016-03-19 08:17:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋
6 flags is under new management and the company is trying 2 clean it up and get it out of debt.
They selling some of the least popular parks and also are rumored to sell Six Flags Magic Mountain. WHY??? I dont know.
Next to Six Flags Great Adventure, Magic Mountain is the most profitable and 1 of the best.
2006-11-30 15:11:00 · answer #4 · answered by John 2 · 0⤊ 0⤋
I've heard that Six Flags Magic Mountain is closing from a bunch of people. But I don't think the other ones are closing...
2006-11-29 16:34:22 · answer #5 · answered by A. 2 · 2⤊ 0⤋
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RE:
Is six flags closing?
Are they going to sell six flags then destroy the rides or will it just be under new mangaement?
2015-08-18 05:45:22 · answer #6 · answered by Jody 1 · 0⤊ 0⤋
yes. they are bulding a multi billion dollar real estate settlement like irvine california. six flags will soon become track homes. residnetial and commercial properties and civic service sectors. it is rumored that bidding has already started on the roller coasters. most of which will be bought by other parks in the nation.
the owners were seeing diminsing profit margins and development seems to be the only easy way out. unforetunately minus six flags the enitre southern half of california is left without any real rollercoasters for entertainment.
2006-11-29 18:11:18 · answer #7 · answered by emesghali 2 · 3⤊ 0⤋
YOU HAVENT been to Six Flags.Better hurry . Best rides around. Except now its sold and remodelling has started.
Pretty much taken over by politicians .They are always good for giving us a ride. Then the I.R.S. They run the cork screw. Speaks for itself.
SOme of my ex Girlfriends must own some of it . All the rides they have given . Anyway its a shame it will also house the worlds largest outdoor PUBLIC RESTROOM AND TRUCK STOP.(DRIVE-THRU.)
truck stop drive thru i gotta work on that idea a little more.
2006-11-30 00:11:40 · answer #8 · answered by grainy33 3 · 2⤊ 0⤋
not that i have heard of.
i don't think they will close any six flags cause they make good money and they won't want to lose customers.
2006-11-30 09:04:00 · answer #9 · answered by Anonymous · 0⤊ 0⤋
yes six flags is closing they have gone bankrupt im not sure of the exact date but it can be anyday now.
2006-11-29 16:00:24 · answer #10 · answered by sweetie 1 · 3⤊ 0⤋
I've heard that they are selling it and turning it into a residential area also.
2006-11-29 17:38:28 · answer #11 · answered by Mel 2 · 2⤊ 0⤋