Six Flags Shares Plummet 16% After Fatal Roller Coaster Incident
Stock hits lowest point since 2009 as company suspends operations on multiple rides.
Six Flags Entertainment Corp. saw its stock price tumble more than 16% on Tuesday, reaching its lowest level since 2009, following a fatal incident at Six Flags Over Georgia. The company also temporarily closed nine roller coasters across six of its parks in response to the tragedy.
On Monday, a parkgoer identified as Hassan Jihad Ibn Kariem, 42, died after falling from the Goliath roller coaster, the tallest ride at the Georgia park. Witnesses reported that Kariem fell, struck the coaster cars multiple times, and landed on the roof of a nearby haunted house attraction. The incident occurred while Kariem was riding with his son on Columbus Day, according to local reports.
Eyewitness accounts described the harrowing moments, with one observer telling local media that the victim "started levitating in the air sideways." Another witness stated that their souvenir photo captured the man's fall. A third witness reported seeing "somebody fly out and just fly into the woods" from approximately 150 feet away.
A spokesperson for Six Flags Over Georgia issued a statement expressing deep sadness over the incident and offering condolences to the victim's family and loved ones. The company stated it is fully cooperating with local authorities in their investigation and providing support to those affected. No further details were released out of respect for the family's privacy.
The cause of the fall remains under investigation. Goliath, which opened in 2006, is described as a hypercoaster reaching speeds over 70 miles per hour.
The stock's decline on Tuesday saw shares trading at $9.98. This incident occurs as Six Flags has been facing financial pressures, with its stock having lost two-thirds of its value over the past three years. Activist investor Jana Partners has reportedly been urging the company to consider a sale.
This marks at least the seventh reported incident at the Georgia amusement park, including a 2006 death on the same roller coaster, attributed by a law firm specializing in amusement park accidents to a likely heart attack. Following Monday's incident, footage showed riders being evacuated from the Goliath cars.
Six Flags is scheduled to report its third-quarter earnings on November 5.