After a rough year in which its stock lost nearly 70% of its value, Six Flags Entertainment (FUN) is turning to a new plan in the Middle East. The firm says Saudi Arabia will open its first park on December 31. The site is called Six Flags Qiddiya City, and it sits in the Tuwaiq Mountains near Riyadh. The park will have more than two dozen rides. It will also have Falcons Flight, which the firm says will be the tallest and fastest roller coaster in the world. The ticket price will start at about $87 for an adult pass. This will be the first Six Flags park built outside North America.
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A Key Part of Saudi Arabia’s New Leisure Plan
The park is part of Qiddiya City, which is an entertainment and sports area that is still under construction. It sits on land that is set to grow to more than three times the size of Paris. The site is backed by the Public Investment Fund through Qiddiya Investment Co. Knight Frank says the full project has a value of nearly $22 billion.
Furthermore, Qiddiya City sits within a group of large projects tied to the Vision 2030 plan. The group includes Neom and The Line. Bloomberg has stated that Qiddiya City may receive more attention than other sites as the plan progresses. In time, Six Flags will be the first site to open in Qiddiya City. Later, the area will add a water park called Aquarabia. It will also host a new stadium for the 2034 FIFA World Cup.
Is FUN Stock a Buy, Hold, or Sell?
Despite the stock’s fluctuating performance, the Street’s analysts hold a relatively optimistic view on the stock. Six Flags boasts a Moderate Buy consensus rating, with an average FUN stock price target at $27.27. This implies an 86.78% upside from the current price.
