Six Flags is synonymous with excitement, laughter and screams of joy. However, in June 2006, investors weren't laughing. As KMGH Denver reports (2006), Six Flags Inc. shares fell sharply on Friday as debt rating agencies lowered their outlook on the amusement park operator after it said attendance and revenue had fallen. (para. 2). BACKGROUND The Six Flags "History" website (2011) states that crowds flocked to Six Flags over Texas when the park opened in 1961. Six themed sections, modeled on the culture of the six countries whose Flags flew over Texas during the state's colorful history, created a spectacular and magical environment for guests and gave the park its name. Creative theming gave guests the chance to experience places and times that previously existed only in their imaginations, including cowboy, French and Spanish cultures, and even Southern belles and pirates. (para. 4). Six Flags built two more parks in the late 1960s and early 1970s. These three parks would be the only theme parks opened and built under the Six Flags name. In deciding on a strategy, the organization has chosen a growth strategy. The plan was to purchase existing smaller amusement parks around the world. At one time, Six Flags acquired and operated 46 parks, with most acquisitions occurring in the late 1990s. The new parks bore the Six Flags name, but the theme of the original park was not retained. Each new park was customized, including one that operated a Sea World annex and another an aquarium. The organization, however, added water parks to most facilities that didn't already have one available. According to Wheelen & Hunger (2010), [Bill] Gates started buying Si...... half the paper.... ..rott, E. (2009). Six Flags files for bankruptcy. Retrieved from http://articles.moneycentral.msn.com/Investing/Extra/six-flags-files-for-bankruptcy.aspx.KMGH Denver (2006, June 23). Six Flags considers sale of Elitch Gardens, Money. Retrieved from http://www.thedenverchannel.com/money/9415831/detail.html?rss=den&psp=moneyMSN Money. (2011). SIX. Retrieved from http://investing.money.msn.com/investments/stock-price?symbol=SIX.Shapiro, M. (2005). Six Flags' new CEO outlines strategy. Retrieved from http://articles.latimes.com/2005/dec/15/business/fi-sixflags15.“Report on the presence of TEA/ERA theme parks”. (2007) Retrieved from http://www.connectingindustry.com/pdfs/TEA-ERAAttendance06.pdfWhellen, T. L. & Hunger, D. J. (2010). Strategic Management and Business Policy: Achieving Sustainability (12th ed.) Upper Saddle River, NJ: Pearson Prentice Hall.