Six Flags (NYSE: SIX) is in the middle of a turnaround effort that aims to shed the theme park operator's reputation as a low-rent destination. Crowds have been culled by raising ticket prices and putting an end to heavy discounts, amenities have been improved, and the environment has been made more attractive to families. If the plan works, Six Flags could be a great long-term investment.

But there's a lot that could go wrong, and there's almost no room for error. While Six Flags stock could be interesting for those willing to take some risk, there are a few reasons for less-daring investors to stay away. Here are three to consider.

For years, Six Flags' modus operandi was to increase attendance levels at its parks at all costs. That strategy was successful in the sense that attendance was indeed sky-high, but throngs of guests who got in free or with severely discounted tickets were unlikely to spend a lot of money. Worse, they clogged up lines and made the experience worse for everyone.

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Source Fool.com