City Paper is not for tourists
In a season of record lows, Six Flags stock (SIX) got itself another brand new bottom on Wednesday, trading at $1.73 a share. This as the amusement chain chaired by Dan Snyder announced it would be cutting operating expenses by $60 million in 2008 by, among other things, moving from radio and TV advertising to Internet advertising. The shift to the web comes because, according to company literature, that’s “where the teens are.”
Well, maybe that’s where the teens are, since we know they aren’t at Six Flags parks, anyway, based on the revenues reported since Snyder led a stockholder coup in 2005 by promising to, ahem, increase the stock price — which at the time of the coup was a few hundred percent higher than its current level.
Deep into the Six Flags cost-cutting announcement there was also a hint that the company might be able to bring in some money by selling “1,000 acres” of land at its Largo, Md. park.
That’s pretty close to FedExField. Hmmmmm.
Keep the dial right here for all the breaking news in Snyder’s Six Flags soap opera.