Core Points - Six Flags Entertainment Corporation announced the upcoming departure of Selim Bassoul and Daniel J. Hanrahan from the Board of Directors, effective December 31, 2025, with Marilyn Spiegel set to become the non-executive Chair of the Board starting January 1, 2026 [1][2] Leadership Transition - Marilyn Spiegel expressed her honor in being elected as the non-executive Chair of the Board, succeeding Selim Bassoul [2] - Selim Bassoul highlighted the transformation of Six Flags during his tenure, including the completion of the industry's largest merger and improvements in guest experience through technology [2] - Daniel J. Hanrahan reflected on his 12 years of service on the boards of Cedar Fair and Six Flags, emphasizing the company's strong business model and strategic vision [2] Future Plans - After stepping down, Bassoul will continue as a consultant to assist in the development of Six Flags Qiddiya City in Saudi Arabia, expected to open in the first half of 2026 [2] - The company aims to deliver exceptional guest experiences and operate parks efficiently, with the search for the next CEO already underway [2] Company Overview - Six Flags is the largest regional amusement park operator in North America, with 27 amusement parks, 15 water parks, and nine resort properties across 17 states in the U.S., Canada, and Mexico [6] - The company focuses on providing fun and memorable experiences to millions of guests annually, featuring world-class coasters and themed rides [6]

Core Viewpoint - Texas Capital initiated coverage on Six Flags Entertainment Corporation (SIX) with a Buy rating, indicating a positive outlook for the company following its merger with the two largest regional theme park operators [2]. Group 1: Company Overview - The merger between the two largest regional theme park operators has resulted in the formation of a combined entity, Six Flags Entertainment [2]. - Analyst Eric World highlighted the potential benefits of the merger for Six Flags, suggesting that it could enhance operational efficiencies and market positioning [2]. Group 2: Market Implications - The Buy rating from Texas Capital reflects confidence in Six Flags' ability to capitalize on the merger and improve its financial performance [2]. - The combined entity is expected to leverage synergies from the merger, potentially leading to increased revenue and profitability in the future [2].

Core Viewpoint - Bragar Eagel & Squire, P.C. is investigating potential claims against Six Flags Entertainment Corporation for possible violations of federal securities laws and unlawful business practices [1][2]. Investigation Details - The investigation is focused on whether Six Flags has engaged in practices that may have harmed stockholders [2]. Company Performance - On August 6, 2025, Six Flags reported disappointing Q2 2025 results, reducing its EBITDA guidance for the year to between $860 million and $910 million, down from a previous expectation of $1.08 billion to $1.12 billion [6]. - The downgrade in guidance is attributed to several factors, including first-half results, a smaller season-pass base, and economic volatility affecting customer behavior [6]. - The company noted that concerns over fewer season-pass holders are expected to impact demand until the 2026 season-pass program begins [6]. - Following the announcement, Six Flags' stock price fell by $6.38 per share, or 20.78%, closing at $24.32 per share on the same day [6]. Leadership Changes - Six Flags' President and CEO, Richard Zimmerman, plans to step down from his roles by the end of the year [6].

Group 1 - Significant investors have taken a bullish stance on Six Flags Entertainment, indicating potential upcoming developments [1][2] - The options trading activity shows a split sentiment among big-money traders, with 62% bullish and only 0% bearish [2] - The predicted price range for Six Flags Entertainment over the recent three months is between $22.5 and $30.0 [3] Group 2 - An analysis of volume and open interest reveals key insights into liquidity and interest levels for Six Flags Entertainment's options [4] - Recent options activity includes a notable number of call trades, with a total of $315,710 in calls compared to $33,000 in puts [2][9] - The current trading volume for Six Flags Entertainment is 1,318,593, with the stock price up by 1.32% to $22.19 [15] Group 3 - Six Flags Entertainment operates approximately 27 amusement parks, 15 water parks, and nine resort properties across North America [11] - An expert from Oppenheimer has an Outperform rating on Six Flags Entertainment with a target price of $40.0 [12][13]

Group 1 - The article discusses the performance of Six Flags (NYSE: FUN), indicating that the company's recent trajectory has been worse than anticipated, leading to a negative outlook on its investment potential [1] Group 2 - The author is an equity analyst with a focus on the U.S. restaurant industry, covering various segments including quick-service, fast casual, fine dining, and niche concepts [2] - The research firm, Goulart's Restaurant Stocks, emphasizes advanced financial modeling and sector-specific KPIs to identify hidden value in public equities, particularly in micro and small-cap stocks [2] - The analyst's background includes an MBA in Controllership and Accounting Forensics, along with a Bachelor's in Business Administration, and specialized training in valuation and financial modeling [2]

Core Viewpoint - Six Flags Entertainment may undergo significant changes driven by activist investor Land & Buildings Investment Management, which has proposed monetizing the company's extensive land portfolio, potentially through a real estate investment trust (REIT) spin-out or outright sales [1][2][4]. Group 1: Activist Investor Influence - Land & Buildings has previously urged Six Flags to leverage its property value, indicating that the company's stock could increase by 50% following such actions [4]. - The activist investor claims that with Six Flags' current valuation near all-time lows, there is a compelling opportunity for a rerating, suggesting an immediate upside of over 75% based on 2026 consensus estimates [5]. - The potential upside could reach as high as 130% if 2026 EBITDA recovers to $1.1 billion, which aligns with the company's original 2025 guidance [5]. Group 2: Stakeholder Dynamics - Land & Buildings holds a small stake of approximately 2% in Six Flags, which may limit its ability to effect change independently; however, effective activism often involves rallying other shareholders to support proposed changes [6]. - The ideas presented by the activist investor regarding unlocking real estate value appear to resonate with shareholders, indicating potential for real change within the company [6].

Company Overview - Six Flags Entertainment has experienced a significant decline in share price, falling over 50% in 2025, with a notable drop of about 46% in the last year, particularly in the last six months [1][3][4] - The company operates a combined unit with Cedar Fair, managing approximately 42 parks, including theme parks, amusement parks, and water parks, primarily in the United States [3] Financial Performance - Six Flags reported a loss of approximately $470 million last year, with around $340 million attributed to interest on its debt [8] - The company's market capitalization is around $2.1 billion, while it carries about $5.5 billion in debt, indicating significant financial strain [7][8] Activist Investor Involvement - Activist investor Land and Buildings has urged Six Flags to spin off or sell its real estate assets, suggesting that this could unlock value and help mitigate debt concerns [6][9] - The proposal involves creating a real estate investment trust (REIT) for the property assets, allowing Six Flags to lease back the properties and focus on core business operations [7][9] Market Expectations - Analysts have set a median target price of $31 for Six Flags, with a high target of $43 and a low target of $23, indicating that the stock is currently trading below the low target [14] - Consensus estimates suggest that the company is expected to lose 91 cents per share this year but is projected to earn a profit of 78 cents per share next year, indicating potential for a turnaround [15]

Core Viewpoint - Land & Buildings Investment Management believes that monetizing Six Flags' real estate while simultaneously driving an operational turnaround could significantly increase the company's share price, potentially unlocking up to $6 billion in real estate value [1][3]. Group 1: Current Financial Situation - Six Flags' stock has dropped over 50% year-to-date, trading at a low EBITDA multiple of 7x due to merger challenges and poor weather conditions [2]. - The company is currently experiencing record short interest, indicating negative market sentiment [2]. Group 2: Strategic Recommendations - The company sees a generational opportunity to invest in Six Flags before a potential re-rating, emphasizing the importance of monetizing real estate to deliver immediate shareholder gains while allowing for operational recovery [3]. - A separation of the real estate and operating business (OpCo/PropCo) could unlock substantial value, with estimates suggesting a potential 75% upside based on 2026 consensus estimates [6]. Group 3: Historical Engagement and Performance - Previous engagement by Land & Buildings in December 2022 highlighted a potential 50% upside through real estate monetization, which led to a 45% increase in shares shortly after [4]. - Following the August 2023 engagement, the company noted that shares were trading at a 12.5% EBITDA yield, while real estate could trade at a 7.5-8% yield, indicating a significant valuation gap [5]. Group 4: Valuation Insights - The estimated net asset value per share is $39.26, compared to the current share price of $22.11, indicating a potential 78% upside [9]. - The real estate value is estimated at approximately $5.67 billion, with a significant portion of the real estate being REIT-able [9]. Group 5: Future Outlook - The company believes that the issues affecting earnings are mostly self-inflicted and transitory, suggesting a clear path for improved performance in the coming year [8]. - There is potential for multiple bidders interested in acquiring Six Flags' real estate, which could further enhance shareholder value [10].

Group 1 - Land & Buildings Investment Management holds approximately a 2% stake in the theme-park operator [1]

Core Insights - Six Flags Over Texas is set to unveil the Tormenta Rampaging Run roller coaster in 2026, which will break six world records, enhancing the park's appeal and changing the city's skyline [1][2][5]. Group 1: Roller Coaster Features - The Tormenta Rampaging Run will be the tallest dive coaster in the world, reaching a height of 309 feet [6]. - It will also be the fastest dive coaster, achieving speeds of 87 mph [6]. - The ride will span 4,199 feet, making it the longest dive coaster [6]. - It will feature the highest vertical loop at 179 feet [6]. - The coaster will include the highest Immelmann inversion at 218 feet [6]. - Riders will experience a record-breaking 95-degree beyond vertical drop of 285 feet [6]. Group 2: Themed Area and Dining Experience - The new attraction will be themed around the Spanish tradition of the running of the bulls, located in a new area called Rancho de la Tormenta [2][5]. - A new restaurant, Cocina Abuela, will offer a menu inspired by Spanish and Latin American culinary traditions, featuring dishes like Spanish rice and fresh guacamole [7]. Group 3: Company Milestones - The opening of the Tormenta Rampaging Run will coincide with the 65th anniversary of Six Flags Over Texas, marking a significant milestone for the park [8]. - The anniversary celebration will include exclusive previews, special events, and giveaways [8]. Group 4: Company Background - Six Flags Entertainment Corporation is the largest regional amusement-resort operator in North America, with 27 amusement parks and 15 water parks across 17 states [10]. - The company focuses on providing immersive and memorable experiences to millions of guests each year [10]. - Bolliger & Mabillard, the coaster's designers, are known for their innovation and quality in roller coaster design [10].