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Warner waves its Flags deal

Park failed to meet attendance expectations

MADRID — The Warner Bros. Park here ended its deal with amusement park operator Six Flags on Tuesday amid spiraling losses and falling attendance.

The 99-year contract, which began when the park opened in 2002, ends “without any economic compensation.”

However, Warner Bros. will, for the first time, license its name and trademark characters to an amusement park without Six Flags operating.

Warners took on the 4% stake of outgoing Six Flags operating company, MWM management.

Expecting 2.4 million visitors a year, the theme park did not reach half that figure in 2003 with 1.1 million.

It reported losses of $14.2 million in 2002 and $41.9 million in 2003 and expects dire results for 2004.

Jesus Sainz, president of the theme park since June 23, will lead an internal team of temporary management presenting a possible plan of attack in the coming weeks.

Park is located in San Martin de la Vega, a 40-minute drive from Madrid.

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