Latest news with #BrianWitherow
Fast Company
8 hours ago
- Business
- Fast Company
Six Flags says no final decision on the closure of California's Great America has been made—yet
Good night, Great America? Amusement park operator Six Flags Entertainment Corporation may close its Santa Clara, California-based Great America park after five decades, according to comments made by company leaders at its most recent investor day event, which was held on May 20. The catalyst for the potential closure is that the company's lease is up, and if it's not extended, Great America could shut down at the end of its 2027 season. 'Unless we decide to extend, and exercise one of our options to extend that lease, that park's last year without that extension would be after the [20]27 season,' said Brian Witherow, Six Flags' CFO, during that meeting. Witherow went on to say that the company has had difficulty contending with rising costs in recent years, particularly labor costs. Some parks 'have seen their wage rate go from $10, $11 [per hour], to $17, $18. That's a lot to absorb,' he said. He went on to refer to the Santa Clara park as 'low on the ranking of margins.' That said, nothing is definite, and Six Flags tells Fast Company that no final decision has been made about the park's fate. 'As previously announced at the time of the sale, the park's land lease will expire in 2028 with a potential five-year renewal option,' a spokesperson for Six Flags' West region said in a statement. 'At this time, we are still in the planning stages and are working with stakeholders and engaging the community. Until we know more, we remain focused on the great season that's already underway at the park and the events ahead.' Reevaluating a sprawling empire of amusements Six Flags recently announced the closure of another park—Six Flags America and Hurricane Harbor, in Bowie, Maryland—which the company determined was 'not a strategic fit with the company's long-term growth plan,' in the words of CEO Richard Zimmerman. Six Flags, whose merger with Cedar Fair was completed a year ago, operates parks in 18 states (17, following the Maryland-based parks closure), as well as parks in Mexico, and in two Canadian provinces. In all, that includes 56 parks—42 amusement or theme parks and 14 water parks. Over the years, it has also closed or sold parks in New Orleans (due to Hurricane Katrina in 2005), Ohio, Washington, and Kentucky, among other locations. Shares of Six Flags Entertainment Corporation (NYSE: FUN) are down more than 32% year to date. Great America first opened in 1976 as a Marriott-branded park, called Marriott's Great America, and if it were to close in 2027, it would be shortly after its 51st year in operation.
Daily Mail
12 hours ago
- Business
- Daily Mail
Six Flags park closures continue with California site on the line
California residents who are looking for their next stomach-churning thrill might soon have one less option. Six Flags California's Great America is likely nearing its final days, the amusement park chain's CFO, Brian Witherow, said during a recent investor day. 'Unless we decide to extend, and exercise one of our options to extend that lease, that park's last year without that extension would be after the '27 season,' he said, according to People . The potential closure means roller coasters could take their final loops after Halloween 2027 — and the move is part of a larger shakeup in the theme park world. It comes soon after the company announced in May it would close a Maryland park for good in November . For Bay Area residents, the potential closure isn't a huge shock. 'If they decide to close it rather than sell it off or make some kind of other arrangement, that's understandable,' one local said on Reddit. 'It seems like they are just counting the days until the end.' Back in 2020, Cedar Fair — the corporation that used to own the park — sold the land beneath it to Prologis, San Francisco-based real estate firm for $310 million. The deal helped bring in cash while the park was shut down during the pandemic. As part of that deal, Prologis included a stipulation that it could boot the amusement park with just two years' notice. The theme park sits on 112 acres next to Levi's Stadium, where the San Francisco 49ers play. Prologis is reportedly planning to redevelop the land into real estate and retail spaces designed to serve game-day crowds hunting for a Brock Purdy win. 'We're focused on identifying and partnering with planning and design experts to help us create a master plan for the property,' Jennifer Nelson, a spokesperson for the real estate company, said during an interview with the LA Times . Inside, the park has reportedly seen better days. Attractions now include a series of twirling rides that lack the adrenaline-inducing thrill many guests expect, according to SFGate . The publication also found that, like many other amusement parks, California's Great America also charges steep prices for food and drinks . The looming shutdown comes amid a wave of changes for Six Flags. In 2024, the company finalized an $8 billion merger with Cedar Fair, forming a theme park powerhouse that now operates 42 amusement parks across the US.
Daily Mail
12 hours ago
- Business
- Daily Mail
Fears mount as Six Flags announces closure of second park in three months
California residents who are looking for their next stomach-churning thrill might soon have one less option. Six Flags California's Great America is likely nearing its final days, the amusement park chain's CFO, Brian Witherow, said during a recent investor day. 'Unless we decide to extend, and exercise one of our options to extend that lease, that park's last year without that extension would be after the '27 season,' he said, according to People. The potential closure means roller coasters could take their final loops after Halloween 2027 — and the move is part of a larger shakeup in the theme park world. It comes soon after the company announced in May it would close a Maryland park for good in November. For Bay Area residents, the potential closure isn't a huge shock. 'If they decide to close it rather than sell it off or make some kind of other arrangement, that's understandable,' one local said on Reddit. 'It seems like they are just counting the days until the end.' Back in 2020, Cedar Fair — the corporation that used to own the park — sold the land beneath it to Prologis, San Francisco-based real estate firm for $310 million. The deal helped bring in cash while the park was shut down during the pandemic. As part of that deal, Prologis included a stipulation that it could boot the amusement park with just two years' notice. The theme park sits on 112 acres next to Levi's Stadium, where the San Francisco 49ers play. Prologis is reportedly planning to redevelop the land into real estate and retail spaces designed to serve game-day crowds hunting for a Brock Purdy win. 'We're focused on identifying and partnering with planning and design experts to help us create a master plan for the property,' Jennifer Nelson, a spokesperson for the real estate company, said during an interview with the LA Times. Inside, the park has reportedly seen better days. Attractions now include a series of twirling rides that lack the adrenaline-inducing thrill many guests expect, according to SFGate. The publication also found that, like many other amusement parks, California's Great America also charges steep prices for food and drinks. The looming shutdown comes amid a wave of changes for Six Flags. Six Flags already announced it was closing a park in Maryland this year In 2024, the company finalized an $8 billion merger with Cedar Fair, forming a theme park powerhouse that now operates 42 amusement parks across the US. As the company finishes its first year as a combined corporation, some other parks are now appearing on the chopping block. Six Flags recently announced that it will also shutter a park in Bowie, Maryland. Roller coasters there will stop running on November 2. 'Those are two parks that are very low on the ranking of margins,' Witherow said of the Bay Area and Maryland locations. Six Flags did not immediately respond to request for comment. This isn't the only California amusement park that faces closure this year. In March, Playland in Fresno closed down its child-friendly park. The company also struggled to turn a profit after it shut down in 2020.
The Independent
a day ago
- Business
- The Independent
Six Flags to close another park months after announcing the closure of its Maryland location
Six Flags is shutting down another theme park after announcing that it will close a location in Maryland. The theme park giant announced that it plans to close its Great America park in California at the end of its 2027 season, a full year before its lease on the land ends. The announcement was made during a recent investors' meeting, according to PEOPLE. 'Unless we decide to extend, and exercise one of our options to extend that lease, that park's last year without that extension would be after the '27 season,' Six Flags Chief Financial Officer Brian Witherow told PEOPLE. He said that Great America, located in Santa Clara, California, and Six Flags America in Bowie, Maryland, were "very low on the ranking of margins." Six Flags Great America began 50 years ago under the name Marriott's Great Adventure, and had several owners in the years since, including Paramount and Cedar Fair, which went on to merge with Six Flags in 2024. Great America was originally built on public land, but Cedar Fair purchased the site in 2019 and later sold it to a real estate firm, Prologis, in 2022. Prologis bought the land for $310 million and agreed to let the park stay at the site until the lease ended in June 2028. That agreement came with the potential for a five-year extension by Six Flags. At the time of the sale, Cedar Fair announced it planned to close the park at the end of its lease. Prologis has not announced what may replace the theme park once it is closed and its rides and attractions disassembled. 'We're focused on identifying and partnering with planning and design experts to help us create a master plan for the property, working with the city and community along the way," the company told the Los Angeles Times in January. Six Flags America in Maryland will close at the end of its 2025 season, according to the company. 'As part of our comprehensive review of our park portfolio, we have determined that Six Flags America and Hurricane Harbor are not a strategic fit with the company's long-term growth plan,' CEO Richard A. Zimmerman said in a statement. That site will be sold for redevelopment.
New York Post
2 days ago
- Business
- New York Post
Six Flags to close another park, months after announcing closure of Maryland attraction
Six Flags plans to shut down one of its West Coast parks before its lease ends in three years, the latest site of the entertainment group to meet an ultimate demise. Six Flags California's Great America is expected to close its doors for the last time at the end of the 2027 season. The park's fate was revealed after a recent investors' meeting. 3 California Great Adventure in Santa Clara, Calif. Facebook 'Unless we decide to extend, and exercise one of our options to extend that lease, that park's last year without that extension would be after the '27 season,' CFO Brian Witherow said, according to PEOPLE. Witherow described the Santa Clara park and the soon-to-close Six Flags America in Maryland as 'very low on the ranking of margins,' the outlet reported. The nearly 50-year-old amusement park opened as Marriott's Great Adventure in 1976 and has operated under several ownerships, including Paramount and Cedar Fair, the latter merged with Six Flags in 2024. The Santa Clara attraction sat on public land before Cedar Fair purchased the 112-acre estate in 2019. Cedar Fair sold the site to real estate firm Prologis in 2022. 3 Great America has operated under several ownerships including Cedar Fair before the Six Flags merger in 2024. Sundry Photography – The San Francisco-based investment group purchased the land for $310 million with an agreement for the park to remain at the site until the lease ran out at the end of June 2028, with the possibility of a five-year extension, the outlet reported. At the time of the sale, Cedar Fair had announced its intentions to shut down the park at the end of the lease. 'We chose Prologis as our partner because of their deep ties in the Bay Area and their reputation for working closely with local communities on large developments,' the company said in the June 2022 press release. The property sits just north of US 101 in Santa Clara and shares a parking lot with the San Francisco 49ers' Levi's Stadium. Prologis has begun to explore future possibilities for the site, but hasn't made any public announcement. 'We're focused on identifying and partnering with planning and design experts to help us create a master plan for the property, working with the city and community along the way,' the company told the Los Angeles Times in January. Six Flags and Cedar Fair officially merged in July 2024 to create the 'largest' amusement park operator in North America with a combined portfolio of 42 parks across the US, Canada and Mexico. The agreement allowed Six Flags to keep its name, but would be headed by several Cedar Fair executives plus two executives from Six Flags. The newly merged executive board announced in May plans to shut down Six Flags America in Bowie, Maryland at the end of the 2025 season. 3 The property sits just north of US 101 in Santa Clara and shares a parking lot with the San Francisco 49ers' Levi's Stadium. Facebook 'As part of our comprehensive review of our park portfolio, we have determined that Six Flags America and Hurricane Harbor are not a strategic fit with the company's long-term growth plan,' CEO Richard A. Zimmerman said. The 500-acre plot, located 23 miles east of Washington, DC, will be sold as a redevelopment opportunity as part of the company's 'long-term growth plan.'
