Yeah, you just hit on something that completely obsesses me lately. What was the point of the merger? Did they really ever intend to operate 42 parks? The way they marketed it and then quickly it seemed talked about "portfolio optimization" makes me wonder if it was always the plan as well. Or was it the quick change in board and activist investors with zero tolerance for anything less than stellar performance? Was it just bad timing: that without interest rates rising tariffs, economic headwinds, they could weather the storm better? We will probably never find out. In the annual report for SIX, it does say Zimmerman's contract was terminated, so not a retirement, and not planned to work just one year into the merger. Bassoul same even though I recall he was only on a one year. So something changed and they weren't as supported. Time was up I guess and needed a change in strategy. The regional parks fascinate me anyhow because so many were built in the 70's and after SFOT and of course modeling on Disneyland, but before I think IP became more popular and before technology and cost of these attractions at destination parks cost so much. Some cities, let's face it they all wanted a slice of the action to reinvigorate declining industrial cities, but they were not all in warm weather locales, and of course in many cases, history shows us it didn't stem the bleeding, as sun belt and south has grown so much since that time. Couple that with the decline of the middle class on one end, where people may have less disposable income for a day a the local regional park, and if they do scrape it together, may forego food and merch, and on the other end the upper middle class and upper middle class, who may choose Europe or flights to Orlando over regional draws. Then there are those with no interest in walking around all day and riding coasters (what is wrong with them ha ha!) and it seems its a small captive market then of pass holders that may not be growing. I often wonder in California did we lose a generation? Teens who stopped out for two years during COVID when they should have been at Magic Mountain with their friends and are now in College maybe. But spent that time in insular gaming and social media activities. Maybe they don't have it in their blood like the rest of us to walk around all day in a park and ride rides. We lost them during the formative years. Anyhow, I could ramble on forever on this, but it does really fascinate me as a microcosm our love of these spaces is representative of much of America in the 21st century I think.
One looks at parks like Valleyfair, that struggled out of the gate, causing Cedar Point to buy, creating Cedar Fair. SF America struggled throughout its history and multiple owners. Carowinds had struggles in early years before corporate ownership. Sea World got into trouble with Magic Mountain. The list goes on of parks that while they may have had more charm in the 70's, weren't all financial juggernauts or they'd still own them. And so many seemed built on speculation much like railroads and shopping malls were. Tax incentives, cheap land in former farmlands anticipating suburban growth, etc. The Disney formula or least the Disney success was not as easy to replicate as many thought.
One looks at parks like Valleyfair, that struggled out of the gate, causing Cedar Point to buy, creating Cedar Fair. SF America struggled throughout its history and multiple owners. Carowinds had struggles in early years before corporate ownership. Sea World got into trouble with Magic Mountain. The list goes on of parks that while they may have had more charm in the 70's, weren't all financial juggernauts or they'd still own them. And so many seemed built on speculation much like railroads and shopping malls were. Tax incentives, cheap land in former farmlands anticipating suburban growth, etc. The Disney formula or least the Disney success was not as easy to replicate as many thought.
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