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View Full Version : Yahoo News:6 flags might be going under.



Jim Warfield
02-10-2009, 12:57 AM
In a story that listed several businesses that have or will very possibly be out of business one of them listed was Six Flags.

Kevin Dells
02-10-2009, 08:37 AM
Dang thats a shame! I grew up going to Six Flags in Gurnee even got employeed by them one spring/summer painting the American Eagle rollercoaster. But it was owned by Marriot then so im sure another investor will pick it up.

drfrightner
02-10-2009, 11:32 AM
Six Flags will never go under under... they will always be around just might have to file bankruptcy but it has little to do with the situation right now. Six Flags went crazy 10 years or so ago borrowing money to buy up amusement parks...it was a stupid plan. They overpaid for almost everything. They built a park from scratch in New Orleans that was flooded and never reopened. They bought another park in Cleveland area only to shutter it... they closed Houston Astroworld for cash.

They borrowed themselves into a massive grave. If they file bankruptcy it will only be to make the company stronger not to shutter.

They have sold off several of their parks and might sell more parks.

Larry

BruiseMuse
02-10-2009, 11:45 AM
Actually Six Flags didn't close the park in Cleveland (Geauga Lake). They sold it to Cedar Fair, who closed the amusement park portion and only kept the water park.

Raycliff Manor
02-12-2009, 09:36 AM
This was included in the latest IAAPA Newsletter:

Six Flags New England Optimistic about New Season
http://www.wwlp.com:80/dpp/news/wwlp_local_companies_moodys_list_200902100010

February 10

WWLP (Springfield, Massachusetts, USA)

After Six Flags was included on Moody’s investment services’ list of companies that could become casualties of the economy this year, a spokesperson for Six Flags New England in Agawam, Massachusetts, said the park is looking forward to the new season. The park is hiring 3,000 employees and investing in “several exciting enhancements.”

I hope this is the case for other parks as well. I think those who will fair the best in these rough economic times will be the ones who don't panic and react and who proactively and wisely plan for the long haul. ;)

Kel

Jim Warfield
02-12-2009, 05:27 PM
Six Flags will become Five Flags?
Three?
"Pirate"?! Not "Surrender!"

drfrightner
02-13-2009, 03:07 PM
Six Flags overpaid for nearly ever park they purchased and then turned around and sold some for a fraction of what they paid. They have a massive amount of debt from all the borrowing they did and yes they might file for bankruptcy but in the end it will only be to unload massive amounts of debt and to restructure.

Six Flags is making money and doing well just weighed down by borrowed money from the expansion purge. Larry

hauntedhousenut
02-13-2009, 04:19 PM
Actually Six Flags didn't close the park in Cleveland (Geauga Lake). They sold it to Cedar Fair, who closed the amusement park portion and only kept the water park.

That goes to show you why they call it the mistake by the lake >< lol

BruiseMuse
02-16-2009, 07:52 AM
Ouch! Poking at an old Cleveland wound!

gadget-evilusions
02-16-2009, 08:19 AM
Makes me miss geauga lake now. It was still ok as 6 flags.

Jim Warfield
02-16-2009, 09:46 PM
..but they fixed it by getting married?