Yeah.....it did not work out quite as planned
Parks Will Combine to Create New Super Attraction
NEW YORK and OKLAHOMA CITY, Jan. 10 /PRNewswire/ -- Six Flags, Inc.
(NYSE: PKS and PKSPA) announced today that it has reached an agreement with
Busch Entertainment Corp. to purchase its SeaWorld park in Aurora, Ohio. The
232-acre marine-themed park will combine with Six Flags' recently branded,
520-acre Six Flags Ohio theme park, Six Flags campgrounds and hotel properties
to create one of the largest entertainment destinations in the Midwest. Six
Flags, Inc. acquired SeaWorld park in Ohio for $110 million in cash.
"Acquisition of SeaWorld in Ohio is a great fit for us," Kieran E. Burke,
Chairman and Chief Executive Officer of Six Flags, stated. "Located
immediately adjacent to our Six Flags Ohio theme park, this park will
significantly enhance our entertainment package in the Midwest -- creating a
mega entertainment value under the Six Flags umbrella." Six Flags has
extensive experience working with marine mammals, fish, birds and aquatic
animals through its existing parks with zoological attractions: Six Flags
Marine World in Vallejo, CA and Six Flags Great Adventure/Wild Safari in New
Jersey.
Six Flags, then Premier Parks, purchased Geauga Lake in 1995 as part of
the Funtime Parks. The transformation of the park into Six Flags Ohio
followed an infusion of capital that included construction of six world-class
roller coasters over the past three years, an expansive family water park and
a high-quality children's area featuring those lovable Looney Tunes
characters. SeaWorld has been a popular tourist attraction in Ohio since 1970
with seven live shows and more than 20 predominately water-themed attractions.
Both properties feature a diverse slate of shows and attractions that appeal
to the entire family.
"The rebranding of Geauga Lake to Six Flags Ohio in 2000 generated record
breaking attendance for Six Flags," Burke said. "The power of Six Flags'
special brand of thrills coupled with SeaWorld's shows equals an entertainment
value that simply can't be beat. Merging the two parks in Ohio provides an
unbelievable opportunity for synergies and increased growth in attendance and
revenue categories for Six Flags."
Six Flags Ohio announced this week the addition of its 10th thrill
coaster, X-Flight. X-Flight defies the laws of gravity by allowing riders to
fly 115 feet in the air without an airplane. This monster thrill coaster
features 180-degree inversions, eight exhilarating loops, spins and spiral
twists over 3,340 feet of steel track. Capital plans for the new Six Flags
destination in Ohio, including both park properties, are under discussion and
will be announced at a later date.
Six Flags, Inc. is the world's largest regional theme park company with
38 parks, including parks in North America, Latin America and Europe. Six
Flags parks serve 20 of the 25 largest metropolitan areas in the United
States. The parks annually host more than 50 million guests worldwide. A
publicly held corporation with corporate offices in New York and Oklahoma
City, the company's stock trades on the NYSE under the symbol: PKS.
Looney Tunes, characters, names and all related indicia are trademarks of
Warner Bros. (C) 2001.