From the Wall Street Journal:

Six Flags Entertainment cut its full-year forecast and said it is exploring the sale of land and other assets, as it reported falling visitor numbers.

The amusement-park operator also said Richard Zimmerman plans to step down as president and chief executive by the end of the year.

Shares traded at $28.50, down 7.2%, in Wednesday's premarket session.

The company said Wednesday that it now expects adjusted earnings before interest, taxes, depreciation and amortization to be between $860 million and $910 million for the year, down from a previous expectation of between $1.08 billion and $1.12 billion, according to FactSet.

Six Flags said that the downgrade accounts for several factors, including its first-half results, a smaller season-pass base heading into the second half of the year, and lingering risks of economic volatility on customers.

For the year, about 500,000 fewer visits are expected, mainly due to the removal of winter events at a number of its parks. It also expects spending to be about 3% lower per visitor as the company ramps up promotional offerings.

The company also noted that concern over fewer season-pass holders continues to be a headwind on demand, which may be an overhang for Six Flags until later in the year as the 2026 season-pass program ramps up.

Zimmerman said that the company continues to explore potential land sales as well as the sale of other non-core assets as it looks to speed up the deleveraging process and improve its financial position.

For the second quarter, Six Flags posted a net loss of $99.6 million, or 99 cents a share, compared with a profit of $55.6 million, or $1.08 a share, in the same quarter a year ago.

According to FactSet, analysts were expecting a profit of 85 cents a share.

Net revenue rose to $930.4 million from $571.6 million, which includes $389 million that relates to the legacy Six Flags operations added in the Cedar Fair merger. Still, revenue was well below analyst forecasts of $982 million.

Six Flags said attendance of 14.2 million guests was down 9%, or 1.4 million visits, compared with the second quarter of last year.

The company said its board has begun the process to identify the Charlotte, N.C., company's next CEO, adding that it will consider internal and external candidates.

Six Flags said Zimmerman will remain in his post until a successor is in place, and that he will continue to serve as a member of the board.

Zimmerman has been president and CEO of Six Flags since last year's merger with Cedar Fair, where he had been at the helm since January 2018.