Six Flags Entertainment Corporation (NYSE: SIX), the world's largest regional theme park company, today announced that it has received a $41 million cash distribution with respect to its equity investment in dick clark productions. The company continues to retain its existing equity ownership position in dick clark productions.
About Six Flags: Six Flags Entertainment Corporation is a publicly traded corporation headquartered in Dallas, Texas with 19 parks across the United States, Mexico and Canada. Six Flags Over Texas, the company's flagship location, was founded in 1961 and will mark its 50th anniversary season in 2011.
Change the scheme, Alter the mood! Electrify the boys and girls if you would be so kind!
Funny thing...when I said "Dick Clark---The Ride" earlier, I was just joking. But an American Bandstand themed ride could work. They'd just have to do the sound differently, as onboard sound systems seem to crap out easily.
Over the last four months we have successfully realigned our corporate structure and made adjustments to our corporate and park leadership. In order to make our Company even stronger and more efficient, today we are announcing additional park level organizational changes that will affect all of our parks.
Today we have implemented changes at our parks to better align our park operations with the new corporate structure. Although these were difficult decisions to make, members of the corporate and park teams collaborated closely and are confident that these changes will help us to further sharpen our focus on being the preeminent regional theme park organization. The following summarizes the organizational changes in each park, effective immediately:
* The Park General Manager positions have been eliminated and each has been offered the position of Director of their respective divisions- Operations, Maintenance, and Finance;
* Our Water Park Directors, with the exception of the Directors at SFOT and SFOG, now hold the title of Water Park Managers, and, along with the Entertainment department, report to the Director of Operations;
* The Food, Retail, and Games departments, along with the Purchasing department at each park, will all report to the Director of In-Park Services;
* The Loss Prevention and Audit Manager departments have been consolidated into the Resource Protection Department and, along with the Labor Optimization Managers, report to the Director of Finance; and,
* The Marketing, Sales, and Communications divisions have been consolidated into one division led by the Director of Marketing, which allows for a stronger and more focused marketing effort. The Group Sales Managers and Communications Managers will report to the Director of Marketing.
To better align our operations with the seasonal nature of our business, effective today we have also reduced the number of supervisory level positions at the parks and discontinued park assistant manager positions. In addition, we have carefully assessed all areas of park management and adjusted staff levels to create a leaner and more efficient organization. This was done taking into account certain exceptions for alternative structures and staffing levels that are necessary to accommodate variations in park facilities, scale, and other factors.
As always, we remain fully committed to providing our Guests with friendly, clean, fast, and safe services and to focusing on excellence and innovation. The adjustments we are announcing today support these core values and are expected to accelerate and solidify Six Flags’ improving performance.
I appreciate all the hard work and on behalf of the entire senior management team, thank you for your commitment to Six Flags.
Al Weber, Jr., Ph.D. Chief Operating Officer Six Flags Entertainment Corporation
This memo posted on Screamscape should make it clear which direction the company is headed: bigtime cost cutting to make it attractive for investors. Welcome back to the Premier management days!
^ Seems like a survival tactic in an economy that is stalled out for the moment. Until there's more growth in the job market and people get more expendable income, Amusement parks will suffer. It isn't that less people are going, but I'm willing to bet that parks made less money on every guest while IN their parks this summer than say the summer of 2000. Every industry has been scaling down and cutting costs. Decreasing overhead is a great way to maintain profit during an economic slowing like we're experiencing. If they have quality people in the positions, hopefully it will buy them the time until growth returns to the job market.
On a side note, being a marketer myself, I like the idea of consolidating the sales and communications department under a single director of marketing. It helps if they move and act as one voice in a company. Some of these moves make sense to me, but it is always a danger when you get rid of quality managers...
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