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Six Flags Entertainment Corp. cut its outlook for a second time this year and took a $1.5 billion charge on its third-quarter results after overestimating the performance of its parks. “Our efforts to stimulate demand did not achieve the desired returns and our decision to shift to more advertising spend earlier in the year in an effort to drive consumer awareness further impacted third quarter results, particularly at our underperforming parks,” Chief Executive Officer Richard Zimmerman said in a statementBloomberg Terminal Friday.
