Six Flags Reports Record Q1 Earnings

Superman-themed roller coaster at Six Flags Discovery Kingdom | Image by Cassiohabib, Shutterstock

Six Flags announced on Monday a 3% increase in total revenue in the first quarter of 2023 compared to the first quarter of 2022. The $142 million in revenue was a first-quarter record for the company, according to CFO Gary Mick.

The amusement park made $4 million more in Q1 2023 than in Q1 2022. The park credits this increase, in part, to the 7% increase in guest spending per capita compared to the previous year. Guests, on average, spent around $5 more each in Q1 2023 than in Q1 2022.

The increase in guest spending helped offset the 5% decrease in attendance the park faced during the first quarter. Attendance dropped from 1.7 million to 1.6 million year over year. The drop in attendance was attributed to cold and rainy weather in California and Texas during the first quarter.

Selim Bassoul, president and CEO of Six Flags, said in the release that he was pleased by the company’s first-quarter revenue results, which proved that “our company’s new strategy and our new culture are beginning to take hold.”

As for the remainder of the year, Bassoul said, “Looking ahead, our team is excited to launch numerous special events this summer, including Viva La Fiesta, Flavors of the World, Six Flags Fireworks Spectacular, and parades. These events, combined with exciting new rides and attractions and our focused investments in infrastructure, should help us deliver an enhanced guest experience this year.

“We are still in the early stages of our transformation, but with our season pass sales accelerating and our attendance improving, we are encouraged by our recent progress,” Bassoul said.

The company’s plan to enhance visitor experience also includes giving attention to the basics, such as improving the speed of service, cleanliness, food quality, and safety, Bassoul noted.

The company has introduced weekend selfie scavenger hunts for kids of all ages and recently announced plans for the first-ever e-sports gaming arena at Six Flags Fiesta Texas in San Antonio.

Other new features rolling out this summer include a new app, which will be released in June, and a new pricing strategy, according to the Dallas Morning News. The new app will allow guests to quickly and conveniently purchase tickets, order food, interact with a theme park map, download event schedules, and more.

The company announced plans to test-pilot a dynamic pricing strategy — similar to surge pricing — at some of its locations beginning in July. This will allow the company to change the cost of a single-day ticket based on demand for the day or time.

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