Posted
From the press release:
Six Flags Entertainment Corporation (NYSE: FUN) (“Six Flags” or the “Company”), North America’s largest regional amusement park operator, today announced it has entered into definitive agreements to sell seven of its parks to EPR Properties (NYSE: EPR) (“EPR”) for total cash consideration of $331 million, subject to customary purchase price adjustments. The transaction represents a significant milestone in the Company’s disciplined portfolio optimization strategy and is designed to sharpen operational focus while further enhancing its liquidity position.
The parks included in the transaction are Valleyfair (Minneapolis, Minn.), Worlds of Fun (Kansas City, Mo.), Michigan’s Adventure (Grand Rapids, Mich.), Schlitterbahn Waterpark Galveston (Galveston, Texas), Six Flags St. Louis (St. Louis, Mo.), Six Flags Great Escape (Queensbury, N.Y.) and Six Flags La Ronde (Montreal, QC). Collectively, the parks entertained approximately 4.5 million guests for the full year ended Dec. 31, 2025, generating approximately $260 million in net revenue and approximately $45 million in Adjusted EBITDA. Cash proceeds, after taxes and transaction expenses, will be used to pay down debt. On an after-tax basis, net proceeds are expected to be slightly beneficial to the Company’s leverage ratio.
BrettV:
That said, I have a feeling these seven parks have a better chance of not being the next Geauga Lake or Six Flags America with this transaction.
That's my sense too, and so this seems like a better outcome than many.
The interesting thing is what this will do to season pass sales for next year already. Living in WI, I was looking forward to the potential of having more regional parks on our pass than just SFGAm. Guess we'll be heading to WOF and Valleyfair while we can.
The market did, at least today, seem to like this news....
I got a kick out of this from the FAQ on the corporate website:
Six Flags:
Is my Dining Pass / Fast Lane / Photo Pass / Drink Plan still valid?
Details on how these programs will be handled are still being worked through and information will be shared prior to completion of the sale of these seven parks. Per the Terms and Conditions of your dining plan, participating locations and menus are subject to change. Consistent with that provision, we are updating the participating parks for the 2026 season to reflect the new Six Flags portfolio. To ensure you are receiving fair value for your dining plan purchase, we are providing you with a $10 credit to be used in F&B at your home park this season.
"Sorry we sold your home park after you bought a $125.00 dining plan. Here's ten bucks for half a cheeseburger"
I completely forgot EPR already owned Darien. I wonder how long the contract is for the Name and Operations?
It also makes sense for them to take over the other parks on leased land such as LaRonde and Galveston. It’s been clear they don’t what things they don’t have full control of (selling the land at CGA after dealing with the city and 49ers / buying out the option at SFOG)Which probably also reflects the lowness of the sale price overall.
I mean CF paid 40 mil for WoF in 95, which is roughly 85 mil today.
If EPR can’t handle the new scale, I bet Hereschends would be interested in at least WofF and VF, and maybe MA, at a discount rate but they also are now sitting on a mountain of debit more then ever.
I am also curious if they will license the Schlitterbahn name post 26 for Galveston. SF would prob like some licensing money without the headaches.
Worlds of Fun, based on Jules Verne's "Around the World in Eighty Days," has to be the most unappreciated, underinvested "theme park story" that could have been developed like an Efteling park but nobody ever had the visionary leader to get it there. Kind of sad and I don't think Enchanted Parks, another Keiran Burke attempt at being a park operator, will see the uniqueness of what could be.
The books of Jules Verne are considered to be "voyages extraordinaires" and that is a theme park experience that would excite me!
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