Philip Hernandez, ICAE

Six Flags settled the wrongful death lawsuit over X2 at Magic Mountain on August 27, two weeks before trial. Christopher Hawley, 22, rode the coaster in 2022, lost consciousness after exiting, and died the next day of a subdural hematoma. The settlement is not an admission of liability, and Six Flags maintained the ride passed daily inspections. X2 has been closed since July, when two riders were hospitalized with brain hemorrhages within days of each other, and Cal/OSHA opened an inspection that is still ongoing. We're divided on this, so let's take some time to tease it out.

Legoland Shanghai passed 2 million guests in its first year, the fastest any LEGOLAND resort has reached that mark. We break down the numbers behind the milestone: an 80% family guest base, 230,000 minifigures sold, and a guest pool expanding well beyond the Yangtze River Delta. Then we turn to what Delta and the big banks just revealed about the travel economy. Premium seats outsold coach at Delta for the first time in a summer quarter, average trip costs jumped 24%, and 53% of Americans say th...

A historic day for our industry as Comcast confirmed it will separate into two independent publicly traded companies, one focused on entertainment and one focused on connectivity, through a tax-free spin-off of NBCUniversal, expected to be completed within roughly 12 months.

Six Flags found itself at the center of a chicken nugget fiasco this week, amidst a power struggle on its board.

Learnings from 1 year of Epic Universe, and why we need to take extra care explainging AI use to guests.

United Parks Q1 was rough across the board, and Abu Dhabi has more announcements.

Six Flags and Disney both had excellent earnings calls, but they seem to have opposite strategies.

Six Flags St. Louis updated and reinstated its chaperone policy following fights in the parking lot on opening day.

Comcast's Q1 earnings call delivered good news almost across the board, and we break down what it means for the theme parks division.

Six Flags is reinstating park president positions at 10 of its parks, less than a year after eliminating the role. This is the first major structural change under new CEO John Reilly, who, after his listening tour, described a chain that suffered from inconsistent standards and a lack of accountability after the 2024 Cedar Fair merger. When you lose a park president, you lose accountability and coherent differentiation planning. Corporate can drive real economies of scale, but corporate don't al...

Disney is laying off 1,000 employees across film, streaming, and marketing as it continues to shed costs and reorient itself.

Six Flags appointed Richard Haddrill as executive chairman of the board, replacing Marilyn Spiegel (who stays on as lead independent director). Haddrill comes from the gaming industry — he was CEO of Bally Technologies and executive vice chairman at Scientific Games. The move continues the board refresh that Jana Partners demanded, and it puts more pressure on CEO John Reilly to deliver results now that the "board is in the way" excuse is gone. Merlin Entertainments reported its 2025 annual r...

We recap the world's largest Halloween trade show.

Jana Partners sent a letter to the Six Flags board pushing the company to explore a sale and replace board chair Marilyn Spiegel — just one week after the Travis Kelce brand ambassador announcement. We break down what Jana actually wants, why the timeline doesn't add up, and what this means for CEO John Reilly's turnaround plan. Then: Sesame Workshop filed a federal lawsuit against United Parks to terminate their licensing agreement. United Parks stopped paying royalties in September 2025, took...

Six Flags is selling seven of its parks to EPR Properties for $331 million in cash, but will they sell more? We think so.

United Parks & Resorts reported fiscal 2025 results this week; Revenue, attendance, net income, EBITDA were all down.

Six Flags posted Q4 2025 results this week, and the results weren't good.

Glenwood Caverns Adventure Park filed for Chapter 11 bankruptcy on February 9 after a $116 million wrongful death judgment - this episode is about what it means for the industry.

Six Flags is rolling out a simplified season pass structure and Disney has a new CEO.

Comcast’s Parks division crossed $1 billion in quarterly EBITDA for the first time in Q4 2025, driven by a 22 percent increase in parks revenue and a 24 percent increase in EBITDA.

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; Meanwhile, Disney is poviting the story of Galaxy's Edge.

A new set of trademark filings has raised fresh questions about Six Flags’ long-term portfolio strategy.

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.

This episode is structured as an environmental SWOT analysis of the attractions industry, intended to support 2026 strategic planning.

Universal Destinations & Experiences has begun early planning for a theme park in Saudi Arabia, according to an exclusive Wall Street Journal report.

Six Flags Magic Mountain has delayed its highly anticipated “first-of-its-kind” coaster to 2027, and will instead add a Looney Toons Area.

Netflix announced plans to acquire Warner Bros. Discovery in a $72 billion deal - a deal that will shake the very foundations of the theme park industry.

A new report reveals how Gen Z and Millennials plan to travel in 2026.

Six Flags has appointed John Reilly as its new CEO—a leader who spent 21 years at SeaWorld and later held top roles at Palace Entertainment, the parent company of regional parks like Kennywood and Lake Compounce.

IAAPA Expo 2025 set a new record with 38,520 verified attendees, more than 28,000 qualified buyers, and an expanded floor featuring over 1,100 exhibitors.

Disney’s stock dipped 7% after its latest earnings show cable is collapsing faster than expected.

Six Flags is doubling down on its “smaller and more nimble” plan, prioritizing core parks and openly confirming that more closures or sales are on the way.

From Hollywood to Florida and New York to Oregon, this year’s Halloween season proved that the industry is evolving—just not abandoning its roots.

Kansas City Chiefs star—and Taylor Swift’s fiancé—Travis Kelce now owns a 9% stake in Six Flags alongside hedge fund Jana Partners, instantly making the struggling park chain a national headline. Former Cedar Fair CEO Matt Ouimet, however, wasn’t impressed—publicly calling out the board for “cycling through CEOs, destroying value, and failing to show ownership” while urging the next chief executive to rebuild with leaders who actually understand entertainment. Philip and Scott unpack what Kelce’...

Six Flags is losing more of its board - what will happen next?

Are higher prices a reset for quality and capacity, or the next step in making Disney a luxury brand?

Universal has sparked controver over the reopening of Stardust Racers at Epic Universe, following a fatal incident earlier this year.

This week, we respond to your comments from last week's show regarding Six Flags. Scott recaps his visit to IAAPA Expo Europe; Lego invests £200 million in the acquisition of Lego Discovery Centers from Merlin; and a New immersive art venue, Atlas9, opens in Kansas City. Listen to weekly BONUS episodes on our Patreon.

Six Flags reported 298,000 more visits this summer, a 3% attendance bump compared to 2024. But guests spent 7% less on admission, pulling overall revenue down 2% even as food and merch ticked up.

Only 19% of U.S. adults say they want “scary vibes” this Halloween—while 30% plan to wear multiple costumes and 70% say organized events are steady or increasing. Philip and Scott unpack the annual HalloweenCostumes.com survey and why it matters: the demand for cute, funny, and cosplay-style experiences is growing faster than gore, audiences are starting to plan earlier, and AI is already a factor in how people search for inspiration. They also discuss how rising competition and budget-conscious...

How can we keep roaming characters safe at theme parks?

Halloween Horror Nights Orlando is quietly reshaping its playbook; will it work?

Las Vegas has logged six straight months of year-over-year visitor declines, with June alone down 400,000 guests amid economic jitters, inflation, and weaker Canadian travel. Is Vegas a canary in the coal mine for U.S. leisure spending—or just a regional wobble?

Legacy Cedar Fair parks are moving to the Six Flags model this Halloween, requiring a new $10–$20 Haunted Attractions Pass for mazes—and an extra $15 for The Conjuring house.

Six Flags posted a nearly $100 million loss in Q2—down from a $55 million profit a year ago—on 1.4 million fewer visitors, a smaller base of season passholders, and what it calls “adverse weather.”

Six Flags just canceled its Christmas and Halloween events at multiple parks - will this save cost or cost more in lost visitors?

What makes an IP popular today? It’s not just the box office or streaming stats—it’s the fans who show up, dress up, and wait five hours for a free experience.

Asia was expected to become the new theme park capital of the world—then the pandemic hit. Where are we now?

Whether it’s Christmas nostalgia, locally led art, or adult evening events, operators have fresh levers to boost replayability and spend beyond peak season.

Universal leans hard into gaming IPs for Halloween Horror Nights while Winchester Mysery House doubles down on immersion.

The Louvre closes due to over tourism, and Netflix announces themes for its first FEC.

Disney and Universal just opened Hollywood’s first heavyweight copyright war against Midjourney, arguing the AI was trained on “countless stolen works.”

In this special, we examine the last 18 months of news to surface the largest trends in the theme park world.

Herschend finalized its acquisition of Palace Entertainment’s 24 U.S. attractions with a $1.1 billion leveraged loan—and vows 2025 will be a “listening year.”

"The Great Reset," Six Flags' new strategic plan, aims to reach 58 million in annual attendance and $3.8 billion in revenue by 2028.

Disney’s stock jumped 7 % after a blockbuster Q2 - and we breakdown why.

Six Flags/Cedar Fair’s first post-merger casualty is Six Flags America, erasing 70 full-time and 700 seasonal jobs and $3.5 million in local tax revenue—freeing capital for “marquee” investments elsewhere. At the same time, Marriott’s Gaylord resorts are turning their glass atriums into mini-comic-cons with a DC-branded summer slate, headlined by a 17,500-sq-ft lantern trail of 24-ft heroes, to lure families who might skip a theme-park trip. Philip and Scott ask whether strategic portfolio pruni...

Universal Studios Hollywood is stress-testing a brand-new revenue season with Fan Fest Nights—12 evenings of Comic-Con-meets-HHN running April 25-May 18th from 7 p.m.–2 a.m.

Cord-cutting continues to threaten Comcast, but it sees hope in its theme parks.

Philip reads the inaugural "Green Tagged: Insights" newsletter analyzing what he calls "The Uncertainty Epidemic" affecting the attractions industry.

Travel patterns are changing. United Airlines' latest earnings reveal a strategic pivot as they prepare for two economic scenarios in 2025, cutting domestic flight capacity by 4% while seeing surges in both premium and budget travelers.

We break down Universal’s newly announced UK theme park, set to open in 2031, its location just 35 minutes from London, the promise of world-class immersive lands, and the potential to draw 8.5 million visitors in its first year.

IAAPA's North America Summit (Mar 30-Apr 01, 2025) at the Disneyland Resort featured insightful presentations from Disney executives on the thoughtful redesign of Toontown.

International tourism to the US is projected to decline by at least 5% this year instead of the expected 9% growth, threatening a $72 billion reduction in total travel spending.

This week we analyze Herschend's strategic acquisition of Palace Entertainment's U.S. properties, potentially establishing them as a major third-place challenger in the theme park industry.

Amid tariff concerns and market volatility, we explore how Universal is strategically diversifying its entertainment portfolio.

Six Flags reported a $206 million net loss for 2024—but investors are cautiously optimistic.

Universal’s Horror Unleashed is officially opening in Las Vegas on August 14th—but will it succeed? Meanwhile, China’s tourism industry is rebounding, but will it be enough?

Come with us to IAAPA's Middle East Trade Summit in Riyadh, Saudi Arabia.

Tokyo Disney Resort is thriving with Fantasy Springs and seasonal events driving record-breaking revenue, while Universal Studios Hollywood is experimenting with a bold new event: Fan Fest Nights.

Is Disney’s success unstoppable? Despite rising ticket prices, hurricanes disrupting domestic parks, and the looming Epic Universe, Disney still delivered a strong quarter.

Trump’s proposed tariffs could drive up costs for theme parks, and Merlin Entertainment is cutting live entertainment across multiple locations—but what does it all mean for the industry?

Immigration reform, tariff hikes, federally controlled ride safety, and drone regulations - The Trump Administration's policies will shake up the theme park industry, and we must be ready.

This week, we connect two seemingly unrelated stories—the devastating California wildfires and TikTok’s temporary shutdown—to explore a common theme: crisis planning.