Early Plans to Reopen Parks, Six Flags Reports Q1 Loss of $84.5M
From LA Daily News:
The new normal at Six Flags Fiesta Texas and other locations in the national amusement park chain will include face masks, temperature checks, reduced attendance, virtual queueing, mobile ordering, cashless transactions, social distancing and constant sanitization.
Six Flags CEO Michael Spanos laid out a health and safety plan for when the company’s amusement parks reopen following the COVID-19 pandemic during a conference call with analysts on Thursday, April 30.
“We are committed to taking the necessary measures to make our guests comfortable visiting our parks,” Spanos said on the call.
Six Flags Fiesta Texas closed in mid-March amid the coronavirus outbreak. Six Flags parks will open in mid-May “or as soon as possible thereafter.”
Surveys with Six Flags passholders and members have given the company important feedback on customer expectations in the post-COVID-19 era once the parks reopen.
Half of Six Flags passholders and members surveyed said they would visit the parks today if they were open. Approximately 80% of those surveyed said they would visit a Six Flags park in 2020 if the company implemented health and safety measures.
“Based on our surveys, it seems that our guests are eager to return to our parks,” Spanos said.
Six Flags has developed detailed plans to address the concerns of customers and gain the trust of state and local governments, Spanos said. Preparing the parks to reopen would take 2 to 3 weeks.
Survey feedback indicates passholders and members would feel comfortable returning to a Six Flags park operating at 25% of normal capacity once the coronavirus closures are lifted. Six Flags would ramp up attendance based on state and local guidelines, Spanos said.
Six Flags will roll out a number of new measures to address the health and safety guidelines developed by local governments and to help make visitors feel comfortable, Spanos said.
Protective face masks and temperature checks will be part of the “new normal” at Six Flags parks.
“That’s going to be the reality,” Spanos said. “It’s going to be the new normal.”
The top priority for visitors: Sanitization. Six Flags had already stepped up sanitizing its parks before the coronavirus closures. Once the parks reopen, rides will be wiped down throughout the day and hand-washing and hand-sanitizing stations will be installed throughout the parks.
Social distancing will be continually enforced — from the parking lots and queues to the rides and dining areas. Employees will be assigned to coach and direct visitors to maintain 6 feet of separation at all times.
Six Flags will limit the number of riders waiting in queues and boarding coasters and rides. Markers painted on the ground will indicate the spots in line where riders should stand to encourage social distancing.
From NBC DFW:
Six Flags Entertainment Corp. on Thursday reported a loss of $84.5 million in its first quarter.
On a per-share basis, the Grand Prairie, Texas-based company said it had a loss of $1.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of $1.11 per share.
The amusement park operator posted revenue of $102.5 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $98.2 million.
Six Flags shares have declined 53% since the beginning of the year. The stock has declined 60% in the last 12 months.