PW July 09 P6-7.qxd 6/24/09 10:01 am Page 6
Park News
www.parkworld-online.com
ParkHoppin’
SIX FLAGS
with Paul Ruben
RESTRUCTURES
Goin' to the Dogs
‘We will emerge stronger’ says Shapiro
Don't you just love a parade? Like the Celebrate! A Dream Come
Six Flags Inc has begun proceedings under
True Parade at Walt Disney World's Magic Kingdom or the Glow in
Chapter 11 of the United States Bankruptcy Code,
the Park Parade at Six Flags? But even if you hate parades, you
saying it needs to reorganise and shed $1.8
will enjoy Ocean City's annual Doo Dah Parade, a parade to
billion (Euro.1861.3bn) of debt.
celebrate the end of the tax season. It's the most sincere parade of
In 2008 the group hosted 25 million visitors
all.
and posted record revenues, but its debt load is
Because the parade brings thousands to town, beneficiaries
unsustainable. The bankruptcy filing came after
included the boardwalk's merchants and two amusement parks,
earlier plan to negotiate an out-of-court deal with
Gillian's Wonderland Pier and Playland's Castaway Cove. What a
creditors failed.
great way to kick off the summer season.
Mark Shapiro
The plan would result in a deleveraging of the
I was there again this year as it marched, or rather waddled,
company’s balance sheet by approximately $1.8
down the boardwalk. More than 500 stumpy-legged basset hounds
billion, as well as the elimination of more than $300 million in
from all over New Jersey strolled, or were carried, down the 1.5-
mandatory redeemable preferred stock obligations.
mile-long parade route. Pictured with me are two of the parade
“The current management team inherited a $2.4 billion debt load
participants who briefly befriended me before thinking better of it,
that cannot be sustained, particularly in these challenging financial
Lilly and Lola. I'm the one in the middle.
markets,” notes Six Flags president and CEO, Mark Shapiro. “No one
After taking this photo, the lady who owned them told me,
should be confused about what a bankruptcy process means for Six
"We've got such clever dogs. They bring in the daily newspapers
Flags. Following a three-year turnaround of our system-wide park
every morning." Her husband interrupted, "Well, lots of dogs can
operation, this action to clean up the balance sheet paves the way for
do that." "But," she explained, "we've never subscribed to any!"
a full revival of the company. We will emerge from this process stronger
It's been 24 years since the first Doo Dah Parade in Ocean City,
and more competitive than ever.”
and it keeps getting better and better. This year there were several
Shapiro has stressed that, “We are fully committed to ensuring that
musical groups, celebrity impersonators and local VIPs. For the first
the experience of our guests this summer is totally unaffected by this
time, the parade included the World's Only Windchime Band.
restructuring process. I remain thankful for the steadfast support of our
"The Doo Dah Parade is very beneficial," acknowledged Jay
employees and other stakeholders throughout this entire process. More
Gillian of Gillian’s Wonderland Pier. "Because of Mark Sofier's
than ever, consumers are gravitating toward experiences they know and
marketing ideas, this crazy event puts Ocean City on the map. And
trust. Six Flags has been a favourite family destination for almost a half
when they drive in, they see that Big Wheel in our park."
century.”
Held the day before the Doo Dah Parade was the laid-back
The Six Flags CEO has also gone on record stating that its expansion
Basset Hound Olympics, where the floppy eared pooches
plans in Dubai and Qatar remain unaffected.
attempted to spring, leap over (or walk around) hurdles, and
negotiate tunnels, urged on by their owners. It was a unique
spectacle of inept canine athletic competition.
Although I own neither, I do like dogs better than cats. Dogs
make you feel special. Cats remind you that you aren't.
Alien takeover
June 20 witnessed the unveiling of Ramses: Il Risveglio (The Awakening),
Gardaland’s new-look dark ride. Born from the remains of the park’s old
Valley of Kings attraction, the ride is now equipped with interactive shooting
technology and an out of this world storyline. As they travel through the
attraction, riders take aim at over 180 bright targets in an attempt to stop the
alien forces that have taken over the ancient Egyptian site. Located close to
Lake Garda in northern Italy, Gardaland is the country’s leading amusement
park. More Ramses coverage to follow in a future issue of Park World.
6
JULY 2009
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