Stock drops 14% amid investigation by Georgia authorities

Six Flags Entertainment has temporarily shut down 10 roller coasters across its parks after 42-year-old Hassan Kariem, a charter-school technology teacher from Atlanta, was ejected from the Goliath at Six Flags Over Georgia on Monday and died. The incident brings fresh scrutiny to Six Flags as the company struggles to boost attendance and revenue following its July 2024 merger with Cedar Fair.

Detectives from the Cobb County Police Department and the Georgia Insurance and Safety Fire Commissioner’s office, which oversees amusement parks in the state, are investigating the death. Six Flags said it closed coasters sharing Goliath’s design “out of an abundance of caution.”

Six Flags has operated the Goliath roller coaster near Atlanta for about two decades, propelling thrill-seekers along tubes of American-made steel at 70 miles an hour, according to the company. When the ride was unveiled, the company hailed it as among the most significant new attractions since the park opened in 1967. At 4,400 feet long — nearly twice the length of any of the park’s coasters at the time — Goliath stood as a “steel monster” and a “GIANT among coasters,” the park said in a press release.

Nine of the 10 closed coasters were designed by Bolliger & Mabillard, a Swiss firm widely regarded in the amusement industry for engineering reliable and safe rides. All 10 of the closed rides share the same clamshell-style lap-bar restraint. “I call them the BMW of roller coasters,” said Scott J. Smith, an associate professor at the University of South Carolina who consults for theme-park operators. (He doesn’t work for Six Flags.) “The design is proven.”

The cause of the ejection remained undetermined. “It’s kind of a head-scratcher,” said Martin Lewison, an associate professor of business management at Farmingdale State College who studies the theme-park industry. Years ago, Lewison rode Goliath back-to-back for hours at a theme-park industry event held at Six Flags Over Georgia. “B&M rides are so popular because they’re fun,” he said. “They’re big, they’re fast, they have a lot of forces.”

Among the questions industry observers said remained open: whether the incident was the result of a maintenance issue, a design flaw or operator error, and whether additional seat belts, beyond the lap bar already in place, would have made a difference.

Jimmy Doan, a personal-injury attorney and CEO of the Doan Law Firm who has represented clients in theme-park-related cases, described the accident as “very unusual.” He drew comparisons to the 2022 death of a 14-year-old boy who fell from an amusement-park ride in Florida. In that earlier case, investigators found ride operators had modified the ride so the teenager was admitted despite exceeding the manufacturer’s weight limit, and the ride was closed permanently afterward, Doan said.

The financial fallout was immediate. Six Flags shares fell 14% in Tuesday trading, leaving the stock down more than 80% since the merger with rival theme-park operator Cedar Fair closed in July 2024. The combined company has struggled to lift attendance and revenue since the deal.

The latest incident at Six Flags Over Georgia brings fresh scrutiny on the safety of its rides and risks upending the turnaround campaign that its leaders had under way. A disappointing summer last year prompted the resignation of then-CEO Richard Zimmerman, who had held the same role at Cedar Fair before the merger. Activist investor Jana Partners subsequently disclosed a 9% stake bought as part of a group that also included NFL tight end Travis Kelce, husband of Taylor Swift. More recently, Jana has called for Six Flags to explore a sale. Six Flags declined to comment on the activist pressure.

Before Monday’s incident, the company had reported signs of progress. Second-quarter attendance across the company’s 34 remaining North American theme and water parks was up 4% from a year earlier, with net revenue up 2.4% and season-pass membership up 6%. “The second quarter was an encouraging step in Six Flags’ transformation,” CEO John Reilly said during an August call with investors and analysts. Referencing the availability of rides as one of the most important drivers of guest satisfaction, Reilly said the company had invested more in repairs and maintenance at certain parks to reduce breakdowns. “We will not compromise on safety,” he said.

Last month, Six Flags said it had closed the X2 coaster at its Magic Mountain park in Southern California after multiple lawsuits alleged the ride caused severe brain injuries and at least one death. “While X2 consistently passed a multitude of safety tests, we have decided to close the ride because we believe it’s the right thing to do,” Brian Oerding, Six Flags Magic Mountain park president, said in a statement on the company’s website.

The company has been trimming its footprint to focus on stronger-performing parks. Six Flags sold seven properties — including parks in Missouri, Michigan, New York and Texas — to EPR Properties, and it closed its Maryland park.

Kariem was a member of a popular roller-coaster-enthusiast Facebook group, his cousin She L. Robinson, a publicist, said. He worked at a charter school as a technology teacher and robotics coach, Robinson said. “He was smart as hell,” and “adored his hometown of Atlanta,” Robinson said, adding that he was “a very loving man” who was “great with kids.” Robinson encouraged the public to remember the person behind the headlines.

At the time of the accident, Sabrina Proano was at the park with her 14-year-old daughter and a friend for a Fright Fest event. Several rides had been shut down for maintenance that morning, she said. Around 4:30 p.m. local time, park employees hustled them out and said the park was closing, without giving a reason, she said. Proano, who had bought season passes that day, said she wants her money back. “I’m never going back in my lifetime,” she said.

“Our thoughts and heartfelt condolences remain with the individual involved, their family, friends and loved ones,” a Six Flags spokeswoman said. “We also continue to support the guests and team members affected.”