25 Apr 2018
Three more theme parks for China as Six Flags enjoys record start to 2018
BY Tom Anstey
Off the back of a record financial start to the year, Six Flags has announced plans to develop three more theme parks in China, as the operator continues to ride the international wave of momentum it has created.
For the first quarter of the year, Six Flags revenues jumped by US$29m (€23.8m, £20.8m) – a 30 per cent increase on the previous year – to a record US$129m (€105.7m, £92.5m).
Six Flags attributed the increase to a 27 per cent rise in visitor numbers, boosted by new additions and a new pricing strategy. The company's international licensing programme was also credited, something the operator is aiming to build on with developments starting to come up worldwide, particularly in China.
Announced alongside its Chinese partner, the Riverside Investment Group, Six Flags has announced a new location in Nanjing, with the offering including a theme park, waterpark, and an adventure park. The new attractions will be part of a multi-million dollar entertainment complex, which is expected to open in its first phase in 2021.
According to Six Flags, the theme and waterparks will feature rollercoasters, rides, waterslides and attractions, along with elaborately-themed sections celebrating time-honored Chinese and American traditions. The adventure park will include activities such as motocross racing, whitewater rafting and rock climbing.
“Six Flags and Riverside have a shared vision to develop multiple parks throughout China, with offerings tailored to every member of the family,” said Six Flags International Development Company president, David McKillips.
“The Nanjing parks, like their sister properties in China and North America, will have a distinctive look and feel with one-of-a-kind experiences that will only be available at those locations. In addition, Nanjing’s close proximity to Zhejiang will add tremendous value for Season Pass holders in the Yangzi River Delta region.”
With most of Six Flags' parks not open during the first quarter, there was an expected loss in earnings before interest, taxes, depreciation, and amortization (EBITDA) of US$19m (€15.6mm, £13.6mm). This figure was significantly improved over the previous year, with losses dropping by US$16m (€13.1m, £11.5m), which was primarily attributed to the increase in attendance and higher guest spending per capita.
“We are firing on all cylinders as we made excellent progress in the quarter against each of our growth initiatives,” said Jim Reid-Anderson, Six Flags chair, president and CEO.
“With our new water park openings and new international licensing agreements, we are poised to deliver another record year of financial performance in 2018."
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