Six Flags Entertainment Corporation, (SIX) the largest regional theme park company worldwide and the largest waterpark operator in North America, announced yesterday that Frontier City in Oklahoma City, Oklahoma, will reopen on a limited basis on June 5, 2020. The stock jumped by almost 10% on the news. In accordance with Governor Stitt’s Open Up and Recover Safely Plan (OURS), the park will operate in a preview mode June 5-7 for members and season pass holders only, and then increase attendance levels throughout the month.
“Frontier City, like all Six Flags parks, is an outdoor attraction that poses a significantly lower risk of exposure than indoor venues. Our guests are not confined to one space for lengthy periods. Guests move constantly throughout their experience; some are riding rides, some are eating in restaurants, while others are shopping in our souvenir stores, or playing games,” said Six Flags President and CEO Mike Spanos.
Spanos also noted that because the parks cover dozens or even hundreds of acres, they can manage guest throughput in order to achieve social distancing.
The announcement noted that all Six Flags parks will employ an online reservation system to manage attendance, schedule guests for entry by day, and stagger arrival times to minimize proximity exposure. Other new technologies include state-of-the-art thermal imaging for temperature checks, advanced security screening technology for touchless bag checks, and expanded mobile food ordering.
Six Flags also announced that any guest without a mask will be able to purchase one at the front gate, and social distancing and sanitization protocols will be enforced.
Six Flags stock has fallen on hard times, falling from a high of $58 in late 2019 to $26 today. Analyst Tim Conder of Wells Fargo recently put a $17 price target on the stock, noting that among surveyed guests, only “80% would come in 2020 if appropriate protective measures are adequately implemented.” He also noted that he expected the second half of 2020 revenues to be ~35% of 2019’s levels, and for revenue to fully recover to 2019 levels only in 2022.
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