| For the current Six Flags, see Six Flags Entertainment Corporation (2024–present). |
| Not to be confused with Six Flags Theme Parks, which was owned by this iteration of Six Flags Entertainment Corporation. |
Six Flags Entertainment Corporation (SFEC), also known as Six Flags Entertainment or simply Six Flags, was a theme park and entertainment corporation based in Arlington, Texas. Six Flags was the largest theme park company in the world in terms of the amount of properties owned and was ranked seventh in terms of highest total attendance.[1]
The corporate structure of Six Flags Entertainment Corporation originated in 1971 as the Tierco Group, a real estate company. The company was later rebranded Premier Parks in 1994, as it shifted its focus from real estate to theme parks. In 1998, Premier Parks acquired Six Flags Theme Parks in a $1.86 billion ownership and licensing deal between itself and Time Warner. Premier Parks later rebranded itself as "Six Flags, Inc.", which stayed the company's name until after its 2009-2010 bankruptcy restructuring, when Six Flags Inc. became "Six Flags Entertainment Corporation".
In 2024, Six Flags Entertainment Corporation merged with Cedar Fair and formed a new company, also named Six Flags Entertainment Corporation.
History[]
1971–1987: Tierco Group era and purchase of Frontier City[]
Premier Parks was founded in 1971 as Tierco Group, Inc., an Oklahoma-based real estate company The company purchased Frontier City theme park in Oklahoma City in 1982 for $1.2 million, although Tierco had no intention of entering the amusement park business. Company officials described Frontier City as "beat up" and "run down", and they planned to demolish it, subdivide the land and build a shopping center. However, given an oil bust in Oklahoma, developers lost interest in converting the park into a shopping center. In 1984, Tierco hired Gary Story as general manager of Frontier City and invested about $13 million into improving the park. As the new head of Frontier City, Story quadrupled the park's attendance and revenues. Under his leadership, two rides, a ticket booth, a sales office, and a petting zoo were added to the park. Food service also improved.
1988–1998: Premier Parks era and park acquisitions[]
In 1988, Tierco shifted its strategic direction to amusement parks. It sold much of its property in the late 1980s, generating capital to reinvest in Frontier City. As this reinvestment paid off, more capital became available, creating further growth. By 1991, Tierco opened White Water waterpark in Oklahoma City (the name later became White Water Bay). The company realized the key to boosting a park's attendance was to add new and exciting rides, and make it family-friendly.
Tierco acquired the financially troubled Wild World in Largo, Maryland, in 1992 and later changed that park's name to Adventure World (now Six Flags America). With a $500,000 investment, Tierco expanded Wild World's kiddie section and remodeled its buildings to give the park a tropical look and feel. Story was promoted to executive vice president of Tierco Group after the purchase of Wild World. In 1994, he was promoted again to president and chief operating officer (COO). More flat rides and two roller coasters were added to Adventure World.
Since Tierco was on its way to becoming a "premier" regional theme park operator, in 1994 it changed its name to Premier Parks, Inc. Kieran E. Burke, chairman and chief executive officer (CEO), noted that the new name signified the beginning of a new era for the company.
In the second half of the 1990s, Premier picked up speed. In 1995, the company acquired these Funtime, Inc. properties: Geauga Lake near Cleveland, Ohio (later Six Flags Ohio/Six Flags Worlds of Adventure), Wyandot Lake in Powell, Ohio, Darien Lake near Buffalo, New York (later Six Flags Darien Lake), and Lake Compounce in Bristol, Connecticut. In 1996, Premier added to its portfolio, buying Elitch Gardens in Denver, Colorado (later Six Flags Elitch Gardens), the Waterworld USA waterparks in Sacramento and Concord, California (the latter of which later became Six Flags Hurricane Harbor Concord, Riverside Park in Agawam, Massachusetts (later Six Flags New England), and Great Escape and Splashwater Kingdom in Lake George, New York (later Six Flags Great Escape). Premier immediately sold the Lake Compounce park to Kennywood in Pennsylvania.
Geauga Lake, Wyandot Lake and Adventure World included water parks, while Frontier City was 14.8 miles away from White Water Bay which required separate admission. Riverside added one just before being sold. Premier Parks, in 1995 and 1996, added water parks to Darien Lake, Lake Compounce (immediately before the Kennywood sale), Elitch Gardens, and Great Escape.
Premier went public in 1996 and raised nearly $70 million through an initial offering at $18 per share. The company planned to use the money to expand its ten parks and acquire others. In 1997, Premier purchased Kentucky Kingdom in Louisville (later Six Flags Kentucky Kingdom) and Marine World near San Francisco (later Six Flags Marine World/Six Flags Discovery Kingdom). A second public offering, at $29 per share, raised an additional $2 million. Nearly 8.8 million people visited Premier's parks in 1996.
In October 1997, Premier announced that they had agreed to become the managing partner of Texas Flags, Ltd., the owner of Six Flags Over Texas. That same year in December, Premier entered a definitive agreement to purchase a controlling 94 percent interest in Walibi Family Parks in Europe. The deal was finalized in March 1998 adding five Walibi Parks and Bellewaerde to the chain.
Premier added amusement park rides and roller coasters to Marine World in 1998.
1998: Six Flags acquisition and merger[]
On April 1, 1998, Premier Parks acquired Six Flags Theme Parks from Time Warner in a deal worth $1.86 billion.
1999–2005: Kieran Burke era and early financial problems[]
To be added
2005–2009: Mark Shapiro era and continued financial downfall[]
To be added
2009–2010: Chapter 11 bankruptcy & restructuring[]
On June 13, 2009, Six Flags Inc. filed for Chapter 11 bankruptcy protection.
2010–2019: Post-bankruptcy, international expansion plans and park buybacks[]
On May 3, 2010.[2] Disagreements arose about the direction of Six Flags going forward and Mark Shapiro left the company, leaving Al Weber Jr. to be interim President and CEO as it focused on further reorganizing. This was announced on May 12, 2010.[3]
On June 21, 2010, Six Flags announced that the company would be re-enlisted on the New York Stock Exchange under the symbol "SIX" when markets opened three days later on June 24. President and Interim CEO Al Weber said, "We are excited to be once again listed on the New York Stock Exchange under the familiar SIX ticker symbol. With the financial restructuring behind us and a much improved balance sheet, Six Flags is well positioned for future growth."[4]
Jim Reid-Anderson was hired to Six Flags in August 2010, and in his initial tenure as Chairman, President, and CEO led the company through it's multi-year recovery from bankruptcy.
On August 13, 2010, Six Flags named Jim Reid-Anderson as Chairman, President, and CEO of the company. He replaced Al Weber Jr., who became the company's retired Chief Operating Officer.[5]
On September 7, 2010, Six Flags announced that John M. Duffey and Lance Balk had joined the company as CFO and General Counsel, respectably. Duffey succeeded former CFO Jeffrey Speed, and Lance Balk succeeded former General Counsel James Coughlin. Both Duffey and Balk had previously worked at Siemens Healthcare with Jim Reid-Anderson, and after their appointment Anderson said in a statement, "Both John and Lance have proven expertise in helping companies achieve their full potential following a successful financial restructuring. I am very much looking forward to collaborating with them to enhance the theme park experience for our guests and to continue improving the Company's financial and operational performance."[6]
On December 21, 2010, Six Flags announced that Richard Roedel had been elected to the company's Board of Directors.[7]
On January 11, 2016, Six Flags confirmed that they had acquired a spot in China for a new Six Flags park, which was later announced to be Six Flags Haiyan. Concept art for the park was released.
On February 3, 2016, Six Flags confirmed that they had acquired a water park in Oaxtepec, Mexico which they would renovate and open as Six Flags Hurricane Harbor Oaxtepec. The water park was originally a 76-acre park that went bankrupt in 2011.[8]
On February 18, 2016, John M. Duffey was named President and CEO of Six Flags. Jim Reid-Anderson stepped down from those positions and was given the position of Executive Chairman. Marshall Barber also became the company's new Chief Financial Officer (CFO).[9]
On March 21, 2016, Six Flags announced a partnership with NaVi Entertainment to build a Six Flags park and a Six Flags Hurricane Harbor in Vietnam.
On March 29, 2016, Six Flags announced that the cancelled Six Flags Dubai project was revived. The park is expected to open in 2019 in its second phase.
On July 20, 2016, Six Flags announced an agreement with Riverside Investment Group Co. Ltd. for the development of a second Six Flags park in China, along with a water park. The two parks will be located in the Bishan District of Chongqing.
On March 22, 2018, Six Flags and Riverside Group announced a partnership with Turner Asia Pacific to bring Tuzki and other Turner-owned IPs to their theme parks in China.
On October 24, 2018, Six Flags announced that the future of Six Flags Dubai was "uncertain" following losses at both the company and its partner DXB Entertainments.
2019–2021: Mike Spanos era[]
On January 30, 2020, Six Flags finalized a 15-year lease to move their world headquarters to the Centerfield Office Building at Globe Life Park in Arlington. Six Flags anticipates that they will move their employees from their former office building in Grand Prairie to the new offices in Arlington in the first half of 2020. In a statement, CEO Mike Spanos said "Six Flags and the Texas Rangers share a long history as the original venues that made up the Arlington Entertainment District. We are thrilled with today’s announcement, which brings that relationship full circle." Six Flags is required to keep at least 120 jobs at the office through the life of the lease.[10]
The next day on January 31, Six Flags announced that H Partners representative Arik Ruchim had joined the board of directors after Six Flags had entered a cooperation agreement with one of its major shareholders, H Partners.[11]
On February 24, 2020, Six Flags announced the appointment of former Spirit Airlines executive B. Ben Baldanza and food servive executive Selim Bassoul to the company's board of directors. This expanded the board's membership to nine, and Baldanza and Bassoul were the second and third directors appointed since Mike Spanos became CEO.[12]
On November 15, 2021, Six Flags announced the appointment of Selim Bassoul, former chairman, to become the president and CEO of Six Flags, effective immediately, following Spanos' departure. [13]
2021–2024: Selim Bassoul era and Six Flags/Cedar Fair merger[]
Sometime in August of 2022, Selim Bassoul announced that the year 2022 would be a transitional year for Six Flags in a earnings call. He stated that company would focus on park beautification and giving guests a premium experience. This led to a lot of backlash and critisism that originated from a post on the Six Flags subreddit on August 5, 2022 titled "Step Down Selim" along with 5 park presidents that were fired by the company that were set to "retire on September 1". This raised concerns about the company heading to a second bankruptcy with the stocks reaching record low numbers and low attendence. There were also rumors about sell offs to a few parks due to this.
On March 1, 2023, Six Flags announced new thril rides and water attractions that were set to come to the selected parks in the summer. Those being Rookie Racer for Six Flags St Louis. For both Six Flags Fiesta Texas and Six Flags Over Georgia, Kid Flash: Cosmic Coaster and more
In August 2023, Selim Bassoul announced that the company would be spending $200 million on roller coasters and rides for 2024
On August 30, 2023, Six Flags released a chain wide announcement video for attractions coming to parks in 2024, the first annoucement video ever done since 2019. This was done 11 days after Six Flags Over Georgia announced an Ultra Surf coaster during a presentation that took place during their Coaster Fest event
On November 2, 2023, Six Flags announced that a merger with Cedar Fair would take place with a $8 billion deal that was set to close on the first half of 2024
Theme parks[]
Original parks[]
| Name | Location | Opened | Notes |
|---|---|---|---|
| Six Flags Over Texas | Arlington, Texas | 1961 | The original Six Flags theme park, and the first of the three original parks built by the Great Southwest Corporation. |
| Six Flags Over Georgia | Austell, Georgia | 1967 | The second Six Flags theme park built by the Great Southwest Corporation. |
| Six Flags St. Louis | Eureka, Missouri | 1971 | Originally named Six Flags Over Mid-America, the third Six Flags theme park built by the Great Southwest Corporation |
Acquired parks (pre-Premier Parks acquisition)[]
| Name | Location | Opened | Acquired | Notes |
|---|---|---|---|---|
| Six Flags Great Adventure | Jackson, New Jersey | 1974 | 1977 | Created by Warner LeRoy as "Great Adventure". |
| Six Flags Magic Mountain | Valencia, California | 1971 | 1979 | Created by the Newhall Land and Farming Company as Magic Mountain. The "Thrill Capital of the World", the park is seen as the "flagship" of the Six Flags family. |
| Six Flags Great America | Gurnee, Illinois | 1976 | 1984 | Created by the Marriott Corporation as Marriott's Great America. |
| Six Flags Fiesta Texas | San Antonio, Texas | 1992 | 1996 | Created by Gaylord Entertainment as Fiesta Texas. The first theme park to be acquired by Time Warner after Six Flags became a subsidiary of the company in 1991. |
Acquired parks (Premier Parks acquisition)[]
As a result of the Time Warner/Premier Parks deal and acquisition of Six Flags Theme Parks by Premier Parks, several of the properties that the company already owned were converted into Six Flags parks.
| Name | Location | Opened | Purchase by Premier | Conversion to Six Flags park | Notes |
|---|---|---|---|---|---|
| Six Flags America | Largo, Maryland | 1974 | 1992 | 1999 | Previously known as Adventure World, and before that Wild World. |
| Six Flags Discovery Kingdom | Vallejo, California | 1968 | 1997 | Formerly known as Six Flags Marine World. The park was created as Marine World, and later Marine World Africa USA. | |
| Six Flags Great Escape | Queensbury, New York | 1954 | 1996 | 2022 | Previously known as The Great Escape. |
| Six Flags New England | Agawam, Massachusetts | 1870 | 1997 | 2000 | Previously known as Riverside Park |
Acquired parks (post-Premier Parks acquisition)[]
These properties were acquired after the acquisition of Six Flags by Premier Parks.
| Name | Location | Opened | Acquired | Conversion to Six Flags park | Status | Notes |
|---|---|---|---|---|---|---|
| Six Flags Mexico | Mexico City, Mexico | 1982 | 1999 | 2000 | Operating | Previously known as Reino Aventura. |
| La Ronde | Montreal, Quebec | 1968 | 2001 | N/A | Operating | |
| Six Flags Darien Lake | Darien Center, New York | 1981 | 2018 | 2019 | Operating | Originally acquired by Six Flags, Inc. in 1999 and sold off in 2007. |
| Frontier City | Oklahoma City, Oklahoma | 1958 | 2018 | N/A | Operating | Originally acquired by Tierco Group (later Premier Parks/Six Flags) in 1986 and sold off by Six Flags in 2006. |
Cancelled[]
- Six Flags Dubai – Dubai, United Arab Emirates
- Six Flags Chongqing – Bishan, China
- Six Flags Adventure Park Chongqing – Bishan, China
- Six Flags Kids World Chongqing – Bishan, China
- Six Flags Nanjing – Nanjing, China
- Six Flags Adventure Park Nanjing – Nanjing, China
- Six Flags Kids World Nanjing – Nanjing, China
- Six Flags Zhejiang – Haiyan, Zhejiang, China (rebranded as Hangzhou Bay Sunac Tourism City)
- Six Flags Kids World Zhejiang – Haiyan, Zhejiang, China
- Six Flags Hurricane Harbor Zhejiang – Haiyan, Zhejiang, China (rebranded as Sunac Water Park)
Former (prior to Cedar Fair merger)[]
- American Adventures – Marietta, Georgia (acquired 1999; leased to Zuma Holdings in June 2008, closed March 2010)
- Bellewaerde Park – Ypres, Belgium (acquired in Walibi Group purchase in April 1998; sold to Palamon Capital Partners on April 3, 2004)
- Six Flags AstroWorld - Houston, Texas (acquired 1975; closed October 2005, demolished shortly afterward)
- Six Flags Belgium – Wavre, Belgium (acquired as Walibi Wavre in Walibi Group purchase in 1998; renamed Six Flags Belgium in 2001 and sold to Palamon Capital Partners on April 3, 2004. Reverted back to Walibi brand)
- Six Flags Elitch Gardens – Denver, Colorado (Acquired in 1996; sold to PARC Management in January 2007)
- Six Flags Kentucky Kingdom – Louisville, Kentucky (Acquired in 1997, closed in 2010 following management issues; reopened in June 2014 under original owners)
- Six Flags New Orleans - New Orleans, Louisiana (acquired as Jazzland in 2002 and rebranded Six Flags New Orleans in 2003. closed August 21, 2005 and destroyed following the events of Hurricane Katrina)
- Six Flags Holland – Biddinghuizen, The Netherlands (acquired as Walibi Flevo in Walibi Group purchase in 1998; renamed Six Flags Holland in 2000 and sold to Palamon Capital Partners on April 3, 2004. Reverted back to Walibi brand)
- Six Flags Worlds of Adventure – Aurora, Ohio (acquired as Geauga Lake in 1998, rebranded Six Flags Ohio in 2000 and Six Flags Worlds of Adventure]] in 2001. Sold to Cedar Fair in 2004, closed September 2007)
- Walibi Aquitaine – Bordeaux, France (acquired in Walibi Group purchase in April 1998; sold to Palamon Capital Partners on April 3, 2004)
- Walibi Lorraine – Metz, France (acquired as Walibi Schtroumpf in Walibi Group purchase in 1998; renamed Walibi Lorraine in 2003 and sold to Palamon Capital Partners on April 3, 2004)
- Walibi Rhône-Alpes – Lyon, France (acquired in Walibi Group purchase in April 1998; sold to Palamon Capital Partners on April 3, 2004)
- Warner Bros. Movie World Germany – Bottrop, Germany (acquired in Warner Bros. European Parks purchase in November 1999; sold to Palamon Capital Partners on April 3, 2004 and rebranded Movie Park Germany)
- Waterworld Sacramento – Sacramento, California (Acquired in 1996, operations lease terminated in April 2006)
- Warner Bros. Movie World Madrid – Madrid, Spain (opened April 6, 2002; operations lease terminated in November 2004)
- Wild Waves & Enchanted Village – Federal Way, Washington (Acquired in 2000; sold to PARC Management in January 2007)
- Wyandot Lake - Columbus, Ohio (Acquired in 1996; sold to Columbus Zoo & Aquarium in June 2006; mostly became a water park named Zoombezi Bay)
Resorts[]
- Lodge on the Lake Hotel - A resort that opened in 1998 nearby Darien Lake featuring 161 hotel rooms, two suites and an outdoor heated pool. A restaurant called Beaver Brothers Cafe opened a few months later.
- Six Flags Great Escape Lodge & Indoor Waterpark - A resort and indoor waterpark located across from Great Escape in Queensbury, New York. It opened in February 2006 and was New York's first indoor waterpark resort.
- Inn at Six Flags - Located near the now closed Six Flags Worlds of Adventure, this hotel featured an atrium that consisted of 145 rooms, an indoor pool, children's pool, family fun complex area with Jungle Gym, 2 arcades, outdoor miniature golf, gift shop, bar and grill, and a full service restaurant. Later purchased by Cedar Fair along with World of Adventure and closed around 2007. Now home to The Atrium at Anna Maria, a senior living center community.
Yearly addition announcements[]
- Six Flags 2015 New Attractions – August 28, 2014
- Six Flags 2018 New Attractions – August 31, 2017
- Six Flags 2019 New Attractions – August 29 & August 30, 2018 (Six Flags Magic Mountain first, the rest of the parks the next day.)
- Six Flags 2020 New Attractions – August 29, 2019
- Six Flags 2024 New Attractions - August 30, 2023 (Six Flags Over Georgia first, the rest of the parks 11 days later)
Executive management[]
Presidents[]
- Gary Story (1992–2005)
- Mark Shapiro (August 2005–May 2010)
- Al Weber Jr. (May 2010–August 2010) (Interim)
- Jim Reid-Anderson (August 2010–February 2016)
- John M. Duffey (February 2016–July 2017)
- Jim Reid-Anderson (July 2017–November 2019)
- Mike Spanos (November 2019–November 2021)
- Selim Bassoul (November 2021–July 2024)
Chief Executive Officers[]
- Kieran Burke (1998–2005)
- Mark Shapiro (2005–2010)
- Al Weber Jr. (2010–2012)
- Jim Reid-Anderson (2012–2016)
- John M. Duffey (2016–2017)
- Jim Reid-Anderson (2017–2019)
- Mike Spanos (2019–2021)
- Selim Bassoul (2021–2024)
Chief Operating Officers[]
- Gary Story (1992–2005)
Chief Financial Officers[]
- Jeffrey Speed (2006–September 2010)
- John M. Duffey (September 2010–February 2016)
- Marshall Barber (February 2016–February 2020)
- Leonard Russ (February 2020–July 2020) (Interim)
- Sandeep Reddy (July 2020-present)
Board of Directors[]
- Jim Reid-Anderson (August 2010–?)
- Nancy A. Krejsa (March 2017–?)
- Kurt Cellar (May 2010–?)
- Jon Luther (May 2010–?)
- Usman Nabi (May 2010–?)
- Stephen Owens (May 2010–?)
- Richard Roedel (December 2010–?)
General Counsels[]
- James Coughlin (?–September 2010)
- Lance Balk (September 2010-February 2020)
- Laura Doerre (March 2020–present)
Other leadership[]
- Kathy Aslin – Senior Vice President of Human Resources (January 2017–?)
- David Austin – Senior Vice President of Information Systems, Chief Information Officer (December 2017–?)
- Tom Iven – Senior Vice President of U.S. Park Operations (April 2014–?)
- David McKillips – Senior Vice President of International Park Operations (January 2018–?)
- Brett Petit – Senior Vice President of Marketing & Sales (June 2010–?)
- Stephen R. Purtell – Senior Vice President of Investor Relations, Treasurer (October 2016–?)
- Leonard Russ – Senior Vice President, Strategic Planning & Analysis (February 2016–?)
- Bonnie Sherman Weber – Senior Vice President, In-Park Services (January 2018–?)
References[]
- ↑ http://investors.sixflags.com/news-and-events/press-releases/2018/02-20-2018-120044735
- ↑ Six Flags Entertainment Corporation (May 3, 2010). Six Flags Entertainment Emerges from Chapter 11 Restructuring (Press release). Archived from the original on February 24, 2020.
- ↑ Six Flags Entertainment Corporation. Al Weber to Serve as President and Interim CEO of Six Flags (Press release). Archived from the original on February 24, 2020.
- ↑ Six Flags Entertainment Corporation (February 24, 2010). Six Flags Entertainment Corporation Shares to Commence Trading on New York Stock Exchange on Monday, June 21, 2010 (Press release).
- ↑ James Reid-Anderson Named Chairman, President and Chief Executive Officer of Six Flags Entertainment Corporation (Press release) (August 13, 2010). Archived from the original on February 24, 2020.
- ↑ Six Flags Entertainment Corporation Announces John Duffey to Join Company as Chief Financial Officer and Lance Balk to Serve as General Counsel (Press release). Archived from the original on February 24, 2020.
- ↑ Six Flags Names Richard Roedel to its Board of Directors (Press release) (December 21, 2010). Archived from the original on February 24, 2020.
- ↑ Six Flags Entertainment Corporation (February 3, 2016). Six Flags Water Park Thrills Coming to Oaxtepec, Mexico (Press release). Archived from the original on February 24, 2020.
- ↑ Six Flags Entertainment Corporation. Jim Reid-Anderson Named Executive Chairman and John Duffey Promoted to President and CEO at Six Flags (Press release). Archived from the original on February 24, 2020.
- ↑ DiFurio, Dom (January 30, 2020). Six Flags will relocate headquarters to Globe Life Park's centerfield office by summer. The Dallas Morning News.
- ↑ Six Flags Announces H Partners’ Representative to Join Board (Press release).
- ↑ Two Directors Added to Six Flags Board of Directors (Press release) (February 24, 2020).
- ↑ https://investors.sixflags.com/news-and-events/press-releases/2021/11-15-2021-120113251
External links[]
