Six Flags sells 7 parks in US and Canada to EPR Properties for $331 million, shifting focus to higher‑return assets
Six Flags sold seven U.S. and Canadian parks, including Valleyfair and Worlds of Fun, to EPR Properties for roughly $331 million, reallocating capital to higher‑return assets and aiming to reduce debt while maintaining park operations.
- Transaction: Seven regional parks sold to EPR Properties for approximately $331 million (Six Flags) / ~$342 million total per EPR, including working capital and contributions. Six Flags news release, Business Wire • EPR Properties investor release
- Scope: Parks hosted ~4.5 million guests in 2025, generated about $260 million net revenue and ~$45 million Adjusted EBITDA across 1,600+ acres and 418 attractions.
- Operations: EPR will partner with Enchanted Parks for U.S. operations and La Ronde Operations for the Canadian park; season passes and schedules to be honored through 2026.
Sale details and strategic rationale
What happened: On March 5, 2026, Six Flags Entertainment Corporation announced definitive agreements to divest seven parks to EPR Properties. The seller framed the sale as a portfolio‑streamlining move to focus capital and management on higher‑return assets. (Six Flags news release, Business Wire)
CEO commentary: Six Flags CEO John Reilly said the divestiture “enables us to concentrate our capital, leadership and operational focus on the properties that we believe generate the strongest returns and offer the greatest long‑term upside,” calling the step a way to “execute with greater clarity and discipline.”
Parks included in the deal
- Six Flags La Ronde — Montreal (Canada)
- Valleyfair — Minneapolis, Minnesota
- Worlds of Fun — Kansas City, Missouri
- Michigan’s Adventure — Muskegon, Michigan
- Schlitterbahn Waterpark Galveston — Galveston, Texas
- Six Flags St. Louis — St. Louis, Missouri
- Six Flags Great Escape — Queensbury, New York
Local and regional coverage noted the package and its origins following Six Flags’ 2024 merger with Cedar Fair, and clarified the sale does not directly affect Cedar Point in Ohio. (Sandusky Register)
EPR’s deal logic and planned operators
EPR viewpoint: EPR Properties characterized the acquisition as an opportunity to expand its experiential real estate footprint in established regional markets; CEO Gregory Silvers highlighted underwriting coverage of ~2.0x and strong lease and real estate quality. (EPR Properties investor release)
Operators: EPR will partner with Enchanted Parks (formerly Innovative Attraction Management) to operate the six U.S. parks; the Canadian park, Six Flags La Ronde, will be operated by La Ronde Operations, Inc. (Six Flags news release, Business Wire • EPR release)
Operational continuity and guest protections
Guest experience: Officials emphasized minimal disruption — parks will operate on regular schedules and season passes and multi‑park privileges already sold will be honored through the 2026 operating season. EPR expects to retain Six Flags brand rights through 2026 under certain conditions while acquiring non‑Six Flags branded names for the properties. (Six Flags news release, Business Wire)
Quote: “Parks will continue to run on their regular schedules,” the companies said to reassure guests and local communities. (EPR release • CBS Minnesota)
Financial mechanics and note on pricing differences
Price reporting: Six Flags reported gross cash consideration of roughly $331 million; EPR reports ~ $342 million in total consideration after factoring in tenant contributions and working capital items, and says it will fund ~ $315 million directly. These differences reflect typical transactional adjustments and accounting for post‑closing items. (Six Flags news release, Business Wire • EPR Properties investor release)
Scale and performance of the parks
Combined in 2025, the seven properties hosted about 4.5 million guests, generated roughly $260 million in net revenue and about $45 million in Adjusted EBITDA. The group spans more than 1,600 acres and includes 418 attractions, underscoring their role as meaningful regional players even if not the highest‑return assets in Six Flags’ portfolio. (Six Flags news release, Business Wire • EPR release)
Transaction timeline, approvals and advisers
Six Flags and EPR expect the transaction to close by the end of Q1 or start of Q2 2026, subject to customary closing conditions and third‑party approvals. Six Flags engaged Perella Weinberg Partners as financial adviser and Weil, Gotshal & Manges LLP as legal counsel for the sale. (Six Flags news release, Business Wire)
Operational and business risks
The companies cautioned about customary risks: the sale remains subject to closing conditions and approvals, and transition execution risks exist as operations shift to Enchanted Parks and La Ronde Operations. Returns will depend on consumer trends and local market appetite for experiential real estate. (Six Flags news release, Business Wire • EPR release)
Implications for United States — economic, political and social
Economic: The parks’ combined 2025 footprint of ~4.5 million guests and ~$260 million in net revenue supports seasonal jobs, suppliers and local tourism. EPR’s acquisition and planned operator transitions are positioned to preserve summer employment while longer‑term capital plans will determine future investment and job growth. (Six Flags news release, Business Wire)
Political: For policymakers, the move to reduce debt and sharpen capital allocation can be seen as prudent corporate governance after a major merger; officials will watch tax, incentive and capital‑spending implications at the municipal level.
Social & cultural: Parks such as Valleyfair and Worlds of Fun are embedded in Midwest summer culture. Communities value continuity, local traditions and investment in safety and attractions; changes in branding or management could affect local partnerships and family routines. (CBS Minnesota • Sandusky Register)
Practical applications for residents and stakeholders
- Guests: Expect normal operating hours and honored 2026 season passes; watch park communications for any brand changes.
- Workers: Follow employer and operator updates for staffing, scheduling and benefits changes during the transition.
- Local governments & business groups: Seek clarity from EPR and operators on capital projects, tax arrangements and community partnerships.
Sources
Primary and local sources for this report:
