March 5, 2026
— Jeff Ward, Lehigh Valley News Briefs
Six Flags is selling seven parks, but keeping Dorney Park & Wildwater Kingdom.
At least for now.
Six Flags (NYSE:FUN) has been plagued with debt and poor financial results since its 2024 combination with Cedar Fair.
In a statement today, Charlotte, North Carolina-based Six Flags said it would sell seven parks to EPR Properties (NYSE:EPR) for $331 million. The proceeds will be used to pay debt.
The parks being sold are Valleyfair (Minneapolis), Worlds of Fun (Kansas City, Missouri), Michigan’s Adventure (Grand Rapids, Michigan), Schlitterbahn Waterpark Galveston (Galveston, Texas), Six Flags St. Louis (St. Louis, Missouri.), Six Flags Great Escape (Queensbury, N.Y.) and Six Flags La Ronde (Montreal, Canada).
In 2025, the parks served about 4.5 million guests total, and brought in about $260 million in revenue and $45 million in Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization).
Six Flags Chief Executive John Reilly said the sale is part of his strategy of “focusing our resources on the parks that we believe have the highest growth potential.”
EPR is a real estate investment trust (REIT) that owns ski resorts, casinos, golf complexes and other so-called “experiential” properties.
EPR will work with Enchanted Parks to operate the six U.S. facilities.
Dorney Park in South Whitehall Township remains with Six Flags, as does Great Adventure in New Jersey.
Shares of Six Flags closed at $16.73 Wednesday, less than half of their 52-week high.
Here is a cut-and-paste version of the statement:
Six Flags Further Streamlines Its Portfolio With Agreements to Divest Seven Parks
March 05, 2026
Transaction Will Optimize the Company’s Portfolio, Sharpen its Strategic Focus and Strengthen its Financial Position by Accelerating Deleveraging
CHARLOTTE, N.C.–(BUSINESS WIRE)– 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.
“Consistent with our strategy, this 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,” said Six Flags President and CEO John Reilly. “Since joining the Company, I have been clear that Six Flags’ earnings power has been under-realized. This transaction will simplify our portfolio, strengthen our balance sheet and position us to execute with greater clarity and discipline.”
Reilly continued, “By focusing our resources on the parks that we believe have the highest growth potential, we expect to drive operating leverage, expand margins and accelerate our cash flow generation.”
EPR plans to partner with Enchanted Parks to run the six domestic properties and La Ronde Operations, Inc., a company owned by Kieran Burke, to operate Six Flags La Ronde following completion of the transaction. EPR will retain the right to utilize the Six Flags brand through the end of 2026, subject to certain requirements, and no significant impact on guests is expected during this transition. The parks will continue their regular operating schedules, and all season passes sold will be recognized through the 2026 operating season, including multi-park pass privileges at other parks within the Six Flags’ portfolio.
Reilly concluded, “We know how much these parks mean to our guests and to the incredible teams who bring them to life every day. Decisions like this are never taken lightly. We’re confident the parks will be in good hands with EPR and its partners, who have strong experience operating parks of this quality and scale. At the same time, this move allows Six Flags to concentrate on the parks that we believe offer the greatest opportunities for growth and long-term success. Our goal is to continue creating amazing experiences for all our guests, and this agreement helps us stay focused on that commitment.”
Six Flags said it plans to operate its remaining collection of 34 parks across 23 locations in North America for the 2026 season.
The transaction is expected to close by the end of the first quarter or beginning of the second quarter, subject to the satisfaction of certain closing conditions and receipt of third-party approvals.
Perella Weinberg Partners acted as financial advisor to Six Flags, and Weil, Gotshal & Manges LLP acted as legal counsel.
About Six Flags Entertainment Corporation
Six Flags Entertainment Corporation (NYSE: FUN) is North America’s largest regional amusement-resort operator currently with 26 amusement parks, 15 water parks and nine resort properties across 16 states in the U.S., Canada and Mexico. The Company also manages an amusement park in Saudi Arabia. Focused on its purpose of making people happy, Six Flags provides fun, immersive and memorable experiences to millions of guests every year with world-class coasters, themed rides, thrilling water parks, resorts and a portfolio of beloved intellectual property such as Looney Tunes®, DC Comics® and PEANUTS®.
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