CastAStone
Math and business nerd. Not an insider.
- Joined
- Jun 25, 2019
Most of their properties also aren’t open yet, and don’t open until near or after Disney is set to reopen. I imagine if things get worse, they’ll change their mind. It is a bit surprising for the 6 California parks though.
Six Flags is doing quite poor, and I don’t think it’d take much to push them into another bankruptcy. Cedar Fair and SeaWorld are in a little better shape there, but extended closures could hurt them significantly too.
All three companies have a ton of debt, but with some key differences. Disney has substantially higher assets than liabilities, Cedar Fair and Six Flags both report higher liabilities than assets. Cedar Fair's looks like they can probably weather a short-to-medium term closure to me based on their 10-K but it's impossible to know without scrubbing their books.Disney itself has a pretty impressive pile of debt and depleted cash reserves from their buying spree.
Cedar Fair stock had a nice bounce at the open this morning.