What is happening with Jazzland?
What is happening with Jazzland? In October of 2021, the City selected Bayou Phoenix, LLC, through a competitive solicitation process as the master developer for the former amusement park site. Six Flags New Orleans originally opened in 2000 as Jazzland. Six Flags acquired the park and reopened it as Six Flags New Orleans.
Are they redeveloping Six Flags New Orleans?
Redevelopment plans move forward for former Six Flags in New Orleans. Plans are moving forward to convert the abandoned Six Flags property in New Orleans East into a bustling $500 million complex with sports fields, waterparks, hotels, restaurants and shops.
Is Six Flags declining?
Six Flags Entertainment Company has reported its financial results for the fourth quarter of 2022 and the full year, revealing a decline in revenue due to lower attendance. For the fourth quarter of last year, Six Flags reported revenue of $280 million, net income of $13m, and record adjusted EBITDA of $99m.
Is Six Flags in debt?
Balance Sheet and Capital Allocation As of January 1, 2023, the company had total reported debt of $2,381 million , and cash or cash equivalents of $80 million .
Why is Six Flags in debt?
Six Flags has historically relied on debt financing to invest in capital projects like new rides at its properties, and the cash flow constraints during the pandemic made its leverage more severe.
Is Six Flags New Orleans still underwater?
After the storm, the park was flooded. Once the waters finally receded, there was the question: What should we do with this park? Almost two decades later, Six Flags New Orleans still sits abandoned, now a time capsule of life before Katrina.
Who owns Six Flags?
Wynne, Jr. in 1961, upon the opening of Six Flags Over Texas. Six Flags Theme Parks is a fully-owned subsidiary of Six Flags Entertainment Corporation (formerly Premier Parks), who purchased the company from Time Warner in 1998.
Is Six Flags in New Orleans still closed?
Closed since 2005, the former Six Flags theme park in New Orleans East is seen here on May 10, 2022. Closed since 2005, the former Six Flags theme park in New Orleans East is seen May 10, 2022.
Is Six Flags losing popularity?
But, these numbers are all positive, so why is Six Flags losing money? It's because attendance is dropping faster than revenue is rising. In 2021, Six Flags' total attendance was 27.7 million, but that fell by 26% to 20.4 million. Sure, guests are starting to spend more, but it's not enough to make up for the decline.
Why is Six Flags declining?
Total revenue for the full year decreased by $139m compared to 2021. Again, this was due to lower attendance, driven by higher prices, the removal of free tickets, and fewer discounts. Six Flags had a net income of $109m in 2022, compared to $130m in the prior year.
How much insurance money did Six Flags get for New Orleans?
Six Flags New Orleans sits within a Federal Emergency Management Agency designated Flood Zone A. Six Flags submitted losses totaling $150 million to its insurers. Six Flags's primary-layer insurers, including IRI, paid $25 million, exhausting that layer of coverage.
What are the two abandoned Disney parks?
River Country is one of only two Disney parks to permanently close, along with Discovery Island, which is situated parallel to the water park.
Which Six Flags is abandoned?
Inside the abandoned Six Flags New Orleans park But besides being used for a few movies like 'Jurassic World,' the gates have been shuttered since August 21, 2005 – eight days before Hurricane Katrina hit Louisiana.