Record profit ends Six Flags financial roller coaster
GURNEE — Great America was one park of 20 under the Six Flags umbrella when its parent company filed for Chapter 11 bankruptcy protection in June 2009, but that didn’t stop the rumor mill from churning out worries that the gates would close for good on Grand Avenue. Park President Hank Salemi acknowledged Tuesday that he heard all the gossip, even after Six Flags emerged from Chapter 11 in May 2010. With the company announcing this month that it enjoyed record earnings in 2011, Salemi said that Great America “was never in any danger” of going the way of Riverview.
“We were never going to close the doors. We’ve been here since 1976, and always will be here,” Salemi said. “With the restructuring of our debt, since that has happened, we have had tremendous financial (growth). We had a great 2011 as a company and as a park.”
Six Flags Entertainment Corp. reported last week that it recorded $350 million in adjusted income before interest, taxes, depreciation and amortization. The consolidated income from continuing operations was reported as the highest total in the history of the Texas-based company, which purchased Great America from the Marriott Corp. in 1984.
“That’s the first time we’ve ever done that kind of net profit,” Salemi said. Asked how much of that total can be credited to Great America itself, Salemi said, “We don’t break it down park by park, but we’re a big park in our system. We shared a lot of that growth in 2011. It was a great year for the entire company.”
One perceived measure of Great America’s overall health is seen in park additions. Following a modest 2010, when the Little Dipper roller coaster was imported from Kiddieland, Hurricane Harbor expanded by four acres and four rides in 2011. Salemi credited that specific development when asked how the park contributed to Six Flags’ reported income.
“I think it was a couple of things. The first thing I would say is we put in a tremendous new water park addition with Riptide Bay, and though it was a little cool at the beginning of the year, as the summer went along, our guests loved it,” he said. “One of the things our guests told us when we did it was that it was getting tight (at Hurricane Harbor). On really hot days, we were jamming so many people into that water park, and we needed a bigger space for them.
“So we accommodated that, and we saw a great growth in season passes, and we had a really, really strong year as a result of that. I think on the flip side, even though the economy hadn’t fully recovered, regional theme parks tend to do better in tougher economic times — it’s that whole ‘staycation’ mentality.”
For 2012, the new Bolliger & Mabillard wing coaster X-Flight is scheduled to open in early May, representing Great America’s biggest thrill-ride addition since Superman: Ultimate Flight in 2003. As with attendance figures, Great America keeps its cards close to the vest when it comes to how much is invested in rides, but Salemi said the arrival of X-Flight “is really a sign that we’re taking that success and reinvesting it in our parks.”
“In this business, you want to keep things fresh and new, and this is a state-of-the-art coaster,” Salemi said as he walked past the now-assembled track in the park’s County Fair section. “It’s a dream as a park president to get to build this kind of roller coaster.”
X-Flight is expected to start assembling trains in late March and running safety tests in early April. Salemi said the goal is to open the ride shortly after Great America starts its 2012 operating season on May 5.
