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Former Army Chief of Staff George Casey Joins Army Historical Foundation’s Board of Directors

Joe Kleiman
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Arlington, VA, USA (April 26, 2012) /BUSINESS WIRE/ — Former Army Chief of Staff General George W. Casey, Jr. (USA-Ret.) has been named to The Army Historical Foundation’s Board of Directors. During his initial three-year appointment, Casey will help advance the campaign to construct the National Museum of the United States Army at Fort Belvoir, Virginia.

“General Casey comes to us with keen vision, fresh perspective, and an abiding interest in our Soldiers and their roles in shaping Army history,” said General William W. Hartzog (USA-Ret.), Army Historical Foundation President, in announcing Casey’s appointment. “He’s eminently equipped to help preserve Army history and provide Soldiers, past and present, with the world class national museum they truly deserve.”

Casey, whose tenure as Chief of Staff (2007-2011) bridged one of the most difficult and demanding periods in recent Army history, led the service successfully in executing two wars while engaged in a profound phase of transformation to a more agile, responsive, and effective 21st Century force.

During his career, Casey held command positions from platoon to division level and beyond. Prior to his appointment as Army Chief of Staff, he served three years as the senior commander of coalition forces in Iraq.

“I am honored to be part of an organization focused on capturing and telling the story of this great Army,” said Casey.

Casey is a graduate of Georgetown University’s Edmund A. Walsh School of Foreign Service and earned his Master of Arts in international relations at the University of Denver.

He is a member of the Board of Trustees of Ride2Recovery, an organization that uses cycling as to assist the recovery of wounded servicemen and women; a member of the Board of Directors of ThanksUSA, an organization that provides scholarships to children and spouses of service members; and the Chairman of the Military Advisory Board of Viridis Learning, an educational software company working to increase employment opportunities for Veterans.

Casey is also a member of the Board of Governors of Colt Defense, a leading designer, developer, and manufacturer of small arms and weapons systems, and the Board of Directors of FedBid, an online reverse auction marketplace for federal procurement.

For more information visit www.armyhistory.org.

Entire Summer Will See World Record Riding Attempt on Big One at Blackpool Pleasure Beach

Joe Kleiman
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Blackpool, UK (April 26, 2012) /PRWEB UK/ — Pleasure Beach, Blackpool will be the setting for an epic marathon attempt this summer as American roller coaster enthusiast Richard Rodriguez aims to beat a world record. The 54-year-old will be strapping himself into the Big One at Britain’s favourite tourist attraction from May 31 and riding over the summer months.

Richard wants to break the current Guinness World Record of 102 days roller coaster riding by riding the attraction’s tallest and fastest coaster daily. And now he intends to go even further, describing this as his final marathon at Pleasure Beach, by riding the Big One from the end of May throughout the summer months until mid-September.

This feat of endurance will test Richard’s limits with the Big One reaching a height of 235ft and reaching speeds of up to 85mph through twists and turns around the whole of Pleasure Beach’s 42 acres. Guests visiting Pleasure Beach from May 31 are invited to ride with Richard while he takes part in his record attempt.

Richard was at a special “training session” this week at Pleasure Beach preparing for the event launch next month.

He said: “This is a challenge of epic proportions and I cannot wait to get going on the Big One. I have a long association with Pleasure Beach and have always enjoyed taking part in various challenges over the years but this one really will test me to the limits of endurance. This week has been great training on the roller coaster and I am looking forward to the marathon starting properly on May 31.”

Deputy Managing Director of Pleasure Beach Nick Thompson said: “It’s always great to welcome Richard back to Pleasure Beach as his world record attempts have always attracted a lot of attention. This will no doubt be another epic event for Richard and I would like to wish him luck in his attempt to break the current world record.”

www.blackpoolpleasurebeach.com

Update on Shuttle Enterprise Flight to NYC

Joe Kleiman
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(April 26, 2012) Due to weather conditions, the flight to and around New York City, transporting the space shuttle Enterprise from the Smithsonian Institution in Washington, DC to the Intrepid Air, Sea, and Space Museum has now been rescheduled for Friday April 27.  IPM News will report flight times and path once they are made available.

Construction Started on Phase Two of Galaxy Macau

Joe Kleiman
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Hong Kong (April 26, 2012) /PRNewswire-Asia-FirstCall/ — Galaxy Entertainment Group Limited (“GEG” or “the Group”), one of the fastest growing entertainment companies in the world, today announced its plans for the second phase of its award winning integrated resort, Galaxy Macau™.

DEVELOPMENT HIGHLIGHTS

  • Phase 2 virtually doubles the size of Galaxy Macau™ to 1.0 million square meters of space including:
    • Introducing two new luxury hotels including The Ritz-Carlton’s first ever all-suite hotel and the world’s largest JW Marriott for a total of 1,300 rooms and suites for a grand total of over 3,600 rooms & suites across 5 luxury hotels
    • Expanding retail space to over 100,000 sqm and to over 200 luxury stores
    • Increasing meeting, event & banquet space to a capacity of over 3,000 guests
    • Enhancing the world’s largest skytop wave pool with additional leisure amenities and lush tropical gardens
    • Expanding gaming capacity by up to 500 tables and over 1,000 slots
    • Adding over 45 new international Food & Beverage outlets for a grand total of over 100
  • Phase 2 of Galaxy Macau™ will be the next major development to open in Macau with a target completion date of mid 2015
  • Construction already launched

FINANCIAL HIGHLIGHTS

  • Phase 2 proposed investment of approximately HK$16 billion
  • Expected to be significantly accretive to GEG’s earnings
  • Funded by GEG’s existing cash, cash from operations and debt
  • No intention to issue equity

Dr. Che-woo Lui, Chairman of GEG said:
“Building on the enormous success of the internationally acclaimed Phase 1 of Galaxy Macau™, and the healthy long term prospects for Macau, we are delighted to announce our plans for Macau‘s next major development: Phase 2 of Galaxy Macau™.
 
“We have decided to accelerate the rollout of Phase 2 based on the success of Phase 1 and to align the opening of Phase 2 with the completion of major infrastructure developments in the greater Macau region in mid 2015. These developments will serve as a catalyst for future growth and diversification of Macau‘s tourism and leisure market.
 
“To complement Phase 1’s exceptional hotel offering we are extremely pleased to be introducing Marriott International’s globally recognized luxury hotel brands including the first ever all-suite The Ritz-Carlton and the world’s largest JW Marriott. Marriott International’s core values and The Ritz-Carlton hallmark Gold Standards underpinned by a strong understanding of Asian customers’ tastes and preferences complements Galaxy’s ‘World Class, Asian Heart’ service philosophy.”
 
Construction of Phase 2 began in the first quarter of 2012, the relevant planning approvals are in place and the property is scheduled to open in mid 2015. The resounding success of Phase 1’s ‘World Class, Asian Heart’ service philosophy will continue in Phase 2. In addition to enlarging the gaming space, our retail boulevard will be expanded to over 100,000 square meters to accommodate over 200 luxury stores. We also plan to expand our Food & Beverage outlets by over 45 to over 100 which enhances our already unrivalled selection of superior dining options in Macau.

Galaxy Macau™ will benefit from increased visitation to Macau as major new infrastructure developments in China improve its accessibility, including the expansion of the border gates in Macau and Zhuhai, a high speed railway network, completion of the ferry terminal in Taipa, a super highway between Guangzhou and Zhuhai and the construction of the Hong Kong-Zhuhai-Macau Bridge, among others.

GEG will fund the proposed investment of approximately HK$16 billion through a combination of existing cash, cash generated from operations and debt and does not intend to issue equity.  Based on GEG’s strong track record of building efficiently and delivering world leading ROIs (Return On Investment), Phase 2 of the integrated resort is expected to be accretive to the Group’s earnings.

Mr. Simon Cooper, President of Marriott International, Inc. Asia Pacific, commented:
“We are very excited to be launching our brands in Macau.  Macau is a compelling and dynamic market and we have invested a great deal of time identifying the right partner and property for The Ritz-Carlton and JW Marriott.  GEG and the Lui family are bold innovators who understand the market and their customers intrinsically; for us they are the perfect partners. We fully subscribe to GEG’s ‘World Class, Asian Heart’ philosophy which resonates with Marriott International’s core values and The Ritz-Carlton hallmark Gold Standards. China is our main market outside North America and opening two of our premier brands on the same site in such a fast growing market is a major commitment, underscoring our confidence in Macau and Galaxy .”
 
Dr. Che-woo Lui, Chairman of GEG, further commented: 
“As we look into the future, no other operator in Macau is as well placed as GEG to take advantage of Macau‘s diversification and booming growth.  After the completion of Phase 2 of Galaxy Macau™, we will still have 1 million square meters of contiguous permitted building area for future development. This is an area as large as the combined Phase 1 and Phase 2 of Galaxy Macau™. Its development will see GEG diversify its long-term income stream by attracting an ever increasing number of new customers aspiring for a truly unique resort experience in Macau.”

About Galaxy Entertainment Group Limited  
Galaxy Entertainment Group Limited (“GEG”), through its subsidiary, Galaxy Casino, S.A., holds a Macau gaming concession. GEG is authorized to carry out casino games of chance in Macau, which is the only legal gaming location in China.

GEG recently opened its flagship integrated resort Galaxy Macau™ which is located in Cotai. GEG also owns and operates the luxury 5-Star property StarWorld Hotel and Casino which is located in the Macau peninsula. GEG is committed to expand and diversify its entertainment offerings and enrich Macau’s tourism experience to become a global centre of tourism and recreation.

For more details, please visit www.galaxyentertainment.com.

About Marriott International, Inc.
Marriott International, Inc. (NYSE: MAR) is a leading lodging company based in Bethesda, Maryland, USA with more than 3,700 properties in 73 countries and territories and reported revenues of over US$12 billion in fiscal year 2011. The company operates and franchises hotels under 15 brands, including Marriott, The Ritz-Carlton, JW Marriott, Bulgari, EDITION, Renaissance, Autograph Collection, AC Hotels by Marriott, Courtyard, Fairfield Inn & Suites, SpringHill Suites, Residence Inn, TownePlace Suites, ExecuStay, and Marriott Executive Apartments brand names. The company also licenses vacation ownership resorts under three additional brands: Marriott Vacation Club, Grand Residences by Marriott, and The Ritz-Carlton Destination Club. There are approximately 300,000 employees at the company’s headquarters and other offices, and at managed and franchised property locations. Marriott is consistently recognized as a top employer and for its superior business operations, which it conducts based on five core values: put people first, pursue excellence, embrace change, act with integrity, and serve our world. For more information or reservations, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.

Schlitterbahn New Braunfels Opening World’s Longest Waterpark Ride

Joe Kleiman
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New Braunfels, TX, USA (April 26, 2012) /PRNewswire/ — Schlitterbahn New Braunfels Waterpark, voted the World’s Best Waterpark for 14 consecutive years, celebrates the official grand opening of the largest development in almost 15 years with the addition of a new park area called Tubenbach.

The new Tubenbach area features several new attractions and beaches allowing park guests to enjoy the new rides. Also, several of the Tubenbach attractions are interconnected through an innovative Transportainment™ river allowing tubers to stay in the water and float through the Schlitterbahn East area.

Attractions include:

The Falls – Get ready to challenge the world’s longest waterpark ride filled with raging rapids, careening waterfalls and giant waves. Enter the world record-breaking 3,600-foot-long whitewater Transportainment river at a variety of locations including Blastenhoff, Surfenburg and new beach areas surrounding the River Bend heated pool situated at the far end of Schlitterbahn East. The Falls is a continuous rushing river that also features a ride up the park’s first Aqua Veyer™ (conveyor belt lift hill) back to the beginning of the ride allowing for an endless float.

The Falls has already been recognized as the World’s Best New Waterpark ride by the readers of Amusement Today (Golden Ticket Award), and the readers of About.com (Reader’s Choice Award).

Deluge Whirlpool River – Tubers twist through a swift moving canyon, wild with waves. This serpentine river also connects to The Falls offering a “choose your own adventure” never-ending water ride.

Boogie Bay Heated Pool – A secluded hot spring offers the perfect setting for a beverage of your choice while relaxing in a tropical setting.

Butterfly Bayou Kids’ Area – Little guests will love a new collection of pint-sized water slides including a butterfly slide and several body slides.

New guest amenities include the addition of multiple Treehaus luxury suites, Treehaus cabins, several beaches, new lounging locations, the Grand Lawn event area, and the Wasserstrasse riverwalk along the banks of the Comal River.

“We are excited that our new collection of attractions and resort accommodations are ready for their first full summer of operation,” explained Darren Hill, Schlitterbahn New Braunfels’ general manager. “Not only do we feel that this is the most thrilling new collection of attractions to open this year in Texas, but we are also honored to be recognized as the world’s largest and best Waterpark for 14 years straight.”

Please visit www.schlitterbahn.com for additional attraction information.

Schlitterbahn New Braunfels Waterpark is open daily.

The 70-acre Schlitterbahn New Braunfels Waterpark is the world’s largest Waterpark and features more than 100 slides and attractions along with 169 overnight accommodations. Schlitterbahn New Braunfels Waterpark has been voted the world’s best Waterpark for 14 consecutive years by the readers of Amusement Today industry magazine, is ranked as the most popular summertime waterpark in the United States and has been rated the number one waterpark in the world by the Travel Channel.

Family-owned and operated, Schlitterbahn Waterparks has been a leader in family-friendly water-based entertainment since 1979. The company operates Schlitterbahn Beach Waterpark, South Padre Island, TX, Schlitterbahn Galveston Island Waterpark, Galveston Island, TX, Schlitterbahn Kansas City Waterpark, Kansas City, KS and Schlitterbahn New Braunfels Waterpark, New Braunfels, TX, all of which offer family amenities that include free parking and free inner tubes. Guests are also welcome to bring a family picnic basket, excluding alcohol and glass containers, into the parks.

TEA Spiderman event at Universal Orlando

Martin Palicki
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InPark attended the April 25 TEA Eastern Division behind the scenes event at Universal Orlando highlighting the upgrade to Spider-Man. In this picture, the creative team has just taken the stage to talk about their work.

Sea World Parks & Entertainment Continues Environmental Leadership by Discontinuing Plastic Bags at All Parks

Joe Kleiman
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Photo courtesy Surfrider Foundation

Orlando, FL, USA (April 25, 2012) /PRNewswire/ — Paper or plastic? Soon there will be just one choice at the 10 theme parks of SeaWorld Parks & Entertainment — paper — as the company eliminates plastic shopping bags within the next year. SeaWorld Parks & Entertainment will be the largest theme park operator to make this commitment.

Park gift shops will offer paper bags made from 100 percent recycled paper or guests can choose to purchase reusable bags.

“This is a significant change for our company, one we hope will provide a model for our industry overall,” said Jim Atchison, President and Chief Executive Officer of SeaWorld Parks & Entertainment. “Eliminating plastic bags is an important statement about our commitment to the environment, as well as the need to help protect marine animals from debris. It also allows our guests to play a direct part in making a difference on our planet.”

This move will keep an estimated 4 million plastic bags from entering landfills and the environment each year. Approximately 1.4 billion tons of trash, including plastic bags, enters the ocean annually. Wildlife such as endangered sea turtles often mistake plastic bags for jellyfish, one of their favorite foods.

The company began exploring the concept at SeaWorld San Diego in 2011, when the park discontinued the use of plastic gift bags to mark the opening of its new Turtle Reef attraction. SeaWorld Orlando is eliminating the bags this month in conjunction with the opening of its new attraction, TurtleTrek.

Opening April 27, TurtleTrek combines naturalistic habitats (sea turtles and manatees) with the world’s first 3-D, 360-degree dome theater film. The film immerses guests in a sea turtle’s extraordinary journey.

Also adding to the ways park guests can consume responsibly, SeaWorld Parks & Entertainment and The Coca-Cola Company introduced paper cups for guests made with 85 percent renewable resources as part of a new 10-year partnership. Guests use more than 13 million paper cups each year throughout the 10 parks.

About SeaWorld Parks & Entertainment  

The 10 parks of SeaWorld Parks & Entertainment inspire 23 million guests a year to celebrate and conserve the natural world. Through up-close animal encounters, educational attractions and innovative entertainment, each guest leaves with a heightened sensitivity to the world around them and an awareness of the plight of animals in the wild.

The company, headquartered in Orlando, Fla., owns and operates SeaWorld Orlando, SeaWorld San Antonio, SeaWorld San Diego, Busch Gardens Tampa, Busch Gardens Williamsburg, Discovery Cove and Aquatica in Orlando, Adventure Island in Tampa, Water Country USA in Williamsburg and Sesame Place in Langhorne, Pa. near Philadelphia.

SeaWorld Parks & Entertainment also is a global leader in animal care and conservation. The company has rescued more than 20,000 orphaned, injured or ill animals over the past four decades and contributed more than $50 million to conservation worldwide. SeaWorld Parks & Entertainment is a portfolio company of Blackstone.  www.seaworldparksandentertainment.com

Six Flags Q1 2012 Financials

Joe Kleiman
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0

Grand Prairie, TX, USA (April 25, 2012) /PRNewswire via COMTEX/ — Six Flags Entertainment Corporation (NYSE: SIX), the world’s largest regional theme park company, announced today that first quarter 2012 revenue grew 8 percent or $5 million over prior year to $66.4 million, while Adjusted EBITDA(1) for the same three-month period improved by $3.5 million to a $45.6 million loss. For the last twelve months, Adjusted EBITDA reached $354 million while Modified EBITDA(2) margin improved to 37.6 percent — a record high for the company.“I am pleased to report our eighth consecutive quarter of EBITDA growth,” said Jim Reid-Anderson, Chairman, President and CEO. “As we enter the heart of our operating season, we look forward to introducing even more world-class rides and attractions at each of our parks. We are well-positioned to deliver another excellent year for our guests, employees and shareholders.”

On a constant currency(3) basis, revenue grew 10 percent with approximately 5 percent of the growth due to attendance and pricing improvements, and 5 percent due to the settlement of business interruption insurance proceeds related to Hurricane Irene, totaling $3.0 million.

Total guest spending per capita grew $3.14 or 8 percent with admissions revenue per capita increasing $2.10 or 10 percent to $22.72. In-park per capita revenue increased $1.04 or 6 percent in the quarter and attendance grew 1.5 percent. On a constant currency basis, and excluding the insurance proceeds benefit, total guest spending per capita increased 4 percent or $1.56 primarily driven by an increase in admissions revenue per capita. Deferred revenue as of March 31, 2012, which is made up primarily of season pass sales, increased $10 million or 18% versus last year.

Cash earnings per share(4) for the last twelve months was $3.34 — an increase of .79 as compared to the prior 12-month time period. The company believes cash earnings per share is a meaningful metric given the current $1.1 billion accumulated tax loss carryforward and the net depreciation and amortization impacts relating to fresh-start accounting. The first quarter reported loss per share of $2.11 was an improvement of .56 per share as compared to the first quarter 2011.

Net Debt(5) as of March 31, 2012 was $887 million, compared to $726 million as of December 31, 2011. In the first quarter the company invested $36 million in new capital, net of property insurance recoveries, paid $33 million in dividends, or .60 per common share, and repurchased $44 million or 970 thousand shares of its stock.
About Six Flags Entertainment Corporation Six Flags Entertainment Corporation is the world’s largest regional theme park company with $1.0 billion in revenue and 19 parks across the United States, Mexico and Canada. For more than 50 years, Six Flags has entertained millions of families with world-class coasters, themed rides, thrilling water parks and unique attractions including up-close animal encounters, Fright Fest® and Holiday in the Park®. For more information, visit www.sixflags.com.

Forward Looking Statements
The information contained in this 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. These risks and uncertainties include, among others, (i) the adequacy of cash flows from operations, available cash and available amounts under our credit facilities to meet our future liquidity needs, (ii) our ability to improve operating results by implementing strategic cost reductions, and organizational and personnel changes without adversely affecting our business, (iii) our operations and results of operations, and (iv) the risk factors or uncertainties listed from time to time in the company’s filings with the Securities and Exchange Commission (“SEC”). In addition, important factors, including factors impacting attendance, local conditions, events, disturbances and terrorist activities, risk of accidents occurring at the company’s parks, adverse weather conditions, general financial and credit market conditions, economic conditions (including consumer spending patterns), competition, pending, threatened or future legal proceedings and other factors could cause actual results to differ materially from the company’s expectations. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will be realized and actual results could vary materially. Reference is made to a more complete discussion of forward-looking statements and applicable risks contained under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the company’s Annual and Quarterly Reports on Forms 10-K and 10-Q, and its other filings and submissions with the SEC, each of which are available free of charge on the company’s investor relations website at www.sixflags.com/investors and on the SEC’s website at www.sec.gov.

Footnotes
(1)
See the following financial statements and Note 3 to those financial statements for a discussion of Adjusted EBITDA and its reconciliation to net loss.
(2)
See Note 3 to the following financial statements for a discussion of Modified EBITDA and its reconciliation to net loss.
(3)
Constant Currency assumes last year’s results were translated using this year’s exchange rates.
(4)
“Cash earnings per share”, which is defined as Free Cash Flow divided by the weighted average shares outstanding, is not a U.S. GAAP defined measure. The company believes this measure provides meaningful profitability metrics, given current accumulated tax loss carryforwards and the net depreciation/amortization impacts relating to the revaluation of assets in connection with the company’s emergence from Chapter 11.
(5)
Net Debt represents total long-term debt, including current portion, less cash and cash equivalents.
Six Flags Entertainment Corporation
(In Thousands, Except Per Share Amounts)
Statements of Operations Data (1)
Three Months Ended
March 31,
2012
2011
Theme park admissions
$ 29,451
$ 26,336
Theme park food, merchandise and other
24,617
22,933
Sponsorship, licensing and other fees
7,708
7,912
Accommodations revenue
4,582
4,154
Total revenue
66,358
61,335
Operating expenses (excluding depreciation and
amortization shown separately below)
78,572
77,255
Selling, general and administrative expense (excluding
depreciation, amortization and stock-based
compensation shown separately below)
29,220
29,389
Costs of products sold
5,727
5,570
Depreciation
36,993
39,522
Amortization
4,502
4,513
Stock-based compensation
17,009
14,303
Loss on disposal of assets
1,643
1,977
Interest expense, net
11,363
16,520
Equity in loss of investee
320
1,156
Other income, net
(781)
(356)
Restructure costs
–
26,602
Loss from continuing operations before
reorganization items, income taxes and
discontinued operations
(118,210)
(155,116)
Reorganization items, net
554
500
Loss from continuing operations
before income taxes and discontinued operations
(118,764)
(155,616)
Income tax benefit
(3,756)
(7,085)
Loss from continuing operations before
discontinued operations
(115,008)
(148,531)
Loss from discontinued operations
(35)
(36)
Net loss
$(115,043)
$(148,567)
Less: Net (income) loss attributable to
noncontrolling interests
(66)
82
Net loss attributable to
Six Flags Entertainment Corporation
$(115,109)
$(148,485)
Net loss applicable to Six Flags Entertainment
Corporation common stockholders
$(115,109)
$(148,485)
Per share – basic and diluted:
Loss from continuing operations
applicable to Six Flags Entertainment
Corporation common stockholders
$ (2.11)
$ (2.67)
Loss from discontinued operations
applicable to Six Flags Entertainment
Corporation common stockholders
$ –
$ –
Net loss applicable to Six Flags Entertainment
Corporation common stockholders
$ (2.11)
$ (2.67)
Weighted average shares outstanding – basic and diluted
54,593
55,625
The following table sets forth a reconciliation of net loss to Adjusted EBITDA and Free Cash Flow for the periods shown (in thousands):
Three Months Ended
March 31,
2012
2011
Net loss
$(115,043)
$(148,567)
Loss from discontinued operations
35
36
Income tax benefit
(3,756)
(7,085)
Restructure costs
–
26,602
Reorganization items, net
554
500
Other income, net
(781)
(356)
Equity in loss of investee
320
1,156
Interest expense, net
11,363
16,520
Loss on disposal of assets
1,643
1,977
Amortization
4,502
4,513
Depreciation
36,993
39,522
Stock-based compensation
17,009
14,303
Impact of Fresh Start valuation adjustments (2)
242
374
Modified EBITDA (3)
(46,919)
(50,505)
Third party interest in EBITDA
of certain operations (4)
1,285
1,420
Adjusted EBITDA (3)
$ (45,634)
$ (49,085)
Cash paid for interest, net
(5,824)
(7,014)
Capital expenditures (net of property insurance recoveries)
(35,811)
(22,842)
Cash taxes
(4,633)
(2,962)
Free Cash Flow (5)
$ (91,902)
$ (81,903)
Balance Sheet Data
(In Thousands)
Balance Sheet Data
March 31, 2012
December 31, 2011
Cash and cash equivalents
(excluding restricted cash)
$ 69,384
$ 231,427
Total assets
2,524,493
2,648,178
Current portion of long-term debt
38,279
35,296
Long-term debt (excluding current
portion)
918,209
921,940
Redeemable noncontrolling interests
440,427
440,427
Total equity
636,692
767,148
Shares outstanding
54,121
54,642
(1)
Revenues and expenses of international operations are converted into U.S. dollars on an average basis as provided by GAAP.
(2)
Amounts recorded as valuation adjustments and included in reorganization items for the month of April 2010 that would have been included in Modified EBITDA and Adjusted EBITDA, had fresh start accounting not been applied. Balance consists primarily of discounted insurance reserves that will be accreted through the statement of operations each quarter through 2018.
(3)
“Adjusted EBITDA”, a non-GAAP measure, is defined as the Company’s consolidated income (loss) from continuing operations:
(i) excluding the cumulative effect of changes in accounting principles, fresh start accounting valuation adjustments, discontinued operations, income tax expense or benefit, reorganization items, restructure costs, other income or expense, gain or loss on early extinguishment of debt, equity in income or loss of investees, interest expense (net), amortization, depreciation, stock-based compensation, gain or loss on disposal of assets, interests of third parties in the Adjusted EBITDA of properties that are less than wholly owned by the Company (consisting of Six Flags Over Georgia, Six Flags Over Texas, Six Flags White Water Atlanta and Six Flags Great Escape Lodge & Indoor Waterpark (the “Lodge”), and (ii) plus the Company’s share of the Adjusted EBITDA of dick clark productions, inc. The Company believes that Adjusted EBITDA provides useful information to investors regarding the Company’s operating performance and its capacity to incur and service debt and fund capital expenditures. The Company believes that Adjusted EBITDA is useful to investors, equity analysts and rating agencies as a measure of the Company’s performance. The Company uses Adjusted EBITDA in its internal evaluation of operating effectiveness and decisions regarding the allocation of resources. In addition, Adjusted EBITDA is approximately equal to “Parent Consolidated Adjusted EBITDA” as defined in the Company’s secured credit facilities, except that Parent Consolidated Adjusted EBITDA excludes Adjusted EBITDA from equity investees that is not distributed to the Company in cash on a net basis and has limitations on the amounts of certain expenses that are excluded from the calculation. Adjusted EBITDA is not defined by GAAP and should not be considered in isolation or as an alternative to net income (loss), income (loss) from continuing operations, net cash provided by (used in) operating, investing and financing activities or other financial data prepared in accordance with GAAP or as an indicator of the Company’s operating performance. Adjusted EBITDA as defined herein may differ from similarly titled measures presented by other companies.
“Modified EBITDA”, a non-GAAP measure, is defined as Adjusted EBITDA plus the interests of third parties in the Adjusted EBITDA of the properties that are less than wholly owned (consisting of Six Flags Over Georgia, Six Flags White Water Atlanta, Six Flags Over Texas, the Lodge plus the Company’s interest in the Adjusted EBITDA of dick clark productions, inc.). The Company believes that Modified EBITDA is useful in the same manner as Adjusted EBITDA, with the distinction of representing a measure that can be more readily compared to other companies that do not have interests of third parties in any of their properties or equity investments. Modified EBITDA is not defined by GAAP and should not be considered in isolation or as an alternative to net income (loss), income (loss) from continuing operations, net cash provided by (used in) operating, investing and financing activities or other financial data prepared in accordance with GAAP or as an indicator of the Company’s operating performance. Modified EBITDA as defined herein may differ from similarly titled measures presented by other companies.
(4)
Represents interests of third parties in the Adjusted EBITDA of Six Flags Over Georgia, Six Flags Over Texas, Six Flags White Water Atlanta and the Lodge, plus the Company’s interest in the Adjusted EBITDA of dick clark productions, inc., which are less than wholly owned.
(5)
Free Cash Flow, a non-GAAP measure, is defined as Adjusted EBITDA less (i) cash paid for interest expense net of interest income receipts, (ii) capital expenditures net of property insurance recoveries, and (iii) cash taxes. The Company has excluded from the definition of Free Cash Flow the $16.0 million of deferred financing costs related to the Company’s debt refinancing incurred in the fourth quarter of 2011 due to the unusual nature of this item. The Company believes that Free Cash Flow is useful to investors, equity analysts and rating agencies as a performance measure. The Company uses Free Cash Flow in its internal evaluation of operating effectiveness and decisions regarding the allocation of resources. Free Cash Flow is not defined by GAAP and should not be considered in isolation or as an alternative to net income (loss), income (loss) from continuing operations, net cash provided by (used in) operating, investing and financing activities or other financial data prepared in accordance with GAAP or as an indicator of the Company’s operating performance. Free Cash Flow as defined herein may differ from similarly titled measures presented by other companies.

A Very Special Attraction Preview From SeaWorld Orlando Just In Time for World Penguin Day

Joe Kleiman
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Orlando, FL, USA (April 24, 2012 – One Day Before World Penguin Day) — At Pow Wow in Los Angeles, one of the world’s top travel shows,  SeaWorld Orlando designers and marketing execs revealed more details of the park’s 2013 new attraction and its largest-ever expansion, Antarctica – Empire of the Penguin. Details revealed included:
  • Antarctica – Empire of the Penguin will include a first-of-its-kind family adventure ride that utilizes new technology for an experience that can change from visit to visit. Designers also revealed that guests will be able to choose the level of thrill they experience on the ride. Each car seats eight guests.
  • Guests will be introduced to a new SeaWorld star – a young gentoo penguin. The young gentoo becomes the ride’s guide and leads guests on an exciting journey through the dangers and wondrous beauty of the Antarctic.
  • Antarctica – Empire of the Penguin will get SeaWorld’s guests closer than ever – and out among – its colony of penguins including gentoos, rockhoppers, adelies and kings. How close has yet to be detailed, but designers consider the guests’ encounters with the penguins to be the first of their kind in any theme park or zoo in the world.
  • Immersing guests in a colony of penguins means Antarctica – Empire of the Penguin will be the coldest theme park attraction in the world. Designers have declined comment on the engineering it will take to place SeaWorld guests among a colony of penguins whose habitat must stay in the low 30 degrees for comfort.
  • The footprint for Antarctica – Empire of the Penguin is the biggest of any expansion at a SeaWorld or Busch Gardens park. Park execs consider Antarctica – Empire of the Penguin an all-new “realm,” rather than a single attraction. Antarctica’s scope includes the ride, penguin habitat, gift shop and restaurant.  

Background for Antarctica – Empire of the Penguin:

Through the years, SeaWorld Orlando has taken guests to far-flung corners of the globe, immersing them in the character and feel of exotic places and introducing them to unique worlds of adventure.

But no journey is bigger — or as incredible — as the one to come in 2013. It’s a voyage to the bottom-of-the-world, to the coldest and windiest continent, to a place of ice more than 9,000-feet thick. It’s a journey to Antarctica and to the empire of the penguin.

Guests will be surrounded by the sights, sounds and awesome encounters found in this frozen place, embarking on a one-of-a-kind ride and an incredible, first-of-its-kind family adventure.

They’ll experience the mystery and wonder of life on the ice through the eyes of a penguin, sensing the beauty and drama of their often-dangerous habitat. Antarctica – Empire of the Penguin combines closer-then-ever animal connections with state-of-the-art interactive ride technologies for adventures that are different each time.

It’s an all-family experience that could only come from SeaWorld and can only be found at SeaWorld Orlando. “Only SeaWorld and its parks can take you on these journeys or bring these experiences to you,” said Terry Prather, SeaWorld Orlando’s president. “We’re excited about what the future holds for our parks and our fans.”

More details can be found at www.SeaWorldOrlando.com.

Recent Disney Parks Concept Art

Joe Kleiman
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(April 25, 2012) — IPM News presents a selection of concept art for new attractions and venues at the Disneyland Resort in Anaheim, CA, USA and Walt Disney World Resort in Lake Buena Vista, FL, USA.  All artwork, except Rainforest Cafe, is copyright The Walt Disney Company.

 
“Streetmosphere” at Cars Land, Disney Calfornia Adventure.  According to the Disney Parks Blog:
Big and red on the outside, gentle and good-natured on the inside, Red the Fire Truck shows up with his sirens blaring and his bell ringing, heading to meet up with his good buddy, a Volunteer Firefighter. The Firefighter lets everyone know the flowers in the area need watering. It’s “Red to the Rescue,” but each time the Firefighter attempts to use Red’s hose, it backfires on him! In all the fun, the plants manage to get wet, and you might too! 

“Streetmosphere” at Cars Land, Disney California Adventure.  According to the Disney Parks Blog:
Bringing a completely different kind of beat to the street is “DJ’s Dance & Drive.” DJ, the ultimate party car, rolls into town with his giant speakers, built-in disc changer and his very own dance party, led by a girl named Spinner. This gang stops traffic everywhere they go, creating a spontaneous, interactive dance party. Spinner and the crew teach us moves like the Overdrive, the Reverse and the Hairpin Turn, while DJ calls up the hits, from “Life in the Fast Lane” to “Car Wash.” DJ’s going to shift Cars Land into high gear!

Luigi’s Flying Tires at Cars Land, Disney California Adventure.  Although not concept art, this photo is one of three recently released by Disney Parks showing entrance signage at the new Cars Land attractions.  It should be noted that the sign in the lower right corner designates the presenting sponsor on this attraction as Alamo Rent-a-car, the official rental car company of the Disneyland Resort. There is no indication at this time if other auto-related corporate affiliates of the Disneyland Resort, such as Chevron, AAA, or Honda will also sponsor attractions in the new land.

Test Track, Epcot.  The new attraction will be focused on the Chevrolet Design Center, however new new details on the revised attraction have not yet been released.

Tutto Gusto Wine Cellar, Italy, Epcot.  From the Disney Parks Blog:
Gusto takes over the former lobby space of Tutto Italia and extends back toward Via Napoli. The 96-seat Tutto Gusto will be a more intimate space, with décor inspired by an Italian wine cellar with stone walls and floors, and vaulted ceilings and a fireplace in the dining room. Hours will be 11:30 a.m. to 9 p.m.

The chefs have created a small-plate menu that takes guests on a fabulous culinary tour of Italy. There are six sections and all sorts of wonderful tastes: Affettati (cured, sliced meats); Formaggi (Italian cheeses); Panini (sandwiches); Piccoli Piatti (small plates); Cavatappi (a type of pasta), and Dolci (sweets).

With more than two dozen small plates with everything from a taste of prosciutto de Parma to creamy burrata cheese and mussels with white wine, we can’t wait for a taste. The pasta dishes all are made with cavatappi, a corkscrew-shaped pasta, and include three versions: tomato and bufala mozzarella; shrimp, chilis, garlic and tomato; and arugula, potato, pancetta, tomatoes and asiago cheese. Classic Italian!

More than 200 Italian wines, including sparkling, reds and whites, and beers such as La Rossa, Moretti and Menabrea will be offered. Grappas – a distilled drink made from what remains of grapes after they have been pressed for winemaking – will be another specialty, or just sip an espresso or cappuccino.

Rainforest Cafe, Downtown Disney, Walt Disney World.  Owned and operated by Landry’s Restaurants, Rainforest Cafe is receiving an entirely new volcano structure which will be laden with special effects as well as a new bar called the Lava Lounge.  The refurbishment is expected to be completed by October, but the existing operation will remain open during the construction period.

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