The following is a summary of the Six Flags Entertainment Corporation (SIX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Six Flags reported Q1 revenue of $133 million, down by 6% from the last year caused mainly by changes in the estimated opening date of Six Flags Qiddiya to mid-2025.

• Despite a 6% increase in total attendance to 1.7 million guests, they suffered an adjusted EBITDA loss of $26 million, wider than the $17 million adjusted EBITDA loss in the previous year.

• In-park revenue reached a Q1 record at $54 million, but total guest spending per capita decreased by 8%.

Business Progress:

• Positive trends noted in park pass sales, group sales, and in-park spending, three years into transformation strategy.

• Implementing initiatives like self-service kiosks and digital wallets and plan to launch an online gaming platform in the Metaverse.

• Large scale attractions will be launched at various parks and the 'Fright Fest' event will see significant features.

• Commitment towards sustainability with the third solar installation project, aiming to become the largest producer of carport solar power in North America.

• Increase in pass pricing anticipated to generate more revenue, aided by promotional offers.

• To mitigate potential Q2 revenue headwinds, they rely upon strong pass sales trend, cost cut strategies, and launch of new rides.

• Simplifying pricing of passes, expanding usage of AI in training employees, enhancing safety, guest interactions, aggressive media campaigns and significant events.

• Positive response to 'premiumization' strategy with increased participation in diamond and platinum membership and rise in all-season dining.

More details: Six Flags Entertainment IR

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