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EXHIBIT 99.1
KCSA
PUBLIC RELATIONS
WORLDWIDE NEWS
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FOR: SIX FLAGS, INC.
CONTACT: James F. Dannhauser, Chief Financial Officer
122 East 42nd Street
New York, NY 10168
(212) 599-4693
Debbie Nauser, Vice President of Public Relations
(405) 475-2500 x 288
KCSA Joseph A. Mansi / Sarah Shepard
CONTACT: (212) 896-1205 / (212) 896-1236
[email protected] / [email protected]
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CITY OF MONTREAL SELECTS SIX FLAGS TO ACQUIRE
LA RONDE THEME PARK
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NEW YORK, December 18, 2000--Six Flags, Inc. (NYSE: PKS and PKSPA)
announced today that it has entered into a letter of intent with the City of
Montreal to acquire La Ronde, a 146 acre theme park located near downtown
Montreal on the former site of the 1967 Montreal World's Fair. The Company
indicated that it is currently negotiating a purchase contract whereby it would
acquire all of the park assets for U.S. $20 million and lease the land from the
City of Montreal on a long-term basis. As part of the transaction, Six Flags is
committing to make an investment of U.S. $60 million in the park over 3-4
seasons commencing with the 2002 season. Assuming the transaction is
consummated, Six Flags would take over the operation of the park for the 2001
season but would not make any investment in the facility until after that
season.
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SIX FLAGS/2
Commenting on the transaction, Kieran E. Burke, Chairman and Chief
Executive Officer of Six Flags stated: "We are truly honored to have been chosen
by the City of Montreal to acquire La Ronde. This is a terrific opportunity for
us. Montreal is a sophisticated, world class city with rich cultural traditions
to draw on in the theming of the park. The City and the Province of Quebec
provide a large residential population and significant numbers of tourists from
which to attract park patrons. The park enjoys a superb location and already
generates attendance in excess of one million visitors on an annual basis. With
appropriate marketing and investment and the introduction of our Six Flags'
brand and Warner Bros.' characters, we can transform La Ronde into a world class
theme park."
The proposed transaction is subject to, among other things, execution and
delivery of a definitive purchase agreement and satisfactory completion of
customary due diligence. A closing in early 2001 is anticipated.
Six Flags is the world's largest regional theme park company, with
thirty-seven parks in markets 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 SECURITIES EXCHANGE
ACT. 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 REFLECTED IN SUCH
FORWARD-LOOKING STATEMENTS ARE REASONABLE, IT CAN GIVE NO ASSURANCE THAT SUCH
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 WEB SITE AT WWW.KCSA.COM.
