Six Flags reports Q4 guest spending per capita $65.15 vs. $53.00 last year

Total revenue for fourth quarter 2022 decreased $37M, or 12%, compared to fourth quarter 2021, driven by lower attendance, partially offset by higher guest spending per capita. The decrease in attendance was driven by an increase in ticket prices, the elimination of free tickets and heavily-discounted pass products, and fewer operating days. The company did not open six parks in fourth quarter 2022 that were open for Holiday in the Park in fourth quarter 2021, which accounted for 279 thousand additional guests in fourth quarter 2021. The $12.15 increase in guest spending per capita compared to fourth quarter 2021 consisted of a $6.60 increase in Admissions spending per capita and a $5.55 increase in In-park spending per capita. The increase in Admissions spending per capita was primarily driven by higher realized ticket prices, a higher mix of single day tickets, and revenue from memberships beyond the initial 12-month commitment period, which is recognized evenly each month and was spread over a lower amount of attendance in 2022 versus 2021. The higher In-park spending reflects the company’s in-park pricing initiatives, and a strong assortment of retail products, food & beverage offerings, rentals, and new events. The company more than offset the decrease in revenue in the fourth quarter 2022 with lower cash operating costs, driven by full-time headcount reductions, fewer total employee hours worked, and lower advertising costs. These efficiency measures were partially offset by higher wage rates and increases in repair and maintenance, utilities, and other costs due to inflation.