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Business is typically booming at theme parks over the summer. This year, the weather has consistently put a damper on operations.

As a result, it’s driving down traffic at popular theme parks around the country. Unfortunately, with Tropical Storm Hilary bringing heavy rain and the possibility of significant flooding to California and Nevada, these theme park operators might not be out of the woods just yet.

Bad conditions, from excessive rainfall, high temperatures and smoke deriving from the Canadian wildfires, was a “clear driver of traffic weakness” for Six Flags Entertainment, SeaWorld Entertainment and Cedar Fair during the second quarter, according to research note from Macquarie analysts Paul Golding and Emma Liang.

During a recent earnings call, Six Flags Entertainment CEO Selim Bassoul said the company lost “almost 400,000 in attendance.”

CFO Gary Mick added that the company’s attendance growth fell short of expectations due to challenging weather, which consisted of “unusually high rainfall in the Northeast, combined with a record heat wave in the South.”

Mick further noted that it’s “hard to make up for the lost revenue in the first half.” In fact, moving forward, Mick said the company needs “to have fairly good weather to collect what was hampered by the weather in the first half.”

The company, according to Mick, has plans to look at adding more indoor venues, more air-conditioned venues and more air-conditioned restaurants.

Bassoul also noted that the company is still seeing “promising trends despite weather challenges.” Pass sales are strong, and attendance trends are improving, he said.

Cedar Fair CEO Richard Zimmerman said unprecedented rainfall and extreme temperatures had plagued its East Coast parks as well as California parks earlier in the season.

“The persistent rainfall meaningfully disrupted demand over the first half of the year as well as sales of 2023 passes, which will continue to be a headwind on attendance over the balance of the year,” Zimmerman said.

The chief executive also noted that cooler-than-normal temperatures had a major impact on attendance at four of the company’s stand-alone water parks in Texas, including Cedar Point Shores, Knott’s Soak City and two Schlitterbahn water parks.

He also said attendance was hurt at Canada’s Wonderland and several of other U.S. parks due to “public health concerns over poor air quality caused by the ongoing Canadian wildfires.”

Still, the company noted that “while demand challenges have been persistent in certain key markets, most notably in California, our solid performance at parks operating under normal conditions underscores the resilience of our business model,” he added. 

SeaWorld CEO Marc Swanson said the combination of unusually hot and cold weather, rain and the fallout from Canadian wildfires “impacted most of our markets during the quarter.”

CFO Jim Forrester said revenue in the quarter fell 1.7 percent to $496 million when compared to the same period a year ago, which he attributes to the “decrease in attendance of 2 percent.”

That said, Swanson reported that the company is “planning new initiatives for the balance of this year and next year that will make us an even stronger, more profitable and more resilient business.”

“We have high confidence in the plans we are executing on today and for the future and in our ability to deliver substantial operational and financial improvements that will lead to meaningful increases in shareholder value,” he said.

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Business

Thames Water faces investigation over late delivery of environmental schemes

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Thames Water faces investigation over late delivery of environmental schemes

Thames Water is being investigated over late delivery of environmental improvement schemes, the industry regulator has announced.

Ofwat said the enforcement case against the company, currently fighting to secure its financial future amid a £19bn debt pile, aimed to determine whether it had breached its legal obligations.

The watchdog said that Thames Water itself had been in contact to alert it and the Environment Agency that it will be unlikely to deliver more than 100 of 812 improvements it had promised by a 31 March deadline.

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The schemes fall under the Water Industry National Environmental Programme (WINEP) during the current 2020-2025 pricing period.

That concludes at the end of March when Thames customers face inflation-busting increases to bills over the next five years from April to pay for further infrastructure improvements, which include widespread storm overflow upgrades to prevent sewage spills.

Lynn Parker, Ofwat’s senior director for enforcement, said: “Customers have paid for Thames Water to carry out these essential environmental schemes.

“We take any indication that water companies are not meeting their legal obligations very seriously. Therefore, we have launched an investigation to understand whether the delayed delivery of environmental schemes means that Thames Water has breached its obligations.

“If we find reason to act, we will use our full range of powers to hold Thames to account for any failures and will require them to put things right.”

The regulator ultimately has the power to fine the relevant part of the business up to 10% of its annual turnover.

Previous, and recent, penalties paid by Thames include an £18m fine in December for breaking shareholder payout rules while it was also slapped with a £104m bill last summer for sewage failings.

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Water bills ‘an absolute disgrace’

Thames Water is grappling with pressure over improvements to its day-to-day operations while scrambling to secure its financial future.

It has previously warned it will run out of money next month, raising the prospect of the utility entering a special administration regime, unless new financing and new equity are secured.

The company’s preferred rescue plan is currently hanging in the balance due to a High Court fight between bondholders.

Thames is also yet to confirm whether it will appeal Ofwat’s final ruling on how much it is allowed to raise bills during 2025-30.

The average water and wastewater bill across England and Wales is set to go up from £480 to £603 during 2025/26 alone – an increase of about £10 a month.

Thames Water’s 16 million customers face a 31% hike to £639 – a rise of £151.

It had sought an increase above 50% across the pricing period.

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A Thames Water spokesperson said of the investigation: “We note Ofwat’s decision to open an enforcement case into the delayed delivery of WINEP7 and will cooperate fully.

“Customers will not pay twice for investment that has already been funded through customer bills.

“We’ve been very open about the challenges of delivering all the elements of our WINEP 7 programme, which has been impacted by cost increases that are higher than the inflation index applied to our allowances. We informed Ofwat of this in August 2023.

“We remain committed to delivering all our WINEP commitments.”

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UK

Police arrest man over alleged firearm possession and bomb hoax after ‘challenging’ operation in Sheffield

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Police arrest man over alleged firearm possession and bomb hoax after 'challenging' operation in Sheffield

Police have made an arrest after a man barricaded in a flat in Sheffield allegedly had weapons.

Officers were first called to a block of flats in Broad Street at around 7pm on Monday to deal with a man said to be “a risk to himself”.

Residents were evacuated and spent Monday night at a sports centre, while nearby main roads were closed.

Those roads, including Sheffield Parkway – one of the main roads from the centre to the M1 motorway – have now been reopened and public transport has resumed as police reduced their cordon overnight on Tuesday, into Wednesday.

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But the building remains closed and residents are still evacuated and unable to return to their properties.

A statement from South Yorkshire Police on Wednesday said: “On Monday, just after 7pm, we responded to concerns for a man inside a property on Broad Street, alleged to have weapons and pose a risk to himself.

“Today, a 47-year-old man has been arrested on suspicion of affray, criminal damage, possession of a firearm, threats to kill and communicate with a bomb hoax. He remains in police custody at this time.

“We would like to thank those who have been affected for their continued support while emergency services conduct their work. Your support is greatly appreciated.

“A further update will be provided when the building is reopened.”

The force previously described the operation as “challenging”.

The Sheffield Star reported that thousands of commuters were affected by road closures on Tuesday morning, with some spending three hours trying to get to work.

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Science

1,300-Year-Old Gold Hoard Found Near Dutch Village Hints at Pagan Rituals

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1,300-Year-Old Gold Hoard Found Near Dutch Village Hints at Pagan Rituals

A significant discovery has been made near the Dutch village of Hezingen, where a 1,300-year-old hoard of gold and silver has been unearthed. The site, located approximately 130 kilometers east of Amsterdam, is believed to have been used for pagan rituals. The artifacts include more than 100 gold and silver coins, jewelry and other valuables, indicating the presence of a religious offering site. The term “devil’s money” was used by Christian missionaries at the time to condemn such practices, as per reports. Researchers believe the site may have been a place of worship in response to the growing influence of Christianity in the region.

Findings Indicate Pagan Ritual Practices

According to the study published in Medieval Archaeology, the discovery comprises multiple deposits of gold and silver, suggesting repeated offerings over time. The coins originate from various Frankish mints, dating back to the first half of the seventh century. Some jewelry pieces exhibit Germanic animal-style motifs, while others reflect Roman influences. The presence of large silver and gold fragments, possibly used as currency by weight, further indicates the site’s significance. Geochemical analysis has also revealed traces of decayed bones, suggesting that animal sacrifices may have taken place alongside these offerings.

Historical Context and Archaeological Evidence

Jan-Willem de Kort, archaeologist at the Cultural Heritage Agency of the Netherlands and lead author of the study, stated to Live Science that the site was within an area traditionally linked to Saxon communities, although the term “Saxons” may have been a broad classification used by outsiders. The region was once near the Lower German Limes, a former boundary of the Roman Empire before its decline in the fifth century. Some local inhabitants may have served in the Roman auxiliary forces, but by the sixth and seventh centuries, the site appears to have been dedicated to pagan rituals.

Architectural Features and Ritual Significance

During excavations, a line of 14 postholes aligned with the east-west axis was identified. Some of the metal artifacts were found in these postholes, suggesting that they may have once held wooden posts used in rituals. De Kort suggested that the central posts could have supported a “holy pillar,” a feature referenced in early Christian texts as an element of pagan worship. The alignment of these structures with the equinoxes indicates a possible connection to agricultural cycles, where offerings might have been made to ensure fertility and a successful harvest.

Christian Influence and Suppression of Pagan Practices

Historical records indicate that early Christian missionaries opposed these rituals. A ninth-century Saxon baptismal promise explicitly required converts to renounce “diobolgeldæ,” or “devil’s gold.” This aligns with efforts by Christian rulers, such as Charlemagne, to eradicate pagan customs in the region. The persistence of such offerings despite these efforts suggests that some communities continued their traditional practices in defiance of Christian influence.

Cultural Significance of the Discovery

The artifacts provide valuable insights into the religious landscape of early medieval Europe. The hoard not only reflects the material wealth of the time but also highlights the resistance of local communities to the Christianisation process. The site near Hezingen represents one of the most well-preserved examples of pagan ritual practices from this period, offering a glimpse into the region’s complex cultural and religious history. Further analysis of the artifacts and site may provide deeper understanding of the transition from pagan traditions to Christian dominance in medieval Europe.

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