Six Flags’ market cap disappears by $170m after roller coaster crash

Add ARY News on GoogleFollow on Google DiscoverOne person was killed in an incident involving a roller coaster at Six Flags Over Georgia on Monday, according to the Cobb County Police Department.AAResizeSix Flags Entertainment Corporation’s market value was erased after its stock plunged more than 10% after the death at Six Flags Over Georgia near Atlanta.

The stock decline comes after emergency responders and police were dispatched to a death at the park’s signature Goliath coaster.

Witnesses and initial reports said a man fell off the roller coaster, which is 200 feet tall and can reach 70 mph in speed, killing him and injuring a number of other riders.

Video posted online shows park employees helping stranded passengers off the roller coaster as first responders secured the ride and responded to the incident.

Six Flags shares fell sharply in trading after the news, compounding a painful stretch for the amusement park operator whose stock has fallen about 40% over the past year.

This hit to valuation comes at an important operational time period for Six Flags, as parks prepare to host large fall and Halloween events-which historically have been significant contributors to Q4 park visitation and season pass sales.

The company has been the target of activist investor pressure from firms such as Jana Partners, which bought a large stake along with high-profile investors in order to force change and strategic alternatives in response to revenue headwinds and declining attendance.

Local police and park officials have begun a comprehensive investigation to find out what really led to the incident.

“Six Flags is cooperating with law enforcement and has temporarily closed the Goliath ride as well as all similar rides at other Six Flags parks pending the outcome of the investigation,” the company said.

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