Six Flags’ month from hell: A deadly fall, brain-injury lawsuits, $5B in debt and the stock is tanking

Witnesses said the man struck parts of the ride several times before falling onto the roof of a nearby attraction. Other riders were left stranded on a separate coaster train while Cobb County Police confirmed the death and reported additional injuries.

Six Flags temporarily closed similar rides across its parks as authorities investigated the accident. As of Oct. 13, investigators had not determined what caused the man to be ejected.

“We saw it all,” one witness told 11Alive. His wife, who also witnessed the accident, recalled how quickly the experience turned terrifying: “We were having a great time and to just screaming ‘Oh my God, what is happening?’”

Both witnesses said park employees had checked their safety harnesses before the ride began.

The tragedy comes at an especially difficult time for Six Flags, which is already struggling with financial and legal problems. Shares plunged more than 16% a day after the accident, reaching their lowest level in at least 17 years, according to Yahoo Finance data. The stock is now at about $10, down roughly 83% from its February 2022 closing high above $62.

Six Flags’ stock decline runs deeper than latest tragedy

Six Flags shares were already struggling before Tuesday’s selloff, having lost more than half their value over the past 12 months.

The company’s financial troubles have persisted since its July 2024 merger with Cedar Fair, which brought major amusement parks such as Cedar Point, Knott’s Berry Farm and Kings Island under the Six Flags umbrella. The combined company is now North America’s largest regional amusement park operator, with 20 amusement parks, 14 water parks and nine resorts.

But the company’s latest quarterly results show how difficult the turnaround has been. Revenue fell more than 7% to $864.9 million, while its net loss doubled to $202.6 million. Total attendance fell 7% to 13.1 million visits, though much of the decline reflected the sale of seven parks earlier this year. Excluding parks sold or closed, attendance rose 4%.

Six Flags is also saddled with heavy debt, reporting $5 billion in total borrowings in its latest earnings. Nearly $1.5 billion carries variable interest rates, according to amusement park industry tracker Green Tagged, leaving the company exposed to higher borrowing costs if benchmark rates rise.

Credit rating agencies have also raised concerns about Six Flags’ finances, with Moody’s and S&P Global downgrading the company over weak earnings and mounting debt challenges.

Safety concerns predate the latest tragedy

The fatal accident in Georgia comes as Six Flags is already facing lawsuits over alleged brain injuries linked to another one of its roller coasters.

As NBC News reported, three people sued Six Flags after allegedly suffering “catastrophic” brain injuries on the X2 roller coaster at Six Flags Magic Mountain in California. Attorneys representing the plaintiffs claim more than 100 other riders suffered brain injuries on the attraction over a two-year period.

X2 is among the park’s most extreme attractions, standing 200 feet tall and reaching speeds of 76 miles per hour. Unlike conventional roller coasters, its seats rotate independently through 360 degrees as riders navigate steep drops and turns.