Episodi

  • Doubling Down: Six Flags Expands Grad Nights & Disney Pivots Galaxy’s Edge

    Doubling Down: Six Flags Expands Grad Nights & Disney Pivots Galaxy’s Edge
    Jan 26 2026
    Six Flags is expanding Grad Nite in 2026, adding Knott’s Berry Farm and Carowinds to a program the company has relied on for years. These closed-park events are built around a highly invested audience—graduating students—offering predictable attendance, controlled environments, and a clear value proposition for schools looking for local, cost-effective celebrations. We discuss why this expansion makes sense now, as parks prioritize experiences with reliable demand and lower operational volatility.

    Meanwhile, Disney is reversing course on one of the boldest creative choices it made when designing Star Wars: Galaxy's Edge. Starting April 29, Disneyland will bring Darth Vader, Luke Skywalker, Princess Leia, and Han Solo to Black Spire Outpost—characters that have been deliberately absent since the land opened in 2019 because they didn't fit the sequel trilogy timeline.

    Taken together, these moves point to a shared strategy: investing more deeply in what already works. Whether it’s expanding a proven private-event model or refining the use of an existing flagship land, both companies are choosing to double down on known audiences and assets rather than chase entirely new concepts. In a higher-cost, higher-risk environment, that kind of focus may be one of the most practical paths forward.

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    31 min
  • Is Six Flags Preparing to Sell More Parks? What the Filings Suggest

    Is Six Flags Preparing to Sell More Parks? What the Filings Suggest
    Jan 19 2026
    A new set of trademark filings has raised fresh questions about Six Flags’ long-term portfolio strategy. An entity called Enchanted Parks Holdings, LLC—linked to Orlando-based Innovative Attraction Management (IAM)—has filed trademarks incorporating the names of several current Six Flags properties, including Michigan’s Adventure, Six Flags St. Louis, Oceans of Fun, Water Safari, and Great Escape Lodge. While trademark filings alone don’t confirm transactions, the scope and specificity of these names suggest preparation for potential rebranding tied to asset transfers.
    That context matters. Since the merger closed, Six Flags has been explicit that not every park fits its future model. Management has already disclosed that a significant portion of legacy Six Flags parks underperform financially, and impairment charges taken in 2025 reinforced that reality. Rolling debt forward earlier this month bought the company time—but at a higher fixed cost—making portfolio simplification a logical lever if margins remain tight.
    We discuss what this could mean in practical terms: water parks and resort-adjacent assets may be easier to separate than full theme parks; complexes like Worlds of Fun and Oceans of Fun could potentially be split; and regional operators like IAM may be assembling multi-park portfolios under unified consumer-facing brands. None of this confirms sales—but it aligns with a long-signaled strategy to slim down, reduce capital intensity, and concentrate investment on fewer, higher-performing parks.
    The episode also looks at parallel signals elsewhere in the industry. Delta’s earnings show premium cabins overtaking main cabin revenue for the first time, reinforcing the broader shift toward bifurcated markets. And Universal’s newly announced Scooby-Doo and Universal Monsters walk-through for Fan Fest Nights illustrates how IP-driven, upchargeable experiences can add revenue without long-term balance sheet exposure—an approach increasingly relevant in a higher-rate environment.
    Taken together, the story isn’t panic or distress. It’s positioning. Trademark filings don’t sell parks—but they often precede decisions. And in 2026, flexibility, optionality, and capital discipline are becoming as important as growth.
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    30 min
  • Buying Time is Expensive: Six Flags Aims to Refinance $1B

    Buying Time is Expensive: Six Flags Aims to Refinance $1B
    Jan 12 2026
    Six Flags has announced a major debt refinancing, issuing $1.0 billion in senior notes due in 2032 at an 8.625% interest rate to retire bonds coming due in 2027. The move extends the company’s debt maturity by five years—but at a high cost. Compared to the retired notes, the new debt increases annual interest expense by roughly $30 million per year, reflecting today’s higher-rate environment and investor risk pricing.

    Six Flags will buy more time, but at an opportunity cost. Every additional dollar of interest expense is a dollar that can’t go to staffing, maintenance, marketing, or the guest-facing improvements Six Flags has already said it needs—better food, better operations, better consistency. The bet embedded in this refinancing is that the company’s planned investments and operational upgrades will generate more incremental cash flow than the higher interest expense. It may also be the least-bad option available: if the 2027 wall looked risky in the current rate environment, extending maturities reduces near-term refinancing pressure. But it narrows the margin for error—the plan now has to work.

    That context also frames Six Flags’ decision not to exercise its call option on Six Flags Over Texas, citing capital-allocation priorities while still emphasizing the park’s long-term importance. And it sits alongside the opening of Six Flags Qiddiya City—a major new park in Saudi Arabia that Six Flags operates (rather than owns) —showing where large-scale growth is still happening, even as capital risk sits elsewhere. Taken together, these moves read as a company prioritizing financial flexibility and survivability. Refinancing doesn’t solve the business— it simply extends the runway. The question is whether Six Flags can use that runway to execute fast enough before the higher cost of capital shrinks its room to maneuver.

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    32 min
  • The State of the Attractions Industry in 2026

    The State of the Attractions Industry in 2026
    Jan 5 2026
    This episode is structured as an environmental SWOT analysis of the attractions industry, intended to support 2026 strategic planning. Rather than focusing on individual announcements or company-specific outcomes, we identify the external forces currently shaping the business environment—capital flows, guest behavior, technology, politics, and global development patterns. The purpose is not to predict results, but to help teams assess which of these factors represent strengths, weaknesses, opportunities, or threats for their own organizations as they begin planning for the year ahead.

    Several conditions stand out. The largest capital projects are increasingly outside the United States, with major licensed developments underway or announced in Abu Dhabi, Saudi Arabia, the U.K., Europe, and Asia.

    Guest expectations are fragmenting. A K-shaped economy is pushing design and pricing toward two ends of the spectrum—value-driven guests focused on affordability and VIP guests focused on convenience and time savings.

    “Creature comforts” such as better food, transparent pricing, and reduced friction are becoming baseline expectations, while museums and indoor attractions are gaining ground as guests seek reliability amid extreme weather and travel uncertainty.

    External pressures add further complexity: tariffs, immigration policy, volatility in international tourism, political instability, and declining trust in institutions and AI.

    Media consumption is shifting as well—social platforms now rival or surpass traditional outlets as primary sources of information.

    This episode does not attempt to rank these forces or offer solutions. It is meant to serve as a starting framework—a way for teams to pressure-test assumptions, identify blind spots, and begin structured conversations about where to invest, where to hedge risk, and where flexibility will matter most in 2026.

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    32 min
  • Universal Considers New Middle East Theme Park

    Universal Considers New Middle East Theme Park
    Dec 29 2025
    Universal Destinations & Experiences has begun early planning for a theme park in Saudi Arabia, according to an exclusive Wall Street Journal report. The project would be structured as a licensing deal with government-backed funding—the same model Disney announced for its Abu Dhabi park.

    This marks Universal's second attempt in the region. In 2008, the company broke ground on Universal Studios Dubailand, but the project stalled after constructing little more than an entrance arch when financing collapsed during the global financial crisis.


    For Universal—fresh off the opening of Epic Universe, with Universal Kids Resort (Texas) and a UK park in development—a Middle East licensing deal would establish a presence without capital risk. The licensing model solves multiple problems simultaneously. It generates immediate revenue, provides access to the region's growing tourism market, and avoids the extended profitability timelines that characterize parks Universal builds itself. The structure mirrors successful UAE projects at Yas Island, where SeaWorld, Ferrari World, and Warner Bros. World all operate under licensing or joint venture agreements with government-backed developers.

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    39 min
  • Six Flags Swaps Coasters for Toons

    Six Flags Swaps Coasters for Toons
    Dec 21 2025
    Six Flags Magic Mountain has delayed its highly anticipated “first-of-its-kind” coaster to 2027, citing the attraction’s complexity and a commitment to quality. The project—reported to be a Vekoma Thrill Glider—was part of the company’s broader $1 billion investment plan and would have been the park’s first major coaster addition since 2022.

    At the same time, Six Flags confirmed a significant pivot toward family-focused IP with the announcement of Looney Tunes Land, a fully reimagined children’s area opening in summer 2026 with upgraded storytelling, expanded green space, new theming, and refreshed dining.

    Taken together, these moves raise questions about where Six Flags is placing its near-term bets. Coasters are increasingly expensive and time-intensive to build, and ongoing tariff uncertainty may be influencing capital timelines. The decision to prioritize Looney Tunes—rather than Peanuts—could also signal a push toward IP diversification tied to Warner Bros., especially as broader questions remain about how Magic Mountain and Knott’s Berry Farm will coexist and differentiate within the same Southern California market.

    We explore whether this reflects a temporary pause on thrill-heavy investments, a reorientation toward families and reliability, or simply a pragmatic sequencing of projects while the company navigates post-merger integration and external pressures. We also touch briefly on winter and holiday programming that caught our attention, including China’s massive Ice-Snow World and Alton Towers’ Santa Sleepover in the U.K., as operators worldwide look for ways to stabilize attendance across unpredictable seasons. Listen to weekly BONUS episodes on our Patreon.
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    31 min
  • Netflix, Warner Bros., and what it means for Theme Parks

    Netflix, Warner Bros., and what it means for Theme Parks
    Dec 15 2025
    Netflix announced plans to acquire Warner Bros. Discovery in a $72 billion deal—only to face an immediate hostile counterbid from Paramount. Either path would take months, if not years, to resolve and must clear regulatory and shareholder hurdles. But even at this early stage, the implications for themed entertainment are significant.

    Warner Bros. currently licenses its characters across a wide theme park footprint, including Warner Bros. World Abu Dhabi, Movie World, and major IP deployments at Six Flags. Universal relies heavily on Warner Bros., most notably through Harry Potter. Control of Warner Bros. doesn’t just mean streaming libraries—it means leverage over some of the most nostalgia-driven areas in global parks.

    If Netflix ultimately prevails, Warner Bros. IP would sit inside a company already experimenting with location-based entertainment through Netflix House—a flexible, free-entry model designed to rotate IP quickly and respond to audience data. That pairing could accelerate Netflix’s ability to move franchises from screen to physical space without relying on traditional park operators. Paramount, by contrast, has shown little interest in themed entertainment and appears focused on consolidating legacy media assets, including cable networks Netflix doesn’t want.

    The biggest risk may sit with Comcast. Universal could find itself flanked on two sides: continuing to license Warner Bros. IP while competing against a vertically integrated Netflix that can deploy its own brands directly into physical spaces. While nothing changes overnight, the long-term balance of power between IP owners, licensors, and operators could shift sharply depending on who controls Warner Bros.—and how aggressively they choose to use it.

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    30 min
  • The 2026 Guest Is Chasing Childhood Memories

    The 2026 Guest Is Chasing Childhood Memories
    Dec 7 2025
    A new report reveals how Gen Z and Millennials plan to travel in 2026: 78% say they’ve recreated a childhood vacation or plan to, and 69% avoid overcrowded destinations; 67% cited escape from burnout as a motivator, and interest in wellness and sober travel experiences is rising.

    That context frames the debut of Netflix House, now open in King of Prussia, with another location opening this week in Dallas. The venue’s design aligns almost point-for-point with the survey data: flexible IP that can shift quickly with trends (including nostalgia plays like Stranger Things), free entry that lowers the barrier to budget-minded visitors, and pop-up-style attractions that avoid the overcrowding issues plaguing traditional destinations. Even the food program—mocktails, themed desserts, and in-house menu development—mirrors the rise of wellness-conscious, experience-driven dining.

    Also this week, a potential Warner Bros. sale could reshape nostalgic touchpoints across the industry—from DC lands to Looney Tunes to Wizarding World. With younger audiences gravitating toward familiar brands and shareable moments, whoever controls these IPs will exert enormous influence over the next decade of park development.

    Across all three stories, one trend stands out: guests are seeking comfort, flexibility, and low-pressure nostalgia—and the operators who can rotate content quickly and meet those expectations may have the advantage. Listen to weekly BONUS episodes on our Patreon.
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    31 min