Fiesta Texas parent Six Flags suffers big loss despite attendance boost

Fiesta Texas is unveiling a new thrill ride this summer

Dr. Diabolical's Cliffhanger Dive Coaster will open at Six Flags Fiesta Texas in the summer of 2022. (Courtesy, Six Flags)

SAN ANTONIO – Six Flags Entertainment Corp., parent of San Antonio’s Fiesta Texas theme park, is seeing a boost in its turnstile counts more than two years into the pandemic, but it’s still deep in red ink.

The Arlington-based company reported a net loss of $66 million for the first quarter of 2022 after generating $138 million in total revenue.

Both figures are an improvement over the same period a year ago. In 1Q 2021, Six Flags (NYSE: SIX) reported $82 million in total revenue and a net loss of $96 million.

“We have reoriented our culture to prioritize the guest in everything we do, and we fundamentally believe this will drive significant and sustainable long-term earnings growth,” Six Flags President and CEO Selim Bassoul said.

The increased revenue stems from a 25% increase in attendance year over year, and higher guest spending per capita. Approximately 1.7 million Six Flags ticket buyers and passholders spent $75.46 on average in 1Q 2022 — up from $56.16 per guest the prior year. Admissions spending alone increased more than $10 per guest in the first quarter of 2022.

The attendance increase was driven in part by more operating days during the first quarter of this year compared to the same three-month period a year ago, Six Flags officials noted.

The company has continued to put more capital into its parks. In the first quarter alone, Six Flags invested $29 million in its properties.

Fiesta Texas is among the beneficiaries of that spending as it’s expected to debut a new thrill ride, Dr. Diabolical’s Cliffhanger, this summer.

“With eight intense elements, including dramatic inversions and extreme airtime, it will quickly become a fan favorite,” Six Flags Fiesta Texas President Jeffrey Siebert said.

Editor’s note: This story was published through a partnership between KSAT and the San Antonio Business Journal.

Click here to read the full story in the San Antonio Business Journal.

Also on KSAT: