June 15, 2005
Oklahoma City, OK -- The temporary shutdown of the Kingda Ka roller coaster at Six Flags Great Adventure is not expected to materially affect Six Flags financial performance according to a statement from the company. Six Flags remains confident with its previous guidance of $300 million in adjusted EBITDA for 2005.
Yesterday, Six Flags posted notice on its web site that Kingda Ka would be closed for several weeks.
According to Six Flags the roller coaster was shut down on June 8 after a malfunction during a routine test run. There were no passengers and no one was injured. Repairs to the roller coaster, including fabrication of several custom parks, are underway.
"Safety of course is our number one priority and we are above all committed to the safe operation of all of our attractions," said Kieran Burke, chairman and CEO of Six Flags. "At the same time we are eager to offer this spectacular roller coaster experience to our guests and are working diligently to bring Kingda Ka back on line soon."
Six Flags states that the shutdown could have a negative impact on attendance at Great Adventure over the next several weeks. However, year-to-date attendance at the company's theme parks is up 4.4% and season pass sales are up 18%. The positive impact of several other new attractions and Kingda Ka's likely return to operation in the early summer, led Six Flags to conclude the roller coaster's closure would not have a material effect on the company's performance.
"Although we are disappointed to have this attraction off line, we can assure our guests that there is still plenty to do and see at our Six Flags Great Adventure park, with over 60 other rides, including 12 other roller coasters," said Mr. Burke.
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