Magic Mountain sale possible
Six Flags struggling with low earnings
Daily News Staff and Wire Services
VALENCIA - Citing hurdles in its efforts to attract families instead of just teens to its theme parks, Six Flags Inc. said Thursday it will consider selling Magic Mountain, Hurricane Harbor and five other properties.
The New York-based company's share plummeted 19 percent after Six Flags' announcement that it might fail to reach a previous earnings forecast, and the need to modify terms with lenders.
The family strategy was expected to bring in a customer base that would spend more money than the teens who flock to the parks for the white-knuckle rides.
"What has been unexpected thus far is that the families we are targeting to replace those teens have been harder to attract than anticipated," said Mark Shapiro, president and chief executive officer. "Make no mistake about it, families are coming back - as evidenced by our solid increase in per capita guest spending - but not as quickly as we had hoped."
Read The Six Flags Magic Mountain Article
Friday, June 23, 2006
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