Six Flags Entertainment Corporation has announced that its board of directors has approved a plan to allow the company to repurchase an incremental US$500m (£307m, €367m) of its stock.

Since February 2011, the theme park company has repurchased nearly $800m (£491m, €588) worth of its stock.

"Our Board of Directors and management team are confident in the company's future growth prospects and our ability to generate strong recurring cash flow," said Jim Reid-Anderson, chairman, president and chief executive officer at Six Flags.

"In addition to our solid operational performance and nearly five percent dividend yield, an expansion of our stock repurchase plan provides us yet another way to deliver value for our shareholders."

Six Flags owns 18 regional theme parks across the United States, New Mexico and Canada. The company is responsible for US$1.1bn (£675m, €801m) in revenue and has been in existence for over 50 years.

More information on the Six Flags Entertainment Corporation is available here