Six Flags sells seven parks to EPR Properties in $331M deal, shifting focus to higher‑return sites
Six Flags Entertainment Corporation announced the sale of seven amusement and water parks in the U.S. and Canada to EPR Properties for about $331 million, a move intended to streamline the company’s portfolio, lower debt and focus on higher‑return properties.
Key takeaways
- Buyer: EPR Properties via a transaction valued at ~$331M in cash (gross value ~$342M before customary adjustments). See the EPR press release.
- Parks: Seven properties — six U.S. parks and one Canadian park — including Michigan’s Adventure, Valleyfair and La Ronde.
- Purpose: Proceeds expected to reduce Six Flags’ debt and sharpen capital and operational focus on higher‑return sites; closing expected in late Q1 or early Q2 2026. See the Six Flags/BUSINESS WIRE release.
Details of the sale
Transaction size and timing: The purchase price is approximately $331 million in cash; the parties disclosed a gross transaction value of about $342 million before customary adjustments. The deal is expected to close in the late first quarter or early second quarter of 2026, subject to approvals and closing conditions. (See EPR press release and the Six Flags/BUSINESS WIRE release.)
Which parks are included
- Michigan’s Adventure — Muskegon/Grand Rapids, Michigan (U.S.)
- Schlitterbahn Waterpark Galveston — Galveston, Texas (U.S.)
- Six Flags Great Escape — Queensbury, New York (U.S.)
- Six Flags St. Louis — Eureka, Missouri (U.S.)
- Valleyfair — Minneapolis, Minnesota (U.S.)
- Worlds of Fun — Kansas City, Missouri (U.S.)
- Six Flags La Ronde — Montreal, Quebec (Canada)
Sources: BusinessWire, EPR, and local coverage including CBS and CBS6 Albany.
The numbers behind the parks
Together, the seven parks drew about 4.5 million guests in 2025, producing roughly $260 million in net revenue and about $45 million in adjusted EBITDA. EPR underwrites the portfolio at a 2.0x coverage with a strong master lease and anticipates capital improvements through new operators. (Sources: CBS, EPR.)
Deal mechanics and branding
EPR will acquire the non‑Six Flags branded property names and related rights; the buyer received limited rights to use the Six Flags name through the end of 2026 under specified conditions. EPR’s funding is expected to be about $315 million with tenants contributing working capital and improvement funds to reach the gross deal value (~$342M). (See BusinessWire and EPR press release).
Operations after the sale
EPR said it will partner with Enchanted Parks to operate the six U.S. parks; La Ronde will be run by La Ronde Operations, Inc. led by Kieran Burke. Six Flags committed to honor all season passes, including multi‑park privileges, through the 2026 operating season, and company officials expect no significant disruption to guests.
“This divestiture will enable 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,” Six Flags CEO John Reilly said.
EPR’s view: real estate plus experiences
EPR CEO Gregory Silvers called the acquisition a compelling opportunity to expand its attractions portfolio with established experiential real estate assets. EPR said this is its largest acquisition since 2017 and that it will place the assets on long‑term master leases with new operators to stabilize cash flows. (See EPR press release and analysis summaries such as Gurufocus.)
Advisers, approvals and next steps
Six Flags engaged Perella Weinberg Partners as financial adviser and Weil, Gotshal & Manges LLP as legal counsel. The transaction remains subject to customary closing conditions and third‑party approvals; communities and stakeholders should monitor local filings and operator commitments as the closing window approaches. (See the BusinessWire release.)
What this means for employees, guests and communities
Short‑term certainty: season passes will be honored through 2026 and normal operations should continue, offering relief to ticket holders and group bookings.
Employees: The change in ownership raises questions about staffing, wages and benefits under new operators. EPR’s master‑lease/operator approach suggests day‑to‑day management will be handled by local operators — which can preserve jobs but may change labor policies.
Local economies: The parks generated about $260 million in net revenue and 4.5 million visitors in 2025, supporting tourism, hotels and restaurants. Committed capital from EPR and operator investments may bolster local vendor activity and tax receipts, but communities should track hiring and tax commitments from the new operators.
Sources and further reading
- Six Flags press release via BusinessWire
- EPR Properties investor release
- CBS coverage
- CBS6 Albany coverage
- Analysis summary (GuruFocus)
Reporting: Times Media Service; sources cited above.
