PKS Six Flags

As part of its ongoing reorganization efforts, Six Flags (NYSE: PKS) announced today its intention to consolidate Six Flags corporate operations, significantly expanding its presence in New York City; to close its office in Oklahoma City; and to sell its Oklahoma City-based parks. These moves mark further efforts in the company's strategy to streamline operations and focus on major market parks which have the most opportunity for growth. "We continue to evaluate every asset in the Six Flags portfolio with a mission of improving shareholder value," said Mark Shapiro, Six Flags President and CEO. "We're beginning a drive to implement operational strategies that will help reduce debt load and strengthen our brand." Shapiro added, "A strong corporate identity in New York -- a major world entertainment, media and financial capital -- is a vital component of our agenda as we position Six Flags as one of America's leading family entertainment destinations." The company also maintains a small corporate presence in Grand Prairie, TX. In an additional move designed to further streamline the company's operations, Six Flags will be putting its Oklahoma City-based Frontier City and White Water Bay parks on the market. The sale, to be handled by the Staubach Company, is expected to take effect after the 2006 season; both parks will be fully operational during the 2006 season. The sale is subject to the approval of Six Flags' bank lenders. Proceeds would be used for debt reduction and general corporate purposes. "While it's obviously our intention to derive the highest value possible for our shareholders in this action, we fully expect that we will do so by selling them as theme parks which continue to operate as such over the long haul," said Shapiro. Six Flags, Inc. is the world's largest regional theme park company. Forward Looking Statements: The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. These risks and uncertainties include, among others, the costs of reviewing and responding to the unsolicited offer and consent solicitation, and other impacts of the proposed offer on Six Flags' operations. Although Six Flags believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including factors impacting attendance, such as local conditions, events, disturbances and terrorist activities, risks of accidents occurring at Six Flags' parks, adverse weather conditions, general economic conditions (including consumer spending patterns), competition, pending, threatened or future legal proceedings and other factors could cause actual results to differ materially from Six Flags' expectations. Reference is made to a more complete discussion of forward-looking statements and applicable risks contained under the captions "Cautionary Note Regarding Forward-Looking Statements" and "Business - Risk Factors" in Six Flags' Annual Report on Form 10-K for the year ended December 31, 2004, which is available free of charge on Six Flags' website at www.sixflags.com