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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) - May 5, 1999
PREMIER PARKS INC.
(Exact name of registrant as specified in its charter)
DELAWARE 1-13703 13-3995059
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
11501 Northeast Expressway
Oklahoma City, Oklahoma 73131
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code - (405) 475-2500
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On May 4, 1999, Premier Parks Inc. acquired Reino Aventura,
the largest theme park in Mexico, for a cash purchase price of $59 million.
Reino Aventura is located on a site of approximately 107 acres in Mexico City.
The park first opened in 1982. In 1998, the park achieved attendance of
approximately 1.7 million and revenues and EBITDA of approximately $27 million
and $7.5 million, respectively (U.S. dollar equivalent).
In addition, Premier has entered into an agreement to purchase
Splashtown Water Park, a large water park located in Houston, Texas on over
sixty (60) acres in Houston, Texas. Splashtown generated approximately
465,000 in attendance in 1998. Premier also operates the Six Flags AstroWorld
and WaterWorld parks in Houston. The closing of the acquisition of Splashtown
complex is expected to occur this month, following satisfaction of customary
closing conditions.
Premier has also entered into an agreement to purchase the White Water-
Atlanta Water Park and American Adventures Entertainment Park, located in
Atlanta, Georgia. The closing of the acquisition of the White Water-Atlanta
Water Park complex are expected to occur this month, following satisfaction of
customary closing conditions. The White Water-Atlanta complex has averaged
attendance of approximately 600,000 over the past five years. Premier also
operates the Six Flags Over Georgia theme park in Atlanta.
Upon conclusion of these transactions, Premier will have thirty-four
(34) parks throughout North America and Europe.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press Release, dated May 5, 1999.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
PREMIER PARKS INC.
By: /s/ James F. Dannhauser
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Name: James F. Dannhauser
Title: Chief Financial Officer
Dated: May 7, 1999
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<PAGE>
Exhibit Index
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Exhibit Description
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99.1 Press Release, dated May 6, 1999.
Exhibit 99.1
KCSA NEWS
WORLDWIDE
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Public & Investor Relations, Corporate & Marketing Communications
FOR: PREMIER PARKS INC.
CONTACT: Jim Dannhauser, Chief Financial Officer
122 East 42nd Street
New York, NY 10168
(212) 599-4693
KCSA CONTACT: Scott Eckstein/Joseph A. Mansi
(212) 682-6300 ext. 288/205
FOR IMMEDIATE RELEASE
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PREMIER PARKS ANNOUNCES THREE PARK ACQUISITIONS
NEW YORK, May 5, 1999 -- Premier Parks Inc. (NYSE Symbols: PKS
and PKSPrA) announced today that it has acquired Reino Aventura,
the largest theme park in Mexico, and has entered into a
definitive agreement to purchase Splashtown Water Park, a large
water park located in Houston, Texas. Premier had announced
earlier this week its agreement to purchase the White Water-
Atlanta Water Park and American Adventures Entertainment Park,
located in Atlanta, Georgia. Both Splashtown and White Water are
among the ten largest water parks n the U.S. based on annual
attendance.
Premier stated that it had purchased Reino Aventura on
Tuesday, May 4 for a cash purchase price of $59 million. Reino
Aventura is located on a site of approximately 107 acres in
Mexico City. The park first opened in 1982. In 1998, the park
achieved attendance of approximately 1.7 million and revenues and
EBITDA of approximately $27 million and $7.5 million,
respectively (U.S. dollar equivalent).
<PAGE>
"We are especially pleased to acquire the leading theme park
in the largest city in North America," noted Kieran E. Burke,
Chairman and Chief Executive Officer of Premier. "We believe
that as a Six Flags park, with an appropriate expansion of the
rides and attractions, there is a significant growth opportunity
at what is already a very attractive asset."
The closing of the acquisitions of Splashtown and the White
Water-Atlanta Water Park complex are expected to occur this
month, following satisfaction of customary closing conditions.
Splashdown is a water park located on over 60 acres in Houston,
Texas which generated approximately 465,000 in attendance in
1998. Premier also operates the Six Flags AstroWorld and
WaterWorld parks in Houston. The White Water-Atlanta complex has
averaged attendance of approximately 600,000 over the past five
years. Premier also operates the Six Flags Over Georgia theme
park in Atlanta. Specific terms of these transactions are not
being disclosed at this time.
"These two transactions afford us am opportunity to expand
our existing presence in two major markets," said Mr. Burke.
"Owning these assets will afford us numerous synergistic
opportunities in advertising and sponsorship, as well as in
season pass and group sales and promotions. We expect these
opportunities to benefit both our existing operations in these
markets as well as our new acquisitions."
Premier Parks is the world's largest regional theme park
company. Upon conclusion of these transactions, it will have
thirty-four parks throughout North America and Europe.
# # #
The information contained in this news release, other than historical
information, consists of forward-looking statements within the meaning of
Section 27A of the Securities Act and Section 21E of the Exchange Act.
<PAGE>
These statements may involve risks and uncertainties that could cause
actual results to differ materially from those described in such
statements. Although the Company believes that the expectations will
prove to have been correct. Important factors, including general
economic conditions, consumer spending levels, adverse weather
conditions and other factors could cause actual results to differ
materially from the Company's expectations.
This release and prior releases are available on the KCSA Public
Relations Worldwide website at www.kcsa.com.
