Cedar Fair Entertainment, the parent company of Kings Dominion, is merging with Six Flags Entertainment in an all-stock deal valued at $2 billion, the companies announced Thursday.
Cedar Fair unitholders will own 51.2% and Six Flags shareholders will own approximately 48.8%.
Together, the two companies will have a combined 27 amusement parks, 25 water parks and nine resort properties and will be valued at about $8 billion.
Richard Zimmerman, president and CEO of Cedar Fair, will serve as president and CEO of the newly combined company and Selim Bassoul, president and CEO of Six Flags, will serve as executive chairman of the combined company’s board of directors. Brian Witherow, chief financial officer of Cedar Fair, will keep his position in the new company and Gary Mick, chief financial officer of Six Flags, will serve as chief integration officer. After the deal closes, the new board of directors will have 12 seats, six from each original board.
The company will operate under the name Six Flags and trade under the ticker symbol FUN on the New York Stock Exchange and be structured as a C corporation. The Six Flags chain started in 1961 in Arlington, Texas, the company’s current headquarters, but it will move to Charlotte, North Carolina. The company will keep significant finance and administrative operations in Sandusky, Ohio, the headquarters of Cedar Fair. The deal is expected to close in the first half of 2024.
The companies expect $120 million in cost savings within two years of closing the deal and $200 million in other benefits. Existing intellectual property and licensing deals for franchises such as Looney Tunes, DC Comics and Peanuts will belong to the new company for use in all its parks.
Over the past 12 months, the two companies collectively brought in 48 million guests. Together, the entertainment companies say they will have greater flexibility to invest in new rides and attractions, broader food and beverage selections, more in-park offerings and cross-park initiatives.
In February 2022, Orlando-based SeaWorld Entertainment, the parent company of Busch Gardens in Williamsburg, made an unsuccessful bid to acquire Cedar Fair.
Kings Dominion, in Doswell, hosted about 20,000 people on its opening day in May 1975 and 1.5 million visitors in its first season, according to the company’s website. Today, the 400-acre park has more than 60 rides and a dozen roller coasters plus the Soak City water park. A year ago, Kings Dominion announced it would expand to year-round operations, adding nine weekends to the operating calendar, beginning in January 2023. The park reversed course recently, scaling back and closing for January, February and some of March.
Lembke has spent his entire career in the amusement park industry, starting at SeaWorld Orlando in 2000, and he’s been president of Busch Gardens Williamsburg and Water Country USA since 2018 (except for a brief break in 2019).
In preparation for the park’s 2023 season, he oversaw the opening of two new rides: DarKoaster, an all-indoor straddle coaster that brings the total number of roller coasters at Busch Gardens to nine, and Riptide Race, Virginia’s first dueling pipeline water slide, which opened in Water Country in May.
Just before the busy summer season started, the 4,000-employee parks also transitioned to all cashless operations.
In May, Busch Gardens’ parent company, SeaWorld Entertainment, opened its first park in over 30 years and the first one located outside the United States: SeaWorld Yas Island, Abu Dhabi, in the United Arab Emirates.
Lembke earned his bachelor’s degree from the University of Buffalo and interned with the marketing sales department of the Buffalo Bills NFL team before joining SeaWorld. He serves on the board of the Williamsburg Tourism Council.
Coming out of pandemic-driven restrictions, “Kings Dominion will be the cure for cabin fever in 2023,” Bywater said in October 2022, announcing the 48-year-old amusement park’s intention to welcome guests year-round, adding weekends in January, February and March to its regular April to December season. Kings Dominion aimed to hire 2,500 employees this year; in 2021, the park raised its minimum hourly wage from $9.25 to $15.
Home to more than 60 rides, shows and attractions, including 12 roller coasters and the Soak City water park, the 400-acre park is back to full strength, also hosting popular annual events such as Grand Carnivale, Halloween Haunt and WinterFest.
It’s all happening under the watch of Bywater, who became the park’s vice president and general manager in 2021 after 24 years at Kings Dominion’s parent company, Cedar Fair Entertainment. Prior to Kings Dominion, she was director of park operations at Worlds of Fun in Kansas City, Missouri, her hometown.
Bywater has a bachelor’s degree from Truman State University in Missouri and an MBA from Radford University; she also serves on the Richmond Region Tourism board and chairs its governance committee.
A reported $3.4 billion acquisition bid from Orlando-based SeaWorld Entertainment Inc. could result in Virginia’s two major theme parks being under the same ownership.
SeaWorld, parent company of Busch Gardens Williamsburg, has made an unsolicited offer to acquire Ohio-based Cedar Fair Entertainment Co., which owns the Kings Dominion theme park in Hanover County’s Doswell area.
Bloomberg reported that SeaWorld’s bid is about $60 per unit in cash, totaling about $3.4 billion, according to sources it did not identify. Cedar Fair acknowledged to Bloomberg that it had received the “unsolicited, non-binding” acquisition offer and said that it is being advised on the matter by Perella Weinberg Partners LP and Weil Gotshal & Manges LLP.
Cedar Fair owns and operates 13 properties composed of 11 amusement parks, four outdoor water parks and resort accommodations totaling more than 2,300 rooms and 600 RV sites. It reported 2020 revenues of $182 million, down from $1.47 billion in 2019. Cedar Fair reported $753 million in revenue for the third quarter of 2021, up from the $87 million it recorded in the third quarter of 2020.
SeaWorld, owns 12 theme parks and reported $512.2 million in the third quarter of 2021, an increase of $415.1 million from the third quarter of 2020. In 2020, SeaWorld reported $431.8 million in revenue, a decline of $966.5 million from 2019.
DEAN AND MARKEL FAMILIES MEN’S HEAD BASKETBALL COACH, VIRGINIA CAVALIERS MEN’S BASKETBALL, CHARLOTTESVILLE
The University of Virginia men’s basketball team fell victim to a positive COVID-19 test in March, forcing it to withdraw from the ACC Tournament — a “gut punch,” Bennett called it.
The team was cleared in time to play in the men’s NCAA basketball tournament, where in 2019, Bennett had led the Cavaliers to the championship. In the unusual pandemic-era season, though, U.Va. earned a fourth seed but lost to Ohio University.
Bennett, a former backup point guard with the Charlotte Hornets, is one of only four former NBA players who have been the head coach for NCAA championship teams. He arrived at U.Va. in 2009, and he’s become a valued university asset, popular, respected and winning, with a record of 295-103 over his 12 seasons. He’s been named NCAA Division I National Coach of the Year three times, twice with the Cavaliers, and nine of his players have been selected in the NBA draft.
In 2019, Bennett turned down a raise, asking university officials to instead focus on more pay for staff and program improvements, the university reported. At the same time, he and his wife, Laurel, pledged $500,000 toward a career development program for current and former U.Va. men’s basketball players.
DENNIS J. BICKMEIER
PRESIDENT, RICHMOND RACEWAY, RICHMOND
Bickmeier is entering his 10th year as president of Richmond Raceway, where roaring engines were replaced with idling ones earlier this year, when the complex’s acres of parking and exhibition space became a COVID-19 vaccination site. But Richmond Raceway will be back to full capacity for NASCAR Playoff Race Weekend Sept. 10-11, during the track’s 75th anniversary season.
The NASCAR-owned raceway is a key tourism draw, and Bickmeier is treasurer for Richmond Region Tourism. He also serves on the Henrico Police Athletic League board and teaches sports marketing as an adjunct faculty member at Virginia Commonwealth University.
BEST ADVICE:Never stop asking questions. The desire to learn and keep learning every day will continue to pay dividends personally and professionally.
WHAT A COMPETITOR WOULD SAY ABOUT ME:He’s a tactician. He studies things like a coach and then prepares and executes against a plan.
FIRST JOB:In high school, I worked for our town’s parks and recreation department in Bellaire, Ohio. We did everything from cutting grass at the parks to lining fields for games to operating sports leagues for the citizens. That helped spark my interest in sports management.
MOST RECENT BOOK READ: “Alexander Hamilton,” by Ron Chernow
BRIDGETTE BYWATER
VICE PRESIDENT AND GENERAL MANAGER, KINGS DOMINION/CEDAR FAIR LP, DOSWELL
You could say that theme parks are in Bywater’s blood. After all, her parents met in 1973 while working as ride operators at the Worlds of Fun amusement park in Kansas City, Missouri.
In January, Bywater took over as Kings Dominion’s vice president and general manager from Tony Johnson, who began his career there in 1974.
Bywater comes to the amusement park at a pivotal time. Due to the pandemic, Kings Dominion was closed last year for the first summer in its 45-plus-year history. In May, she reopened the amusement park, raising the minimum pay for seasonal employees from $9.25 to $13 per hour. Bywater announced in August that the park will debut a new jungle-themed, 112-foot-high spinning roller coaster, Tumbili, in 2022.
A native of Kansas City, Bywater received her bachelor’s degree in business administration from Truman State University. Since beginning her amusement park career at Worlds of Fun in 1992, she’s held numerous leadership positions for Ohio-based Cedar Fair LP, which purchased Kings Dominion in 2006. She sits on the board of Richmond Region Tourism.
CORAN CAPSHAW
OWNER, RED LIGHT MANAGEMENT, MUSICTODAY, RIVERBEND DEVELOPMENT, CHARLOTTESVILLE
Capshaw has come a long way since owning the now-defunct Charlottesville bar Trax. In 1992, Capshaw gave the Dave Matthews Band its first weekly gig at the bar and then became the band’s manager, seeing it rise to international fame.
As the founder and owner of Red Light Management, he now provides management services for more than 300 touring and recording artists via a roster of more than 70 managers. Red Light’s client list includes Dave Matthews Band, Luke Bryan, Lionel Richie, Enrique Iglesias, Dierks Bentley, Odesza, Chris Stapleton, Lady A, Alabama Shakes and Phish.
The music mogul also founded entertainment marketing company Musictoday and has been involved with Bonnaroo, South by Southwest, Outside Lands, ATO Records, TBD Records and Starr Hill Presents. These efforts have landed Capshaw on Billboard magazine’s “Power 100” list.
He also has been heavily involved in real estate development in Charlottesville, including the building of the Downtown Pavilion, now the Ting Pavilion, and renovating The Jefferson Theater on Charlottesville’s Downtown Mall. He also owns many area restaurants.
ANDY EDMUNDS
DIRECTOR, VIRGINIA FILM OFFICE, RICHMOND
An accomplished musician and songwriter, Edmunds broke into the film industry through an unlikely method: by producing a music video for one of his songs that was broadcast on MTV.
That experience introduced the Virginia native to the film production industry. He worked as a film location scout before arriving at the Virginia Film Office in 1997. Since then, Edmunds has worked with some of the biggest names in Hollywood, including Steven Spielberg, Clint Eastwood, Ridley Scott and Terrence Malick.
Even amid the pandemic, Virginia served as a shooting location for movies and TV shows. Recent projects have included the indie flick “Tapawingo,” the Lifetime film “Dirty Little Deeds,” the Hulu limited series “Dopesick,” the AMC series “The Walking Dead: World Beyond” and the Apple TV+ sports drama series “Swagger.” According to a media release from Virginia Secretary of Commerce and Trade Brian Ball, the latter three projects generated $120 million for Virginia’s economy over a nine-month period.
Edmunds serves on the board of the Virginia Film Festival and has five children, including two adopted sons from Ghana.
JUSTIN FUENTE
HEAD FOOTBALL COACH, VIRGINIA TECH, BLACKSBURG
Taking over the Hokies football program from the legendary Frank Beamer – Virginia Tech’s head coach for nearly 30 years – would be a daunting task for anybody, but Oklahoma native Fuente seemed up to the challenge.
Taking the reins in 2016, Fuente, a former Murray State University quarterback and Walter Payton Award finalist, started strong, bringing the Hokies to three consecutive bowl game wins for the first time in the program’s history and being named 2016 ACC Coach of the Year.
Though Fuente and Tech agreed in 2017 to a contract extension through 2023, recent events led some to question whether his tenure would last that long. Last season, the Hokies went 5-6; in the five seasons Fuente has been coach, Virginia Tech holds a 43-32 record. Following a four-game losing streak last fall, some speculated that Fuente might be let go, according to ESPN. Last December, however, athletic director Whit Babcock said Fuente would return for a sixth season.
KEVIN LEMBKE
PRESIDENT, BUSCH GARDENS WILLIAMSBURG AND WATER COUNTRY USA, WILLIAMSBURG
Lembke’s career in theme parks began in 2000 at SeaWorld Orlando. After spending 2004 through 2013 at SeaWorld Parks & Entertainment’s corporate offices, where he focused on retail product development and retail operations, Lembke came to Busch Gardens Williamsburg in 2013 as its vice president of merchandise.
Lembke transferred to Busch Gardens Tampa in 2016, then returned in 2018 to serve as president of Busch Gardens Williamsburg and Water Country USA. He left Busch Gardens briefly in 2019 to pursue other career opportunities but came back the same year.
During the pandemic, Lembke was one of the most vocal opponents of the state government’s 1,000-person mandated attendance limit on theme parks, saying it wasn’t financially feasible. Alongside other major venue operators, Lembke served on a task force that worked with state officials to develop COVID-19 protocols for large venues. A graduate of the University at Buffalo, Lembke oversees more than
4,000 full- and part-time employees during peak tourism season and serves on the board of the Williamsburg Tourism Council.
FAVORITE SPORTS TEAM: Buffalo Bills
FAVORITE SONG: “No Hard Feelings,” by The Avett Brothers
ONE THING I’D CHANGE ABOUT VIRGINIA: Add a pro sports franchise.
ERIK H. NEIL
DIRECTOR AND CEO, CHRYSLER MUSEUM OF ART, NORFOLK
Having previously served as the director of the Academy Art Museum in Maryland and executive director of The Heckscher Museum of Art in New York, Neil came to the Chrysler in 2014 with an eye toward leading it into the digital age.
Neil was an active curator earlier in his career, working with artists including James Turrell, Carrie Mae Weems and Tony Oursler. He’s published books and essays on contemporary art and the histories of architecture and photography. Currently, he serves on the boards of VisitNorfolk, the Military Aviation Museum and the Norfolk Innovation Corridor, and he’s a member of the Southeastern Art Museum Directors Consortium and the Association of Art Museum Directors. He holds a bachelor’s degree from Princeton University and master’s and doctoral degrees from Harvard.
In 2018, the Chrysler opened the Wonder Studio, an interactive gallery that provides children with hands-on art experiences and encourages them to use digital tools to create. During the pandemic, the 140-employee art museum tightened its belt but still developed new exhibitions and programs that speak to its community.
ALEX NYERGES
DIRECTOR AND CEO, VIRGINIA MUSEUM OF FINE ARTS, RICHMOND
In June, the Virginia Museum of Fine Arts announced it would embark on a $190 million expansion, the largest in its history. The project will add a 100,000-square-foot wing, see 45,000 square feet of the current museum renovated and erect a standalone 40,000-square-foot collections center.
This major project will be the second such initiative since Nyerges took the helm of the VMFA in 2006. Under Nyerges, the VMFA has seen several blockbuster exhibitions, including works by Pablo Picasso and Edward Hopper; Kehinde Wiley unveiled his sculpture “Rumors of War” on the lawn of the VMFA in 2019.
A Rochester, New York, native, Nyerges is an affiliate graduate faculty member at Virginia Commonwealth University. This summer, he presented “Fleeting Light,” an exhibition of his own photography at Richmond’s Reynolds Gallery.
Nyerges previously served as director and CEO of Ohio’s Dayton Art Institute and as executive director of the Mississippi Museum of Art and Florida’s Museum of Art – DeLand.
FAVORITE APP: My running app — to see how far I have gone and how fast, although that is a declining number each year!
TODD ‘PARNEY’ PARNELL
CEO, RICHMOND FLYING SQUIRRELS, RICHMOND
Following positions with other minor league teams in Pennsylvania and North Carolina, Parnell — who’s better known around Richmond as “Parney” — came to Richmond in 2010 to serve as vice president and chief operating officer for the Squirrels.
In July 2020, Parnell replaced the retiring Chuck Domino as the Squirrels’ CEO, overseeing all aspects of the team’s day-to-day operations. Under Parnell, the Double-A affiliate of the San Francisco Giants led the Eastern League in average attendance in 2010, 2013, 2014, 2015, 2018 and 2019 and in overall attendance in 2010, 2012, 2014 and 2015. He is a three-time Eastern League Executive of the Year winner and has received Baseball America’s Minor League Executive of the Year award.
With the pandemic canceling the 2020 season, Parnell walked the bases 125 times in April 2020 to raise money for local COVID-19 relief efforts through an event called “500 Bases of Love.” He also serves as president of the Montgomery Biscuits, the Double-A affiliate of the Tampa Bay Rays.
A graduate of Messiah University, Parnell volunteers with Metropolitan Junior Baseball League Inc. and serves on the boards of ChamberRVA, one Richmond Region Tourism and Flying Squirrels Charities.
DAN SNYDER
CO-OWNER, CO-CEO, WASHINGTON FOOTBALL TEAM, ASHBURN
This July, Snyder announced that he would be stepping away from day-to-day operations of the Washington Football Team following accusations last year from 15 female former employees who told The Washington Post they were sexually harassed and verbally abused at work by other executives during Snyder’s tenure, although Snyder was not accused of misconduct.
In June, Snyder’s wife, Tanya, was named as the team’s co-CEO, responsible for team operations and representing the club at all league activities. Days later, the NFL fined the team $10 million, citing its “highly unprofessional” workplace environment.
Snyder purchased the team in 1999 from the estate of Jack Kent Cooke, back when it was known as the Washington Redskins, a name criticized for decades as racist. The name and logo were retired in 2020 following pressure from corporate sponsors.
A lifelong entrepreneur from Maryland, Snyder co-founded a wallboard advertising company in 1989 with his sister, Michele Snyder, that became Snyder Communications LP. In 2000, Snyder sold the business, which employed 12,000 people, for more than $2 billion.
This year, Forbes valued the Washington Football Team at $3.5 billion, making it the world’s 19th most valuable sports franchise.
PHARRELL WILLIAMS
MUSICIAN, PRODUCER AND DEVELOPER, LOS ANGELES/VIRGINIA BEACH
Is there anything Williams can’t do? The internationally renowned music superstar behind hits like “Happy” and “Blurred Lines” has garnered 13 Grammys, but he’s also increasingly gaining admiration for his business activities in Virginia, his home state.
In 2019, Williams launched Something in the Water, a three-day music festival in his native Virginia Beach that featured the likes of Janelle Monáe, Missy Elliott, Migos and Dave Matthews Band, among others. The festival was canceled in 2020 and 2021 due to the pandemic, but sponsors hope it will return in 2022.
Williams also is co-developing the $325 million Atlantic Park mixed-use project and surf park at Virginia Beach’s Oceanfront, and he put forward a proposal to redevelop Norfolk’s former Military Circle mall.
In June 2020, Williams spoke at Gov. Ralph Northam’s news conference announcing that Juneteenth would become a state holiday. Last year, he also launched Black Ambition, a nonprofit initiative to provide support for minority entrepreneurs launching startups.
And this fall, Williams’ nonprofit, Yellow, will open an independent “micro” elementary school in Norfolk’s Ghent neighborhood, focusing on STEM and workforce preparation.
Beginning May 15, the state will loosen more restrictions, including allowing larger social gatherings and expanded audiences for entertainment venues and sporting events, Virginia Gov. Ralph Northam announced in a video message released Thursday. Restaurants will also be allowed to resume serving alcohol after midnight.
Northam’s amendments to his pandemic executive orders, which take effect May 15, include:
Increased social gatherings. The maximum number of people allowed at social gatherings will increase from 100 to 250 people for outdoors settings and from 50 to 100 people for indoor settings.
Greater attendance at entertainment venues. Indoor entertainment venues such as movie theaters will be allowed to operate at 50% capacity or 1,000 people, up from 30% capacity or 500 people. Outdoor entertainment venues such as theme parks will be allowed to operate at 50% capacity with no cap on attendees.
More spectators allowed at recreational sporting events. Outdoor sporting events will increase from 500 to 1,000 people or 50% capacity, whichever is less. The number of spectators allowed at indoor recreational sporting events will increase from 100 to 250 spectators or 50% capacity, whichever is less.
Restaurants can resume alcohol sales after midnight. Establishments will not be required to close dining rooms from 12 a.m. to 5 a.m.
“It’s good news that half of all adults in Virginia have gotten a shot so far,” Northam said. “Vaccination numbers are up, and our COVID-19 case numbers are substantially lower than they were earlier this year. So, we have been able to begin easing some mitigation measures. We took a few more targeted steps this week, and we will do more next month. I’m optimistic that we will be able to take more steps in June.
“We are working to significantly ramp up vaccinations even further and aim to reduce capacity limits in June, hopefully all the way. But some things need to continue — we all need to keep wearing masks, social distancing and encouraging each other to get a shot. It’s how we take care of one another.”
More than 5.5 million COVID-19 vaccine doses have been administered in Virginia and 3.5 million Virginians — 41% of the population — have received at least one dose of a COVID vaccine, the Virginia Department of Health reported Thursday. All Virginians ages 16 and older are eligible to receive the vaccine.
Kings Dominion, the Doswell amusement park, has set its minimum wage for seasonal employees at $13 per hour, it announced Thursday. Previously, the base wage was $9.25.
The park, owned by Cedar Fair Entertainment Co., expects to hire 2,100 seasonal workers before reopening May 22, and it also is hiring 80 new full-time positions with benefits and wages starting at $16 an hour in culinary and operations roles.
Last year, Kings Dominion did not open for its regular season for the first time in its 45-year history, due to the COVID-19 pandemic. It began hosting small, physically distanced events late last year, though. The park plans to host an in-person, distanced hiring event on April 17 from 10 a.m. to 2 p.m., but applicants can apply online as well.
This will be Bridgette Bywater’s first season as vice president and general manager of Kings Dominion. In a statement, Bywater said, “A seasonal job at our park can offer so much more. You can gain valuable experience in a safe environment, develop marketable skills for the future, and make new friends while being part of something truly special. And, just as I started out in a seasonal role, our seasonal associates have the opportunity to be rehired for jobs all the way through college and beyond.”
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