Ownership matters. When a large company goes public and is traded among the slack-jawed loser clan, which is the vast majority, the company’s personal identity gets lost, and its value disappears most of the time.  That was certainly the case when Lucasfilm was sold to Disney.  George Lucas wanted all his Star Wars employees to have something to do while he retired, and the Disney people ruined the franchise, much to his frustration.  But that is the cost of private ownership that goes public and is traded among thieves, losers, and short-term bandits.  And that was what I was thinking at this year’s Halloween Haunt at Kings Island, which was recently bought out by Six Flags as they merged with Cedar Fair Amusement Parks.  Six Flags has made Kings Island worse, not better, and its brand has pulled down the popular Cincinnati amusement park.  When we talk about problems with capitalism, the flow of money, and the protection of private ownership, what has happened to some of these companies that go public is an important lesson.  And in the case of Kings Island, I have watched it all my life as it was initially owned by the Taft Broadcasting Company to create a family-friendly entertainment destination near Cincinnati. Back then, its rival to the north, Cedar Point, forced the two to outdo each other constantly, and the two parks developed their identities through direct competition, which made them what they are today.  But of course, when you build something good, there are always people who will want to take that value for themselves, so this concept of publicly traded companies is a real problem, because it facilitates the sale of value, and once that happens, a company loses itself once its personal identity is sold to the whims of collectivism.  In 1992, Paramount Communications bought Kings Island in an attempt to turn it into more of a Universal Studios, but that didn’t work out well, so they sold it to their rival, Cedar Point, owned by Cedar Fair Entertainment, in 2006.   

I thought Cedar Fair Amusements did an excellent job with Kings Island and the other parks it owned, because it understood what Midwest thrill parks were all about.  The problem was that amusement parks in the northern part of the state had to close during the off-season because it was too cold.  And competition from Six Flags, which operates mainly in the south and runs year-round, strains cash and makes shareholder returns challenging.  So, looking to generate year-round revenue as a large company, Six Flags joined with Cedar Fair and kept Six Flags as the parent company.  And Kings Island has suffered because of it.  Not that I’m thinking cheap about things, but this is the first year the Halloween Haunt has charged for its haunted houses on site.  I get it, it’s an expensive operation to hire all those actors and dress them up every night for full-scale haunted houses that rival everything on the open market during Halloween season.  Halloween Haunts is my favorite time to visit Kings Island.  I love the late-night operating hours, the cool nights, and the general atmosphere.  We invest pretty heavily in Gold passes for our entire family every year so we can all go there together, and that is my favorite time to attend.  So I was not happy to see that Six Flags started charging separately for all the haunted houses, and that they were taking Kings Island down the money-grab hole deeper than they had before. 

Now, this is the problem with publicly traded amusement parks.  During COVID, Kings Island was hit hard by ridiculous health regulations that nearly killed the company for a few years and drained it of cash.  And without question, it pushed them into this merger with Six Flags, seeking all year revenue on cash flow, making them appear to the public desperate.  Which then blows the whole entertainment vibe.  If people are having fun, they’ll spend money.  But if an amusement park starts looking desperate — which the year-round parks do, including Disney World — it becomes a drain that causes a lot of pain.  And not very fun.  What Six Flags has done to Kings Island is similar to what has happened to Disney World.  All the parks have fallen into the Fast Pass game, where they try to make the wait lines for rides excessively long so visitors will buy a Fast Pass to skip them.  They have done that at Disney World and Universal for years, and now they have adopted it at Six Flags and, ultimately, at Kings Island.  And when a Gold Pass doesn’t buy you much of anything special anymore, it’s almost cheaper to get general admission when you do want to go and to go less often.  Because the advantages of going all the time go away.  At Kings Island this year, the ride lines were really long —several hours long for the premier rides —because people weren’t waiting in the lines for the haunted houses like they usually do, since they cost money.  This forces people to buy Fast Passes to shorten the lines.  And it just took the fun out of the whole experience.

For instance, we were at Disney’s Hollywood Studios not that long ago, and my grandkids wanted to ride Slinky Dog.  We weren’t crazy about it because it’s not as exciting as the kinds of rides they have at Kings Island.  But it was a Toy Story-themed ride, and all my kids love that movie series, so they wanted to ride it.  It just so happened it had been raining heavily and had just stopped.  So they reopened the ride, and we were standing right at the front of the line when they did.  So we figured we’d jump right on.  The ride would be worth it if we only had to wait a few minutes.   We ended up waiting 45 minutes in line because they opened the fast-pass lane and let everyone ride first.  The standard line was now a holdover non-premium experience, and the girl at the front, who had a chart on how to fill the lines, tried to explain it all to me, not very well.  I had spent $20,000 on a vacation package to Disney World for my family, and here I was being told that wasn’t enough.  Give me a break.  And now, Kings Island had that same attitude, and it was a real turn-off.  A money grab to make shareholders happy with short-term gains, by destroying the long-term viability of the entertainment value.  And nobody cared because now everyone was doing the same thing: Six Flags, Universal, and, of course, Disney World.  It was a shame to see that Kings Island was now just like everyone else.  And it all started with COVID-19, another thing permanently ruined by the government’s overreach in the healthcare industry.  And it was not nearly as fun as it used to be, as most things are when they lose their identity as a privately held company, now driven by public sentiment, which is often short-sighted and greedy in its narrow scope.  And at Kings Island now, it shows.  What made Kings Island better than other parks was that at least they were owned by a Ohio based company that understood the Midwest, and they were different from the other parks.  But now, they are all the same, and none of them very good.  

Rich Hoffman

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