City Paper is not for tourists
Dan Snyder’s pummeled theme park chain, Six Flags, has been taking a Kimbo Slice-sized beating from Wall Street analysts lately.
Thestreet.com has tabbed Snyder’s operation as the “worst managed” entertainment outfit in the land.
These folks paint Snyder as the Bill Bidwill of the Disney wannabes.
Six Flags, says thestreet.com, is “adept at operating consistently at a loss and burning cash. Six Flags relies on coupons and discounting to attract traffic. That is never a recipe for success. With debt piled on top of debt Six Flags’ destiny may be in bankruptcy court.”
And Standard and Poor pounded on Snyder after Six Flags rearranged some of its debt earlier this month, a transaction that the analysts say was like switching from a starboard seat to a portside seat on the Hindenberg.
After the move, which S&P said could be “tantamount to a default,” the firm dropped SIX’s preferred stock rating to from a “CC” to a “D.”
I don’t understand business much, but if I’m reading this right S&P is giving Snyder the same sort of downgrade my high school chemistry teacher gave me after I fell asleep during the final exam.
Keep the dial right here for all the breaking news in Snyder’s Six Flags soap opera.