Register or Login to Hide This Ad for Free!
A lot of the markets Cedar Fair and Six Flags operate in are distinct from one another which reduces the potential friction of a merger. There are markets where there could be a lot of issues though. Looking through some maps (each chains' properties, population density, highways, etc), the following conflicts spring to mind:

Dorney Park/Six Flags Great Adventure​

Dorney Park and Six Flags America are less than 100 miles apart via highways and both compete heavily in the Philadelphia market. Dorney Park is one of Cedar Fair's smallest parks and Six Flags Great Adventure is one of Six Flags' flagships. Both parks are well outside of Philly so neither has a great property advantage there; however, Six Flags Great Adventure is far better positioned to pull from the NYC metro area. Dorney Park has long struggled to make a name for itself in its very crowded market against the likes of HersheyPark and Great Adventure and sits on a relatively small, difficult plot of land. Six Flags Great Adventure, on the other hand, has a long history of roaring success. This looks like a mighty tense situation long-term for Dorney.

Kings Dominion/Six Flags America​

Echoing the previous situation, Kings Dominion and Six Flags America are also less than 100 miles apart via I-95 and both pull heavily from the DMV region. Kings Dominion is a large, mid-tier Cedar Fair park while Six Flags America is a large, low-to-mid-tier Six Flags property. Six Flags America is positioned beautifully in the DMV suburbs on the Baltimore side of the city. Kings Dominion, on the other hand, is located in rural Virginia north of Richmond and well south of DC. Six Flags America's location makes it a potentially tremendously valuable park just as it relates to the Washington DC metro area but, when you toss Baltimore in there too, it's probably one of the best-positioned parks in the country. Kings Dominion's market nets it Richmond and Fredericksburg, but both cities are dwarfed by the duo of markets up north and, worse yet, the RVA area is a heavily contested market with Busch Gardens Williamsburg also fighting hard for it. This seems like another situation where I think only one of these parks could be reasonably expected to thrive long-term under the same management. KD is the obviously better park right now, but SFA sits atop the obviously better property. Kings Dominion seems to face much stiffer external headwinds while SFA's issues seem rooted solely in their own history of incompetence. This is a rough one. Do you invest in the stable, solidly good park with a lower market ceiling on worthless land, or do you invest in the rundown park with an awful reputation and a much higher potential return on investment that's sitting on a property goldmine?

California's Great America/Six Flags Discovery Kingdom​

No need to spend long here. Cedar Fair has already largely surrendered CGA's future. A merger like this would certainly seal that deal though. RIP GCA.

Knotts Berry Farm/Six Flags Magic Mountain​

Unlike the previous conflicts, I think the SoCal market can very happily support both Knotts and Magic Mountain (and has been for many years). Both parks cater to different segments of the audience and could actually see a lot of added success paired up against the likes of Disney and Universal in my opinion. Easy for Knotts to lean into its strengths as a family theme park and for Magic Mountain to continue to be the Cedar Point of the west coast.

Houston & San Antonio Water Parks​

Both Six Flags and Cedar Fair operate water parks in both the Houston and San Antonio markets. Once again, more than likely, both metros can support both of their respective water parks. Seems likely that you'd see unequal investment and could imagine that, long into the future, consolidation could rear its ugly head. That said, I don't think these situations are particularly dire. If you're a massive Schlitterbahn fan, it's probably good to be scared, but I think a lot of the pain will come from the reduction in competition long before any of these properties actually could potentially bite the dust.

Near Misses​

Aside from the properties listed above, I believe the next closest overlap is between Canada's Wonderland & Six Flags Darien Lake at about 140 miles apart. The saving grace here is, of course, that an international border separates these two properties. It also helps that they seem to pull from largely or even entirely separate markets. Right now, Canada's Wonderland is massively successful while Darien Lake is not. I'd imagine the status quo would continue with both parks continuing on their current trajectories (Wonderland expanding, Darien rotting on the vine).

Carowinds & Six Flags Over Georgia are about 4 hours apart and both have their own major, growing metro areas. Neither should really have a notable impact on the other, but they seem worth mentioning because they're a pair of major parks in their respective chains that aren't really that far apart.

Six Flags St. Louis & Worlds of Fun are also about 4 hours apart and they both, also, serve their own metros. Joint ownership of both of these properties certainly reduces competition in Missouri and probably incentivizes a combined SF & CF chain against massively investing in either, but both parks should be able to coexist just fine as small, regional amusement parks. And hey, at least Silver Dollar City still exists to offer the state some competition?


Overall, in a Six Flags and Cedar Fair merger scenario, I think the markets to watch are Philadelphia and DC. NorCal would be on that list too, but that battle is already basically lost. As someone with a real soft spot for Dorney, I'm scared for its long-term prognosis in a post-merger world. As a Virginian, the Kings Dominion/Six Flags America situation looks really undesirable too. I don't see a world where both properties can coexist long-term as major amusement parks. Seems like one is likely to be relegated to neglect or, worse, shuttered eventually.
 
Last edited:
I think SEAS would probably be most upset that they it would mean they've missed the opportunity to gobble up one of their competitors (as they have tried to do before).
 
Last edited:
I think SEAS' would probably be most upset that they it would mean they've missed the opportunity to gobble up one of their competitors (as they have tried to do before).
SEAS can try to buy the spinoff company that contains the offloaded parks from the FUN/SIX merger.
 
I’m curious when I’ll get something in the mail on this from my stocks.
 
I think SEAS' would probably be most upset that they it would mean they've missed the opportunity to gobble up one of their competitors (as they have tried to do before).
Wouldn't surprise me if SEAS puts in an offer for one or the other.
 
One thing that seems to be concerning is it appears Cedar Fair was the initiating party to these talks which is a far different situation then in the past when Six Flags and later SEAS approached them. This could make a merger more likely.
 
One thing that seems to be concerning is it appears Cedar Fair was the initiating party to these talks which is a far different situation then in the past when Six Flags and later SEAS approached them. This could make a merger more likely.
If this is accurate, then we might be looking at two parties who both want the same thing. We'll have to wait until tomorrow, but for now this is is quite upsetting (and that's putting it lightly.)
 
As ever: mergers are never good for consumers, even if there is a scenario where it could materially improve the state of a single piece of the equation. But this is definitely a compelling scenario in terms of thinking about the difference between regional and national brand identities—it’s true that Six Flags carries significantly more weight (hence why it‘s in the park names), but CF has done much better in terms of regional branding, and abandoning that or attaching Six Flags to it is not going to have the resonance on a local level that many of these parks rely on.

But no one should be rooting for a scenario that’s a fascinating business case study but will absolutely hurt them in the long term.
 
As ever: mergers are never good for consumers, even if there is a scenario where it could materially improve the state of a single piece of the equation. But this is definitely a compelling scenario in terms of thinking about the difference between regional and national brand identities—it’s true that Six Flags carries significantly more weight (hence why it‘s in the park names), but CF has done much better in terms of regional branding, and abandoning that or attaching Six Flags to it is not going to have the resonance on a local level that many of these parks rely on.

But no one should be rooting for a scenario that’s a fascinating business case study but will absolutely hurt them in the long term.
You actually see this in the grocery industry, with the two major players (Albertson's and Kroger) using different names for their stores depending on the region. People in DC and Norfolk might think that their closest Kroger is in Richmond, but that's not actually the case, because Kroger does in fact have stores in both those markets -- they just call it Harris Teeter. Of course, Albertson's and Kroger are merging as well, but that's another (equally, if not more, enraging) story entirely.

But regional branding is something Cedar Fair does very well, with most park guests probably not realizing their home CF park is owned by a much larger company, so it would be interesting to see how a combined CF/SF approaches this.
 
  • Like
Reactions: horsesboy
People in DC and Norfolk might think that their closest Kroger is in Richmond, but that's not actually the case, because Kroger does in fact have stores in both those markets -- they just call it Harris Teeter.

Norfolk and the entire Hampton Roads area have had Kroger stores since 2003. Harris Teeter opened stores here in the 757 back in 1996. Kroger's purchase of Harris Teeter back in 2014 was plastered all over the news here so most everyone knows that they are the same company.
 
Whelp. We are going to have a lot of reorganization to do 'round ParkFans.

RIP Cedar Fair. You all had a good run.

To view this content we will need your consent to set third party cookies.
For more detailed information, see our cookies page.

Direct Link to Embedded Media Source

To view this content we will need your consent to set third party cookies.
For more detailed information, see our cookies page.

Direct Link to Embedded Media Source

This is an interesting setup of leadership. Interesting that CF is 52% of the new company and SF is 48%.

I’m going to predict we’re gonna see a selloff of some of those duplicate properties you pointed out @Zachary but, and this is where the merger worries me, could they put in clauses to limit the growth of them?

This is very concerning for a lot of reasons, the competition and all of that. But how about this one - SF had A LOT of debt that’s now assumed by the new company, and it’s not like CF was in a great place. Some articles are stating that it’s a combined $8billion in assets and debt. And given it’s been CF who’s seemed to be at constant risk of getting taken over I assume they aren’t in a great place, and we know that SF is in debt.
 
Last edited:
If you dig through the press release some interesting tidbits appear:

Upon closing of the transaction, the combined company will operate under the name Six Flags and trade under the ticker symbol FUN on the NYSE and will be structured as a C Corporation. The combined company will be headquartered in Charlotte, North Carolina, and will maintain significant finance and administrative operations in Sandusky, Ohio.
The merger is expected to close in the first half of 2024, following receipt of Six Flags shareholder approval, regulatory approvals, and satisfaction of customary closing conditions. Approval by Cedar Fair unitholders is not required. Six Flags’ largest shareholder, which owns approximately 13.6% of Six Flags’ shares outstanding, has signed a voting and support agreement to vote in favor of the transaction.

Although this is being billed as a merger of equals, it appears that on paper Cedar Fair is absorbing Six Flags and taking on their name. This isn't unusual in these types of mergers, when Truist was formed it was billed as a merger of equals between SunTrust Banks and BB&T. On paper though, BB&T was acquiring SunTrust.

It's also interesting that they are abandoning both Sandusky, Ohio and Arlington, Texas in favor of Charlotte. I wonder if there are any tax incentives involved.
 
I can't see any scenario where this is good for Kings Dominion.

Could be worse. Dorney Park is on suicide watch this morning—and probably will be for many years to come now. At least Kings Dominion has some unique markets it can compete in. They're much smaller than the markets Six Flags America can capture and Six Flags America is far closer to KD's largest target market than KD is—but hey, Dorney definitely has it way worse.
 
Consider Donating to Hide This Ad