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Investors/readers have probably already heard all of the bad jokes regarding Six Flags.
- "Things are so bad at Six Flags, it's now called Three Flags."
- "The only thing rising at Six Flags is the rollercoaster."
- "A contest offered a vacation prize. First Prize: a day at Six Flags. Second Prize: two days at Six Flags."
O.K., that last one was borrowed from arguably the greatest comedian of all time, Groucho Marx, but you get the point: times are tough for Six Flags (NYSE: SIX).
Six Flags has more than $2.4 billion in debt, hasn't posted a profit in years, and has a big hurdle next summer: a $288 million payment to preferred shareholders, The Wall Street Journal reported (subscription required). Six Flags' stock closed Friday down 10 cents to $1.02.
Attendance, down 3% in Q2, is expected to "decline by at least that percentage, or come in even lower" for the year stock analyst C. Leonard Bauer told BloggingStocks, adding that it's not an elaborate mystery concerning why Six Flags is becoming less of a destination of significance.
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