Credit: CarowindsFans of the many Six Flags theme parks across the country may want to be aware of a major operational change that will affect them this summer.
Founded in 1961 by Angus G. Wynne, Six Flags opened its first park, Six Flags Over Texas, in Arlington, Texas. The name “Six Flags” is derived from the six different nations that have governed Texas throughout its history: Spain, France, Mexico, the Republic of Texas, the Confederate States of America, and the United States.
This rich historical backdrop set the stage for a unique and immersive theme park experience.
Over the decades, Six Flags has expanded its footprint significantly. It now operates 27 parks across North America, including theme parks, water parks, and a variety of other attractions.
The company is renowned for its adrenaline-pumping roller coasters, such as Kingda Ka at Six Flags Great Adventure in New Jersey, which held the title of the world’s tallest roller coaster for many years. Six Flags is also known for its seasonal events like Fright Fest during Halloween and Holiday in the Park during the winter season, which draw crowds looking for themed entertainment.
Cedar Fair Entertainment Company, established in 1983, has its roots in Cedar Point, one of the oldest amusement parks in the United States. Cedar Point, located in Sandusky, Ohio, opened in 1870 and has since become known as “The Roller Coaster Capital of the World,” boasting a record-breaking 18 roller coasters.
Cedar Fair has long operated 11 amusement parks, four outdoor water parks, and two indoor water parks, as well as several hotels. The company’s parks are spread across North America, from Canada’s Wonderland in Ontario to Knott’s Berry Farm in California. Cedar Fair is celebrated for its innovation in ride design and its commitment to providing a variety of experiences, from heart-pounding coasters to family-friendly rides and immersive entertainment.
A new era for Six Flags
In a monumental shift for the amusement park industry, Six Flags announced the successful completion of the merger of equals between Cedar Fair and the former Six Flags Entertainment Corporation, effective July 1, 2024.
This merger has created the largest and most diverse amusement park operator in North America, operating under the name “Six Flags Entertainment Corporation.”
As part of this merger, Cedar Fair’s units and shares of Former Six Flags’ common stock ceased trading at the close of the New York Stock Exchange on July 1, 2024. Starting July 2, 2024, shares of Six Flags Entertainment Corporation’s common stock began trading on the NYSE under the ticker symbol “FUN.”
Under the terms of the merger agreement, Cedar Fair unitholders received one share of common stock in Six Flags Entertainment Corporation for each unit owned. In contrast, former Six Flags shareholders received 0.5800 shares of common stock in Six Flags Entertainment Corporation for each share owned.
Is Carowinds closing permanently?
One interesting aspect of the merger concerns Cedar Fair’s old administrative offices in Charlotte. These offices will now be the new corporate headquarters for Six Flags Entertainment Corporation.
With Six Flags as its parent company and the headquarters now just miles away, many fans have wondered if this might be the end of “Carowinds” and if we could soon see the theme park changed over to “Six Flags Charlotte.” While there have been numerous internet rumors about the theme park’s change, that is not in the cards currently.
In its official press release, Six Flags Entertainment Corporation promised that each park in the combined company’s portfolio would retain its legacy branding, and no changes to park names were currently planned or contemplated.
This means that those Cedar Fair parks — including Knott’s Berry Farm, Carowinds, Cedar Point, and others — will not lose their legacy brands.
Richard Zimmerman, president and chief executive officer of Six Flags Entertainment Corporation, highlighted the significance of the merger.
He stated:
“Today marks a significant milestone for our company, shareholders, guests, and associates, unlocking higher value and greater opportunities to deliver engaging entertainment experiences. Our merger establishes a new Six Flags Entertainment Corporation with a highly diversified footprint and robust operating model, enhancing park offerings and performance through the complementary portfolio of attractive assets and intellectual property from each of Cedar Fair and the former Six Flags. The combination also enhances the financial profile of the company with strong cash flow generation to accelerate investments in our parks to delight our guests, driving increased levels of demand and in-park value and spending.”
Selim Bassoul, executive chairman of the board of directors of Six Flags Entertainment Corporation, added:
“We believe that by combining the best ideas and most successful entertainment practices of both Six Flags and Cedar Fair, the new Six Flags can deliver a superior level of joy and excitement that has yet to be experienced by regional park guests. We are excited to unite the Cedar Fair and Six Flags teams to capitalize on the tremendous growth opportunities and operational efficiencies of our more extensive entertainment portfolio.”
At this time, no other information has been given on the major theme park merger.