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The Roots of Six Flags Entertainment Corp.
Posted: February 10, 2011 in Final Paper
0
The year was 1961 and in the town of Arlington, Texas, a theme park was born. The park, Six Flags
over Texas, which took its name from the six flags of Spain, France, Mexico, the Republic of Texas, the
Confederate States of America, and the United States of America, that had previously flown their
respective flags over the Texas territory, was segmented into six distinct sections. Each section was
modeled after one of the aforementioned six territories. This type of modeling was the root of the
“Theme Park” idea, and what separated Six Flags Entertainment Corporation immediately from its
competitors.
Angus Wynne, the founder of Six Flags, had a passion to create a new form of family entertainment.
His vision encompassed an entertainment experience for people of all ages that would be fun,
convenient, and affordable. Wynne took the traditional amusement park idea and coupled it with
different themes that made his parks unique. For instance, at the original Six Flags over Texas, there
were different themes to accompany the rides. There was cowboy culture, Spanish and French
influences, and even segments that were modeled after southern belle or pirate styles.
Six Flags Over Texas
Six Flags over Texas became a popular site almost immediately. In 1963, the park Six unveiled the
world’s first log flume and then three years later the world’s first steel roller coaster was introduced.
Wynne, at this point, sold the company to Penn Central Corporation. In the next couple of years, Six
Flags began to grow. It created new parks in Atlanta, St. Louis, Jackson, and Valencia. In 1982, Penn
Central Corporation sold the Six Flags chain to Bally Manufacturing Corporation. Under the
leadership of Gary Story, Six Flags’ attendance and revenues skyrocketed. The corporation also
expanded into Chicago and acquired the theme park rights to Warner Brothers animated figures.
In 1987, Wesray Capital Corporation bought Six Flags Corporation and then from this period until the
mid-1990s, different companies and firms acquired parts of the Six Flags chain. In 1993, Time Warner
became the sole owner of Six Flags Theme Parks, Inc. In 1998, in a $1.86 billion deal, a company
called Premier Parks acquired Six Flags. Premier Parks already owned several of their own parks and
when they added Six Flags to their mix, they began converting some of their own parks to the Six
Flags name. The first was in 1998 when they created Six Flags Kentucky Kingdom. In 1999, Six Flags
begins to expand internationally with parks in Mexico, Germany, Holland, Canada, and Belgium. In
2000, Premier Parks officially changed its name to Six Flags Entertainment Corporation. In the 2000s,
Six Flags had serious debt built up and to offset this they began to sell off some of their parks
including Six Flags World of Adventure, their European operations, Oklahoma City parks, Columbus
parks, Sacramento parks, and their AstroWorld site.
Six Flags Kentucky Kingdom
In 2009, Six Flags entered Chapter 11 bankruptcy to restructure their assets. At this time, their parks
still operated normally as they tried to fix the debt problems they were having. A year later on May
3, 2010, they emerged from bankruptcy with billions of dollars of debt behind them and a
restructuring plan that gave company ownership to bondholders.
Six Flags currently operates and runs 17 different parks in North America with its closest competition
coming from Walt Disney’s parks. With their emergence from bankruptcy also came a change in
strategy and marketing. Six Flags Entertainment Corporation went back to its roots by marketing to
families and instead of having themes for each individual park, they tried to unite them all under a
campaign led by a partying senior citizen named Mr. Six.
0:00 /
Sources:
Early History (http://www.fundinguniverse.com/company-histories/Six-Flags-Inc-CompanyHistory.html) (http://www.fundinguniverse.com/company-histories/Six-Flags-Inc-CompanyHistory.html)
Timeline of events (http://www.fundinguniverse.com/company-histories/Six-Flags-Inc-CompanyHistory.html)
Events after 2000 (http://ketupa.net/sixflags.htm)
Company site (http://www.reuters.com/article/2010/05/03/us-sixflags-idUSTRE6422RF20100503)
Bankruptcy (http://www.reuters.com/article/2010/05/03/us-sixflags-idUSTRE6422RF20100503)
Marketing (http://www.usatoday.com/money/advertising/adtrack/2004-07-11-six-flags_x.htm)
Mr. Six (http://www.usatoday.com/money/advertising/adtrack/2004-07-11-six-flags_x.htm)
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