Latest news with #BrianWitherow
The Independent
2 hours ago
- Business
- The Independent
Six Flags to close another park months after announcing the closure of its Maryland location
Six Flags is shutting down another theme park after announcing that it will close a location in Maryland. The theme park giant announced that it plans to close its Great America park in California at the end of its 2027 season, a full year before its lease on the land ends. The announcement was made during a recent investors' meeting, according to PEOPLE. 'Unless we decide to extend, and exercise one of our options to extend that lease, that park's last year without that extension would be after the '27 season,' Six Flags Chief Financial Officer Brian Witherow told PEOPLE. He said that Great America, located in Santa Clara, California, and Six Flags America in Bowie, Maryland, were "very low on the ranking of margins." Six Flags Great America began 50 years ago under the name Marriott's Great Adventure, and had several owners in the years since, including Paramount and Cedar Fair, which went on to merge with Six Flags in 2024. Great America was originally built on public land, but Cedar Fair purchased the site in 2019 and later sold it to a real estate firm, Prologis, in 2022. Prologis bought the land for $310 million and agreed to let the park stay at the site until the lease ended in June 2028. That agreement came with the potential for a five-year extension by Six Flags. At the time of the sale, Cedar Fair announced it planned to close the park at the end of its lease. Prologis has not announced what may replace the theme park once it is closed and its rides and attractions disassembled. 'We're focused on identifying and partnering with planning and design experts to help us create a master plan for the property, working with the city and community along the way," the company told the Los Angeles Times in January. Six Flags America in Maryland will close at the end of its 2025 season, according to the company. 'As part of our comprehensive review of our park portfolio, we have determined that Six Flags America and Hurricane Harbor are not a strategic fit with the company's long-term growth plan,' CEO Richard A. Zimmerman said in a statement. That site will be sold for redevelopment.
New York Post
a day ago
- Business
- New York Post
Six Flags to close another park, months after announcing closure of Maryland attraction
Six Flags plans to shut down one of its West Coast parks before its lease ends in three years, the latest site of the entertainment group to meet an ultimate demise. Six Flags California's Great America is expected to close its doors for the last time at the end of the 2027 season. The park's fate was revealed after a recent investors' meeting. 3 California Great Adventure in Santa Clara, Calif. Facebook 'Unless we decide to extend, and exercise one of our options to extend that lease, that park's last year without that extension would be after the '27 season,' CFO Brian Witherow said, according to PEOPLE. Witherow described the Santa Clara park and the soon-to-close Six Flags America in Maryland as 'very low on the ranking of margins,' the outlet reported. The nearly 50-year-old amusement park opened as Marriott's Great Adventure in 1976 and has operated under several ownerships, including Paramount and Cedar Fair, the latter merged with Six Flags in 2024. The Santa Clara attraction sat on public land before Cedar Fair purchased the 112-acre estate in 2019. Cedar Fair sold the site to real estate firm Prologis in 2022. 3 Great America has operated under several ownerships including Cedar Fair before the Six Flags merger in 2024. Sundry Photography – The San Francisco-based investment group purchased the land for $310 million with an agreement for the park to remain at the site until the lease ran out at the end of June 2028, with the possibility of a five-year extension, the outlet reported. At the time of the sale, Cedar Fair had announced its intentions to shut down the park at the end of the lease. 'We chose Prologis as our partner because of their deep ties in the Bay Area and their reputation for working closely with local communities on large developments,' the company said in the June 2022 press release. The property sits just north of US 101 in Santa Clara and shares a parking lot with the San Francisco 49ers' Levi's Stadium. Prologis has begun to explore future possibilities for the site, but hasn't made any public announcement. 'We're focused on identifying and partnering with planning and design experts to help us create a master plan for the property, working with the city and community along the way,' the company told the Los Angeles Times in January. Six Flags and Cedar Fair officially merged in July 2024 to create the 'largest' amusement park operator in North America with a combined portfolio of 42 parks across the US, Canada and Mexico. The agreement allowed Six Flags to keep its name, but would be headed by several Cedar Fair executives plus two executives from Six Flags. The newly merged executive board announced in May plans to shut down Six Flags America in Bowie, Maryland at the end of the 2025 season. 3 The property sits just north of US 101 in Santa Clara and shares a parking lot with the San Francisco 49ers' Levi's Stadium. Facebook 'As part of our comprehensive review of our park portfolio, we have determined that Six Flags America and Hurricane Harbor are not a strategic fit with the company's long-term growth plan,' CEO Richard A. Zimmerman said. The 500-acre plot, located 23 miles east of Washington, DC, will be sold as a redevelopment opportunity as part of the company's 'long-term growth plan.'
San Francisco Chronicle
24-06-2025
- Business
- San Francisco Chronicle
California's Great America could close in 2027 — here's what we know
After nearly five decades of roller coasters, fireworks and funnel cakes, California's Great America may be nearing the end of its run. Six Flags, the amusement park's parent company, announced that the Santa Clara attraction is likely to close following the 2027 season — unless the company opts to extend its current land lease. 'As previously announced at the time of the sale, the park's land lease will expire in 2028 with a potential five-year renewal option,' a company spokesperson said in a statement Monday. 'At this time, we are still in the planning stages and are working with city officials and engaging the community. Until we know more, we remain focused on the great season that's already underway at the park.' The park is expected to operate through October 2027, closing after its annual Halloween festivities, unless further action is taken to preserve the site. The looming closure stems from a 2022 land sale, in which then-owner Cedar Fair sold the 112-acre property beneath the park to San Francisco logistics real estate firm Prologis for $310 million. Cedar Fair agreed to lease back the land for 6 to 11 years, announcing intentions to shut down operations at the end of the lease. That lease is currently set to expire on June 30, 2028, with an option to extend for another five years, through 2033. Cedar Fair merged with Six Flags in 2024, forming one of North America's largest theme park operators. 'Unless we decide to extend, and exercise one of our options to extend that lease, that park's last year without that extension would be after the '27 season,' Six Flags chief financial officer Brian Witherow said at the company's Investor Day in May. Witherow noted that California's Great America and Six Flags America in Maryland — also set to close after the 2025 season — are 'very low on the ranking of margins' among the company's properties. Despite the financial calculus, Six Flags said no final decision has been made about the park's fate California's Great America first opened in 1976 as Marriott's Great America. It has since become a beloved destination for generations of Bay Area residents, drawing millions each year with its rides, water attractions and holiday events. Prologis has begun developing long-term plans for the land, though no immediate changes are expected. 'We're focused on identifying and partnering with planning and design experts to help us create a master plan for the property,' spokesperson Jennifer Nelson told the Los Angeles Times earlier this year.
Yahoo
23-06-2025
- Business
- Yahoo
Six Flags California's Great America Prepares to Close After 50 Years
Six Flags California's Great America amusement park in Santa Clara, Calif., may soon shut its doors During a recent investors meeting for the company, the Six Flags CFO announced the park will close after the 2027 season, unless they extend their lease The park is set to celebrate its 50th season in 2026Six Flags California's Great America may soon shut its gates permanently.'Unless we decide to extend, and exercise one of our options to extend that lease, that park's last year without that extension would be after the '27 season,' Six Flags chief financial officer Brian Witherow said about the Santa Clara, Calif., park. The comments were made while answering an audience question at the company's Six Flags Investor Day 2025 on May 20. The news followed the May 1 announcement that Six Flags America in Bowie, Md., is closing at the end of the 2025 season.'Those are two parks that are very low on the ranking of margins,' Witherow means the over-100-acre park would close in October 2027 after the Halloween season. The park first opened in 1976 under the Marriott Corporation as Marriott's Great America. In 2024, the park's parent company, Cedar Fair, merged with Six Flags in an $8 billion deal. Two years before, Cedar Fair had sold the 112 acres of land underneath the park for $310 million to Prologis, a real estate and supply chain logistics company. The amusement park company agreed to lease back the land for six to 11 years, announcing plans to close the park at the end of the lease. The initial lease agreement is set to end on June 30, 2028, with an option to extend the terms for another five years to 2033. However, the company has yet to announce a lease extension.'We chose Prologis as our partner because of their deep ties in the Bay Area and their reputation for working closely with local communities on large developments,' then Cedar Fair president and CEO Richard A. Zimmerman said via press release in June 2022. Prologis is already making plans for the land: 'We're focused on identifying and partnering with planning and design experts to help us create a master plan for the property,' spokesperson Jennifer Nelson wrote in an email to the Los Angeles Times in January. Never miss a story — sign up for to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest Great America's counterpart in the Midwest, Six Flags Great America outside of Chicago, opened the same year as the West Coast park. However, only the Illinois park will receive enhancements and celebrate the park's 50th season. Official closure details, including the final day of operation, is yet to be announced by Six Flags. Read the original article on People
Yahoo
10-04-2025
- Business
- Yahoo
Six Flags to Announce 2025 First Quarter Results on May 8, 2025; Earnings Call Starts at 10 AM EDT
CHARLOTTE, N.C., April 10, 2025--(BUSINESS WIRE)--Six Flags Entertainment Corporation (NYSE: FUN), the largest regional amusement park operator in North America, said today it will issue 2025 first-quarter results in the pre-market hours of Thursday May 8, 2025. Starting at 10 a.m. EDT that day, Six Flags management will host a conference call with the investment community to provide additional details regarding first-quarter results and discuss the Company's business outlook. Management participants on the call will include Six Flags CEO Richard Zimmerman and CFO Brian Witherow. Investors and all other interested parties can access a live, listen-only audio webcast of the call on the Six Flags investor website under the tabs Investor Information / Events & Presentations. Those unable to listen to the live webcast can visit our investor website shortly after the call's conclusion to access a recorded version of the call. ABOUT SIX FLAGS ENTERTAINMENT CORPORATION Six Flags Entertainment Corporation (NYSE: FUN) is North America's largest regional amusement-resort operator with 27 amusement parks, 15 water parks and nine resort properties across 17 states in the U.S., Canada and Mexico. Focused on its purpose of making people happy, Six Flags provides fun, immersive and memorable experiences to millions of guests every year with world-class coasters, themed rides, thrilling water parks, resorts and a portfolio of beloved intellectual property such as Looney Tunes®, DC Comics® and PEANUTS®. This news release and prior releases are available under the News tab at View source version on Contacts Investor Contact: Michael Russell, 419.627.2233 Media Contact: Gary Rhodes, 704.249.6119 Sign in to access your portfolio
