Six Flags sells 7 parks for $312 million: SFMM and HH not included in sale.

Thursday, January 11, 2007 9:46 AM
Submitted as news but figured people would want to know about this now. It's official that 7 SF parks are being sold. Magic Mountain will stay in the SF family.

Click here.

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Thursday, January 11, 2007 9:52 AM
Wow! It sounds like a very smart business decision and gives hope for the future of Six Flags. I'm actually excited by this news.
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Thursday, January 11, 2007 9:57 AM
So is PARC going to operate the properties as amusement parks? To me it didn't sound clear.
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Thursday, January 11, 2007 9:59 AM
^ That was my interpretation from reading the article.
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Thursday, January 11, 2007 10:13 AM
Right in the headling it says "purchase and operate" so yes I would say they will run them as parks.
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Thursday, January 11, 2007 10:37 AM
Time to hold my breath for the fantastic new 312 million dollar coaster at SFGAm!
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Thursday, January 11, 2007 10:48 AM

As part of the arrangements for the acquisition, PARC will simultaneously sell the parks to CNL Income Properties Inc. (CNL), a Florida-based real estate investment trust, and lease back the parks from CNL pursuant to long- term leases. The sale is subject to satisfaction of customary closing conditions, including clearance under the Hart-Scott-Rodino Act and receipt of necessary third-party consents. The transaction is expected to be completed in March 2007.

This would be the defining paragraph for those interested in the long term utilization of this land as amusement facilities. We will see how this plays out.

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Thursday, January 11, 2007 10:49 AM
Quick question.
It says that season pass from these parks will be honored at six flags.
But it doesn't say if you can use a six flags pass from other parks at these parks.
even if you purchased before this deal.
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Thursday, January 11, 2007 10:53 AM
Sounds like they'll try to make Magic Mountain work. I hope they can pull it off.
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Thursday, January 11, 2007 10:54 AM
In other CNL news...
http://www.hotel-online.com/News/PR2004_3rd/Aug04_CNLIntrawest.html

I'm finding *squat* on PARC. Anyone else have better luck?

Edit: Not *official confirmation* by any means, but there is THIS in regards to '07 Season passes...
"The Company noted that obligations with respect to 2007 season passes and any committed park events, including group bookings and the previously announced Dream Nite promotion, will continue to be fulfilled under the new park ownership."

*** Edited 1/11/2007 3:58:55 PM UTC by rollergator***

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Thursday, January 11, 2007 11:13 AM
In regards to the sale...

...us who live in the Western New York region probably couldn't be more relieved. There were very little reasons to visit the park in the past due to neglect (two water slides in 4 years investment, a park doesn't make!).

...with the seven parks now operating out of Six Flags hands and into another company (of which I know nothing about and what their reputation is), Darien Lake will be the largest in the new "chain". ;)

...They said that all Six Flags branding at Elitch Gardens & Darien Lake will be removed... does that mean that they're goign to trash it, hold an auction, free-for-all, or just give it back to Six Flags?

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Thursday, January 11, 2007 11:18 AM
^^ Take back everything previously said, here's their website, does sound legit:

http://www.parcmanagement.com/

*** Edited 1/11/2007 6:21:45 PM UTC by jomo***

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Thursday, January 11, 2007 11:20 AM
This right here, is history in the makin'!

Uh, yeah. Can't wait to hear more. I hope this means that Eltich and Darien Lake will get more attention, but I just hope that PARC knows what it's doing (and getting itself into). Still, though, $44 mil (and change) for each park seems a little low to me, although that might have been the highest offer on the table. *** Edited 1/11/2007 4:22:50 PM UTC by Arson***

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Thursday, January 11, 2007 11:26 AM
I saw that the combined attendance for the parks was 3.6 million, but what made the company decide to sell these particular parks? I am happy to see that the "major" parks are staying, but what made SFDL go and not parks like Fiesta Texas (I'm not putting Fiesta Texas down at all, I am just saying both parks aren't really on the "major" map). Was it location or did Darien Lake have low attendance?

On a side note, I am happy to see that the parks and the whole transaction has already been processed. This could be a huge turnaround. About frickin' time.

Hopefully PARC can turn the parks into cleaner and more innovative destinations. *** Edited 1/11/2007 4:28:35 PM UTC by Al-Shabibi***

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Thursday, January 11, 2007 11:34 AM

kevin38 said:
Quick question.
It says that season pass from these parks will be honored at six flags.
But it doesn't say if you can use a six flags pass from other parks at these parks.
even if you purchased before this deal.

Looks like you're ok:

"The Company noted that obligations with respect to 2007 season passes and any committed park events, including group bookings and the previously announced Dream Nite promotion, will continue to be fulfilled under the new park ownership. Although the two Six Flags-branded parks involved in the sale, Darien Lake in Buffalo, NY and Elitch Gardens in Denver, CO, will no longer carry the Six Flags brand under the new ownership, any 2007 season passes purchased at either of those parks will continue to be honored at all Six Flags branded parks throughout the 2007 season"

http://biz.yahoo.com/prnews/070111/nyth086.html?.v=72

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Thursday, January 11, 2007 11:36 AM
^Can't help but think, based SOLELY on my visits and personal observation, that if SFEG or SFDL had been run the way SFFT is run, that the company wouldn't have gotten into the dire straits that caused the sale in the first place.

SFFT might be in the chain for demonstration purposes, so other parks can see what they're doing wrong..."Disney-fication"... ;)

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Thursday, January 11, 2007 11:42 AM
^ In other news, Del Holland better start clearing out his desk. ;)

I can't help but think that this is good news for Six Flags fans. In the LONG run of course!

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Thursday, January 11, 2007 11:47 AM

DWeaver said:^ In other news, Del Holland better start clearing out his desk.

Meh, I've been trying to get him "pink-slipped" since before the California Con....something tells me it's easier to kill Uma Thurman... ;)


edit: A friend showed me where I likely mis-read the season pass thingy. Reading CLOSELY, it seems to suggest that SPs bought *AT* DL or EG will be honored chain-wide, whereas passes purchased elsewhere *probably* won't be honored at EG/DL...

*** Edited 1/11/2007 4:48:46 PM UTC by rollergator***

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Thursday, January 11, 2007 11:50 AM
In regards to the SFFT / SFDL comparison, SFFT is located in a bigger tourist market, has won awards for its shows, has longer seasons, and as stated above is a prime example of a model park in certain asspects.

SFDL is a nice park, but you have to also look at the factors metioned above.

As for the announcement, I am happy to hear about it. I think it was a smart move.

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Thursday, January 11, 2007 11:58 AM
^ The Fool agrees with you:

http://www.fool.com/investing/dividends-income/2007/01/11/six-flags-slims-down.aspx?source=eptyholnk303100&logvisit=y&npu=y

Conference call tomorrow morning, personally hoping they'll finally announce SFDK and what changes we can expect out here:

http://biz.yahoo.com/cc/4/76284.html

*** Edited 1/11/2007 5:45:21 PM UTC by jomo***

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