Great America: Bankruptcy will have no impact on our park

The international amusement park company Six Flags filed for bankruptcy protection Saturday to shed $1.8 billion in debt, but officials at Great America in Gurnee say neither employees or visitors will feel the jolt.

Great America President Hank Salemi characterizes the bankruptcy filing as a parent-company issue unrelated to his still profitable park.

"We are excited," Salemi said of the amusement park's summer season, now getting underway.

As a sign of stability, Salemi pointed to the park's decision to open three weeks earlier than normal and hire the standard 3,200 employees needed for the season.

"There will not be any visible ramifications to our guests," he said.

Six Flags Great America, near I-94 in Lake County, had 25 million visitors in 2008 and posted record revenues.

But the parent company, which operates 20 theme parks across North America, hasn't turned an annual profit since 1998.

Mark Shapiro, the New York-based company's chief executive officer, said Saturday the Chapter 11 filing won't affect operations at any park.

"No one should be confused about what a bankruptcy process means for Six Flags," Shapiro said in a news release.

Shapiro said the company is seeking court approval for a pre-negotiated deal with lenders to eliminate $1.8 billion in debt. The bankruptcy petition lists assets of $3 billion and debt of $2.4 billion as of the end of 2008.

The move to bankruptcy came after a failed bid to negotiate an out-of-court deal with creditors.

Salemi says the international recession hasn't negatively impacted the Gurnee theme park because families see it as a cost-effective alternative to out of state vacations.

He declined to release attendance figures for the year, but he said it has been a "good start."

Gurnee Mayor Kristina Kovarik said taxes from the park have been "strong" so far this year, signaling that business is brisk despite the economy. She couldn't provide detailed figures Saturday.

"We can also tell by the traffic coming in and out of the park," Kovarik said. "Their attendance is very strong this year."

In early April, Gurnee officials said they expect a slight drop in amusement taxes collected at the park, which usually stands at $2 million. The village is also counting on $15.3 million in sales tax revenue.

Six Flags shares have traded below $1 since September. They closed at 26 cents on Friday.

• Daily Herald news services contributed to this report.