ThrillNetwork.com :: Six Flags considering selling properties

Finance: Six Flags considering selling properties

By Aaron

Jun. 22nd, 2006 -- Citing decreased attendance and rising costs, Six Flags announced today that the company is "exploring strategic options" for six parks: Six Flags Darien Lake; Six Flags Splashtown in Houston; Six Flags Elitch Gardens in Denver; Wild Waves and Enchanted Village near Seattle; Six Flags Waterworld in Concord, CA; and Six Flags Magic Mountain. These options include selling the parks themselves, dismantling certain rides, and selling the land and expose the properties to redevelopment.

Adding to the financial problem was another announcement today; Six Flags stated that it will not be able to raise its cash operating expenses by $15 million to a target of $60 million. The bad financial news sent company stock plummeting in after-hours trading to around $6 per share, a decrease of nearly 20 percent.

Six Flags did not comment on when any potential action would be taken regarding the six parks, or what that action might be.

See BusinessWire for the press release on the potential sales. More information available at MSN Money and Yahoo Finance.

Edited by: Chris L