Wall Street showed yet again it doesn’t believe Dan Snyder and beer are enough to turn Six Flags’ fortunes around.
During Wednesday’s trading, stock in the amusement chain fell to $1.75 a share, setting still another record low, and even with a rally closed at $1.88, its cheapest closing price in at least 10 years.
The apparent sell-off comes amid a company push to get liquor licenses for Six Flags Over Texas and the water park Hurricane Harbor, spots it owns in Arlington, Texas.
Some locals, including the mayor of Arlington, are making a lot of noise trying to kill the licensing gambit.
“I don’t want them [drunks] messing with my kids and grandkids,” one Arlingtonian railed at last week’s meeting of the Texas Alcoholic Beverage Commission.
In 2005, while launching his successful coup to take over the board of directors, Snyder pledged to stockholders that if they put him in charge, he would “focus on mothers (with young children) as well as youth.”
The stock has lost three-fourths of its value since he wrote that, so, pledge shmedge. Give booze a shot.
Keep the dial right here for all the breaking news in Snyder’s Six Flags soap opera.