Six Flags financial trouble started well before tragic death

Six Flags shares sank sharply Tuesday to their lowest level since 2009 after a rollercoaster rider tragically fell to his death at a Georgia park. But the company was under legal and financial pressure long before this week’s deadly incident.

At roughly $10 per share, Six Flags stock is now worth less than in 2020, when the pandemic caused visitor traffic to grind to a virtual halt for most of the year.

The company hasn’t recorded a profitable quarter since the summer of 2024, following the completion of an $8 billion merger with rival Cedar Fair that left it drowning in debt. Shareholders have seen more than 80% of the stock’s value ( FUN ) evaporate since the merger was completed that same year. Current investors include NFL star and brand ambassador Travis Kelce, who bought a stake in the company last year.

Beyond its debt, the amusement park is facing headwinds from the high cost of living. “Mounting inflationary pressure” from gas prices and high borrowing costs “can’t help but weigh on the theme park customer,” according to research from Citigroup.

The company’s parks suffered a 15% year-over-year tumble in foot traffic in the April to June period, according to Citi analysts.

Six Flags reported a $203 million net loss during that same quarter, more than double the nearly $100 million loss it saw a year earlier. Any income was outweighed by its $102 million in debt payments. That prompted the company to unload seven parks to EPR Properties for $331 million just before the start of the 2026 summer season. It also closed a Maryland-based amusement park and waterpark at the end of the 2025 season.

The company faces multiple safety issues beyond Monday’s fatality, which poses a risk to its shaky finances.

Last month, it announced it was closing its most famous roller coaster , the X2 at its Magic Mountain park in Valencia, California, after a CNN investigation exposed a long history of life-altering severe injuries and deaths linked to the ride. The company faces numerous lawsuits over the ride, which it insisted had passed a multitude of required safety tests.

That list, the company warns, poses a risk for its ability to get adequate and affordable insurance.

“Although the company carries liability insurance to cover possible incidents, coverage may not be adequate to cover liabilities (and) the company may not be able to obtain coverage at commercially reasonable rates,” the company warned in its annual financial filing at the start of this year.

Six Flags reports its earnings for the summer months in early November. Wall Street analysts forecast it will return to profitability but expect losses for the rest of the year.

Six Flags is backed by NFL star Kelce, the husband of Taylor Swift. The company announced Kelce as brand ambassador in March.

Kelce teamed up with activist hedge fund Jana Partners in October 2025 to buy a 9% stake in Six Flags. Kelce said at that time that he was making the investment because he was “a lifelong Six Flags fan” who had grown up “going to these parks with my family and friends.”

Last month, Jana Partners called on Six Flags to immediately hire an investment bank to explore a sale, The Wall Street Journal reported.

周二，佐治亚州一家游乐园发生过山车事故，一名乘客不幸坠亡，六旗集团股价应声暴跌至2009年以来的最低点。但早在本周这起致命事故发生之前，该公司就已面临法律和财务方面的双重压力。

六旗集团的股票目前每股价值约为 10 美元，低于 2020 年的水平。2020 年，由于疫情影响，游客数量在一年中的大部分时间里几乎停滞不前。

自2024年夏季完成与竞争对手Cedar Fair价值80亿美元的合并后，该公司就再未实现过盈利，并因此背负了沉重的债务。自同年合并完成以来，股东们眼睁睁地看着该公司股票（股票代码：FUN）的价值蒸发了超过80%。目前的投资者包括NFL球星兼品牌大使特拉维斯·凯尔西，他于去年购入了该公司股份。

除了债务之外，这家游乐园还面临着高昂生活成本带来的不利影响。花旗集团的研究指出，汽油价格上涨和高额借贷成本带来的“不断加剧的通胀压力”“势必会对主题公园的顾客造成影响”。

据花旗分析师称，该公司旗下公园在 4 月至 6 月期间的客流量同比下降了 15%。

六旗集团当季净亏损2.03亿美元，是上年同期近1亿美元亏损额的两倍多。其1.02亿美元的债务支出超过了任何收入。这促使该公司在2026年夏季运营季开始前，以3.31亿美元的价格将旗下七个主题公园出售给了EPR Properties。此外，该公司还在2025年运营季结束后关闭了位于马里兰州的一座游乐园和水上乐园。

除了周一发生的致命事故外，该公司还面临多个安全问题，这给其岌岌可危的财务状况带来了风险。

上个月，该公司宣布关闭其位于加州瓦伦西亚魔术山主题公园最著名的过山车“X2”。此前，CNN的一项调查揭露了该过山车长期以来造成多起改变人生的严重伤亡事故。该公司目前面临多起与该过山车相关的诉讼，但坚称其已通过多项必要的安全测试。

该公司警告称，这份名单可能会影响其获得充足且价格合理的保险的能力。

该公司在今年年初的年度财务报告中警告说：“尽管公司购买了责任保险来应对可能发生的事故，但保险范围可能不足以弥补损失，而且公司可能无法以商业上合理的费率获得保险。”

六旗乐园将于11月初公布夏季运营业绩。华尔街分析师预测该公司将扭亏为盈，但预计今年剩余时间仍将亏损。

六旗娱乐公司得到了NFL球星凯尔西（泰勒·斯威夫特的丈夫）的支持。该公司于今年3月宣布凯尔西担任品牌大使。

2025年10月，凯尔西与激进对冲基金Jana Partners联手收购了六旗集团9%的股份。凯尔西当时表示，他之所以进行这项投资，是因为他“从小就是六旗的忠实粉丝”，“小时候经常和家人朋友一起去这些游乐园”。

据《华尔街日报》报道，上个月，Jana Partners 要求 Six Flags 立即聘请一家投资银行来探讨出售事宜。