SIX FLAGS: After bankruptcy, what now

[faeriewench]

Watch Hardees? There isn't one within 300 miles from me anymore ><

Ignore me

[TheSonofBeast]

Watch Hardees? There isn't one within 300 miles from me anymore ><

Ignore me

there is only one in my area, and it seems to fair well. But its the ONLY one around. Its right off I-675 Exit 15 coming from the south or 16 coming from the north... and it seems to do well/ are they planning on changing things around? i certainly hope not, because i am a big fan of hardees (but mainly because its a southern thing and i was raised in florida...)

[CoastersRZ]

There used to be many Hardee`s around the Cincinnati area. All have since closed up shop. And like the Interpreter said, I don`t believe that Q is set on merging with Six Flags. They are being very quiet, which leaves the corporate brass at Cedar Fair guessing at what their move is. Of course, it will be interesting to see if Q comments on the conference call Cedar Fair has scheduled for this week.

[RollerNut]

If Six Flags and Cedar Fair merged, wouldn't that pretty much corner the regional amusement park industry?

Disney and Universial I consider more of a tourist park than a regional park. Dollywood also has more a national/worldwide appeal in my mind.

[bkroz]

I believe the thought is that, if such a merger were realistically attempted, there would be a lengthy period of interference wherein the government would decide if that constituted a monopoly. In my opinion, it would. Twenty-six parks under one banner, and nearly all seasonal, mid-range parks?

Imagine the season pass system... Cedar Fair decided to utilize Paramount's when they purchased the parks. But if it came to 26 parks? What would a platinum pass costs? So, would the entire chain utilize Six Flag's system of any pass getting you into any parks sans-benefits like parking?

[faeriewench]

I remember Hardees off the causeway at Cedar Point. Me, my brother and grandparents had breakfast with the Berenstein Bears numerous times

http://www.facebook.com/photo.php?pid=489254&l=4968f488e6&id=505303695

http://www.facebook.com/photo.php?pid=489260&l=1e56f1430b&id=505303695

I think it was turned into Coasters a few years later

[The Interpreter]

More speculation Six Flags Entertainment Corporation may acquire Cedar Fair:

http://www.minyanville.com/businessmarkets/articles/six-flags-dan-snyder-bankruptcy-debt/5/4/2010/id/28107

[CoastersRZ]

I find it interesting that all these reports keep mentioning that Six Flags Entertainment may be interested in acquiring Cedar Fair. Wouldn`t that pose the same issues that the former Six Flags, and the current Cedar Fair are battling? A large debt load.

It will be interesting to see what the Cedar Fair conference call yields on Thursday. Especially if Cedar Fair responds to Q`s request for two new board members. To my knowledge, Cedar Fair has yet to formally respond to the Q filing with the SEC.

[The Interpreter]

Q could easily refinance the debt for both companies, should Mr. Raynor choose to do so...

This could get interesting..or it could all amount to not much of anything.

Time will tell....

[CoastersRZ]

But Mr. Raynor has been very secretive thus far about what his intents are for his interest in Cedar Fair. Short of the issued statement and filing with the SEC about wanting new board members for Cedar Fair.

[bkroz]

From CNBC:

NEW YORK (AP) - Six Flags Entertainment Corp., which emerged from bankruptcy protection earlier this month, said Wednesday that President and CEO Mark Shapiro is no longer with the company.

The theme park operator provided no further details on Shapiro's departure and named Alexander Weber Jr. as president and interim CEO.

Weber previously served as president and CEO of Paramount Parks Inc.

Six Flags said it has hired an executive search firm to find a permanent CEO and will consider both internal and external candidates.

The company sought bankruptcy protection in June, weighed down by high debt and declining park attendance.

Link.

So, for now at least, the CEO of Paramount Parks is at the helm of Six Flags. Interesting! Should the Cedar Fair shareholders get their way, we may find two of the largest seasonal park operators in North America wandering around with interim CEOs just to "hold down the fort" temporarily.

[CoastersRZ]

And of course, Al Weber went to college here in Cincinnati at Xavier University, and was Executive Vice President and GM of KI in the mid 1990s.

I was a little shocked to hear that Shapiro had left Six Flags. I wonder if this was his decision, or a board decision.

[DaveStroem]

I wonder if Shapiro could end up on CF board.

[Oldiesmann]

The fact that SF is only saying "he's no longer with the company" seems to indicate that he did not leave on good terms.

I do agree that it's rather odd for them to say they're looking at possibilities for expansion so soon after emerging from bankruptcy. You'd think they would be more interested in trying to further reduce their debt and settle the issues with Kentucky before looking at expansion.

[pkiboy]

I wonder what Ms.Cooper is thinking right now lol.

[Diamondback96]

How about coming to Cedar Fair, Shapiro?

And I believe that's a good Q.

[The Interpreter]

..."Mark had a very strong vision for that company and taking it forward," said theme park consultant Dennis Speigel. "I have to believe that he wouldn't leave unless he came to a disagreement with the board."...

http://www.reuters.c...219047320100512

[CoastersRZ]

Or, Shapiro received a better offer elsewhere? It certainly seems like there was some sort of disagreement, and that he did not leave the company on good terms. I wonder where we will see him next. From everything I`ve seen, he certainly seemed to turn Six Flags in the right direction.

[The Interpreter]

Isn't it interesting that Six Flags Entertainment Corporation did not announce that Mark Shapiro left to pursue other opportunities...as is often said to be the case?

[CoastersRZ]

That is true. It certainly sounds as if the current board wanted to go in a different direction, or at least with a different person at the helm.

[The Interpreter]

...A source who spoke on condition of anonymity because of the sensitivity of the matter said Shapiro and the theme park's new owners did not agree on an operational strategy for the company moving forward.

Snyder and Shapiro, a former ESPN executive, had sought to create a more family-friendly atmosphere at Six Flags by adding attractions while forging partnerships with sponsors such as Sara Lee and Chase Card Services.

Entertainment sources, who also spoke on condition of anonymity, said Shapiro maintains a close relationship with Snyder and will continue to oversee Dick Clark Productions, the television home of the Golden Globe Awards, the Academy of Country Music Awards and "American Bandstand." Red Zone Capital, Snyder's private equity firm, bought Dick Clark Productions in 2007 for $175 million in hopes of incorporating its features in Six Flags parks....

http://www.washingto...id=sec-business

[CoastersRZ]

So the next question is, what is the operational strategy that Shapiro and the new owners disagreed over, and what impact will it have on the guest experience moving forward. Unfortunately, we may never know what exact operational strategy. So with Shapiro still heavily involved with Snyder and Dick Clark Productions, I wonder if Q will tap him moving forward to serve on the Cedar Fair board.

[jzarley]

It's unfortunate, because I really do think Mark Shapiro was a real visionary for how the future of theme parks will look. (I always liked his ideas of the parks being "experiential" media.) Unfortunately, by the time he and Dan Snyder came in, the company was already leveraged to the hilt and heading down the spiral. Maybe if the credit markets wouldn't have blown up in 2008 they could have turned the company around on the path they were following, but even then--at best it was a long shot.

I do think the board of SF did a smart thing by bringing in Al Weber--a guy with a proven track record in successfully running parks. Interestingly, SF hasn't had an "operations guy" at the helm for quite a while...Bob Pittman (under TW) was a media guy; Burke could best be considered a financial guy (we could argue about how good of a financial guy ), and Shapiro is a media/marketing guy.

It will be interesting to see how all of this shakes out in the coming months. Not to mention--what's up with the whole Comcast ("Kabletown with a 'K') and NBC/Universal merger? I haven't read much about it recently...of course, that deal also has the potential to completely change the theme park industry as we currently know it.