Six Flags Entertainment Corporation, the world’s largest regional theme park company and the largest operator of waterparks in North America, today announced that revenue for the first quarter of 2019 was $128 million and attendance was 2.2 million guests. Revenue declined $1 million or 1 percent from the first quarter of 2018, driven by a 189,000 or 8 percent decrease in the number of guests visiting Six Flags parks that was almost entirely offset by a 5 percent increase in total guest spending per capita and an increase in revenue from international agreements. When compared to prior year, attendance growth in the quarter was adversely impacted due to the Easter holiday falling on April 21st in 2019 versus April 1st in 2018, which shifted a portion of the company’s operating calendar and approximately 200,000 guest visits from the first quarter to the second quarter in 2019.Total guest spending per capita for the first quarter of 2019 was at an all-time high of $48.48, an increase of $2.40 or 5 percent compared to the first quarter of 2018. This improvement was primarily due to the company’s continued success in upselling guests from single day tickets and season passes to higher-priced memberships. Admissions revenue per capita increased $2.34 or 8 percent to $30.49 and in-park spending per capita increased $0.06 to $17.99.
“I am pleased with our first quarter performance as strong membership penetration continues to be a key driver of our long-term growth strategy, providing both a platform of increasing recurring revenue at higher prices and the ability to further grow attendance, especially as we expand our portfolio of parks,” said Jim Reid-Anderson, Chairman, President and CEO. “With our record-high Active Pass Base, ongoing price increases, growing dining pass penetration, and both domestic and international expansion opportunities, we are very well-positioned to deliver our tenth consecutive year of record financial performance in 2019.”
Since most of the parks were not scheduled to be open during the first quarter, the company had a net loss1 of $69 million, an increased loss of $7 million compared to the prior year period. The net loss per share for the first quarter of 2019 was $0.82 compared to a loss per share of $0.74 in the first quarter of 2018. Adjusted EBITDA2 for the first quarter was a loss of $32 million, an increased loss of $13 million compared to the prior year period primarily due to the timing of Easter and incremental lease and other costs from the company’s five new U.S. parks acquired on June 1, 2018—costs that the company did not incur in the first quarter of 2018.
Read the full earnings report here: https://tinyurl.com/y5y4ppky