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1. The Disney Parks for roller coaster fanatics.

2. Universal Studios, but specializing in extreme thrill rides.

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• Theme Park Admissions: Providing access to a variety of amusement parks and water parks featuring rides, shows, and attractions.
• In-Park Food and Beverages: Offering diverse dining options, snacks, and drinks for sale within their entertainment venues.
• Merchandise Sales: Retailing branded apparel, toys, souvenirs, and other novelty items to visitors.
• Games and Premium Experiences: Operating skill-based games and providing upcharge attractions or exclusive experiences within their parks.
• Parking and Ancillary Services: Providing parking facilities, locker rentals, stroller services, and other supplementary guest conveniences.

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Six Flags Entertainment (symbol: FUN) primarily sells its services and entertainment experiences directly to individuals rather than to other companies.

The company serves the following categories of individual customers:

• Families with Children and Teens: This large demographic is attracted by the diverse range of rides, shows, and attractions suitable for various age groups, from younger children to teenagers. Families often plan full-day outings and contribute significantly to admissions, food, and merchandise sales.
• Thrill-Seekers and Young Adults: This group is primarily drawn to Six Flags' reputation for high-intensity roller coasters, extreme rides, and other adrenaline-pumping attractions. They often seek out the newest and most exciting thrill rides the parks have to offer.
• Season Pass Holders and Local Residents: Individuals and families living within a reasonable proximity to a Six Flags park often purchase season passes or memberships, allowing for frequent, repeat visits throughout the operating season. This segment represents a loyal customer base and contributes to consistent revenue.

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• The Coca-Cola Company (KO)
• Sansei Technologies, Inc. (TYO: 6230)

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Richard Zimmerman, President & Chief Executive Officer

Richard Zimmerman is the President and CEO of Six Flags Entertainment Corporation, a role he assumed following the merger of Cedar Fair and Six Flags in July 2024. Prior to the merger, he served as Cedar Fair's President and CEO since January 2018 and was elected to its board in April 2019. He gained extensive experience at Cedar Fair, holding increasingly responsible positions since 1998 when he was named Vice President and General Manager of Kings Dominion.

Brian Witherow, Chief Financial Officer

Brian Witherow serves as the Chief Financial Officer for Six Flags Entertainment Corporation, having retained this position from Cedar Fair, L.P. where he was appointed CFO in 2012. He played a significant role in guiding Cedar Fair through its 2024 merger of equals transaction with Six Flags. Witherow is responsible for the company's financial strategy, budgeting, accounting, financial reporting, audit, tax, and capital planning functions, including oversight of information technology. He began his career with Arthur Andersen and joined Cedar Fair in 1995, progressing through various finance leadership roles, including corporate director of investor relations, corporate treasurer, and vice president and corporate controller. He was instrumental in numerous acquisitions for Cedar Fair, adding multiple amusement and water parks, notably the acquisition of Paramount Park properties from CBS in 2006.

Selim Bassoul, Executive Chairman

Selim Bassoul is the Executive Chairman for Six Flags Entertainment Corporation, a position he assumed after serving as President and Chief Executive Officer of the legacy Six Flags Entertainment Corporation from November 2021 to June 2024. From 2001 to 2019, Mr. Bassoul was the president, CEO, and chairman of The Middleby Corporation, a manufacturer of food service and processing equipment. During his tenure at Middleby, revenues grew from $100 million to $2.7 billion, operating income from $12 million to $535 million, and market capitalization from $100 million to over $6 billion. He notably sold his home to purchase shares in Middleby, becoming the second-largest shareholder. Bassoul has also served on the boards of several other companies, including Diversey Holdings, 1847 Goedeker Corporation, Confluence Outdoor, Piper Aircraft, Inc., and Scientific Protein Laboratories LLC. In 2025, he was appointed chair of the board of Goodfood Market Corp.

Tim Fisher, Chief Operating Officer

Tim Fisher is the Chief Operating Officer for Six Flags Entertainment Corporation, continuing in the same role he held at Cedar Fair, L.P. since joining in 2017. He brings over 40 years of experience in the U.S. and international theme park industry, having started his career at Carowinds.

Brian Nurse, Chief Legal & Compliance Officer and Corporate Secretary

Brian Nurse serves as the Chief Legal & Compliance Officer and Corporate Secretary for Six Flags Entertainment Corporation, having held this same role at Cedar Fair, L.P. since 2021. He has more than 25 years of comprehensive experience within prominent entertainment and food and beverage companies. Before his time at Cedar Fair, Nurse was the Senior Vice President, General Counsel, and Secretary for World Wrestling Entertainment.

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Key Risks to Six Flags Entertainment (FUN)

1. Integration Challenges and Shareholder Litigation related to the Cedar Fair Merger: Six Flags Entertainment faces significant challenges in successfully integrating the businesses of Six Flags and Cedar Fair. This includes potential difficulties in realizing anticipated cost savings, synergies, and growth prospects, as well as managing combined operations and systems. The company is also facing shareholder litigation and investigations into potential securities law violations due to alleged undisclosed financial information during the merger registration, which has contributed to a substantial decline in stock value.
2. Financial Instability and High Indebtedness: The company is experiencing significant financial turmoil, including a reported $100 million net loss in Q2 2025 and a 12% decline in attendance, leading to a high debt-to-EBITDA ratio of 6.2x and concerns about liquidity. This financial instability, exacerbated by strategic missteps and market volatility, has led to analyst downgrades and, according to some experts, raises the possibility of bankruptcy.
3. Seasonality, Adverse Weather, and Operational Risks: Six Flags' business is highly seasonal, with approximately 70% of its annual attendance and revenue concentrated in the second and third quarters. This seasonality amplifies the impact of adverse conditions during peak operating months. Furthermore, the company is highly susceptible to adverse weather conditions, such as extreme temperatures, rain, and storms, as well as public health concerns, which can directly impact park attendance and revenues. Operational risks also include unanticipated construction delays, ride downtime, and potential accidents.

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The increasing sophistication and accessibility of virtual reality (VR) and augmented reality (AR) technologies, particularly in creating immersive entertainment experiences. As these technologies advance, they could offer compelling, lower-cost, and more convenient alternatives to physical theme park experiences, potentially drawing away segments of the audience seeking thrill, novelty, and escapism without the associated travel, crowds, and high costs. Evidence for this emerging threat includes significant investment by major tech companies (e.g., Meta, Apple) in developing VR/AR hardware and content, the growing library of high-fidelity VR games and simulations, and the increasing mainstream adoption of VR headsets. While not a direct substitute yet, the trajectory of this technology poses an emerging threat to traditional location-based entertainment.

The increasing frequency and intensity of extreme weather events due to climate change. As Six Flags operates predominantly outdoor parks, prolonged heatwaves, severe storms, and other adverse weather conditions can directly impact attendance, lead to operational disruptions or closures, and increase costs related to infrastructure resilience and climate control. Evidence includes documented trends of rising global temperatures, more frequent extreme heat advisories during peak operating seasons, and increased occurrences of severe weather events impacting various regions where Six Flags operates.

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1. Increased Attendance through Enhanced Guest Experience and New Offerings: Six Flags plans to drive attendance growth by providing an improved guest experience, introducing new marketable rides and attractions, modifying operating calendars, and enhancing its marketing strategy. The company is making strategic investments in its parks to ensure continuous improvement and innovation, aiming to make each visit more exciting and memorable. The recent merger with Cedar Fair has created a larger network of 42 parks, enabling the company to reach more guests.
2. Growth in Per Capita Spending (In-park and Out-of-park): The company aims to boost revenue by increasing both in-park and out-of-park per capita spending. This includes expanding the use of revenue management tools for dynamic pricing, refreshing food and beverage facilities to improve efficiency and quality, and enhancing seasonal staffing to increase guest satisfaction and spending. For out-of-park revenues, strategies involve upgrading and expanding resort offerings, improving revenue management capabilities for dynamic pricing and increased occupancy, and leveraging the Six Flags brand for more sponsorship opportunities.
3. Strategic Capital Investments: Six Flags intends to invest approximately $1.0 billion in capital expenditures during 2025 and 2026 to fund deferred investment needs and pursue growth opportunities. These investments are specifically designed to stimulate attendance, increase per capita spending, and enhance overall profitability. The focus is on prioritizing capital investments to improve guest experiences and drive demand, particularly through new rides and attractions.
4. Synergies and Portfolio Optimization from the Cedar Fair Merger: The merger of Six Flags and Cedar Fair, completed in July 2024, is expected to drive future growth by combining the strengths of both companies and leveraging their collective scale. The combined entity is focused on strategic capital allocation and continuous investments in its parks. Management is also optimizing its portfolio by evaluating and potentially divesting non-core assets, which could generate capital and improve overall financial health.
5. New Season Pass Program and Targeted Promotions: Robust early sales of the 2026 season pass units are reportedly pacing well ahead of previous years, with the average season pass price increasing by 3%. The new 2026 season pass program, featuring expanded all-park benefits, is anticipated to support future attendance and revenue. While promotional activities, such as "bring-a-friend" offers, may affect admissions per capita spending, they are used strategically to drive overall visitation volume.

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Share Repurchases

• The former Six Flags (pre-merger) repurchased approximately $365.1 million of common stock, with $134.9 million remaining authorized for future repurchases as of March 31, 2024.
• Cedar Fair, the accounting acquirer in the merger, approved an equity buyback for $250 million worth of its shares in May 2025.

Share Issuance

• A significant share issuance occurred on July 1, 2024, with the merger of Six Flags and Cedar Fair, a "merger of equals". Cedar Fair unitholders received one share and Six Flags shareholders received 0.5800 shares in the new combined company, with Cedar Fair unitholders owning approximately 51.2% and Six Flags shareholders approximately 48.8% of the fully diluted share capital.
• As a direct result of the merger, the number of outstanding shares for FUN significantly increased from 51.013 million in 2023 to 100.35 million in 2024, and further to 101.254 million as of June 29, 2025.

Inbound Investments

• On October 21, 2025, JANA Partners, along with strategic partners including Travis Kelce, Glenn Murphy, and Dave Habiger, announced a collective investment in Six Flags Entertainment, acquiring an economic interest of approximately 9%.
• This investment group intends to collaborate with Six Flags' board and management to explore avenues for enhancing shareholder value and improving the guest experience.

Capital Expenditures

• Six Flags' capital expenditures averaged $182.6 million annually from fiscal years 2020 to 2024, experiencing a low of $59.183 million in 2021 and increasing to $320.8 million in 2024.
• The company plans to invest over $1 billion in capital expenditures over 2025 and 2026 to enhance the guest experience across its 42 parks. Specifically, projected capital expenditures are between $475 million and $500 million for 2025, and $400 million for 2026.
• These investments are primarily focused on new rides (including seven new roller coasters for 2025), attractions, themed areas, dining upgrades (with over $80 million allocated to food and beverage improvements), and technology and infrastructure enhancements, aimed at improving guest satisfaction and driving attendance growth.