Six Flags Sells Seven Parks to EPR Properties for $331 Million
Six Flags Entertainment Corporation announced March 5, 2026 it will sell seven U.S. and Canadian amusement parks to EPR Properties for $331 million, a move to streamline its portfolio, cut debt and focus on higher-return properties.
Key takeaways
- Deal: Seller is Six Flags; buyer is EPR Properties for about $331 million in cash.
- Parks: Seven regional parks (six U.S., one Canada) that hosted ~4.5 million guests and generated ~$260 million net revenue in 2025.
- Operations: Six U.S. parks to be operated by Enchanted Parks under long-term master leases; Montreal park run by La Ronde Operations, Inc.
- Timing & continuity: Transaction expected to close by end of Q1 or start of Q2 2026; all 2026 season passes will be honored and limited Six Flags brand rights extend through 2026.
Deal overview
Announcement date: March 5, 2026. Six Flags announced agreements to divest seven parks to EPR Properties for approximately $331 million in cash, subject to customary adjustments. The sale is presented as a strategic step to concentrate capital and operational focus on higher-return assets and reduce company leverage.
“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 CEO John Reilly in the Six Flags release (Business Wire).
The parks involved
The portfolio includes six U.S. parks to be managed by Enchanted Parks under a long-term master lease and one Canadian park operated by La Ronde Operations, Inc. The properties are:
- Worlds of Fun — Kansas City, Missouri (amusement and waterpark). (EPR investor release)
- Valleyfair — Minneapolis, Minnesota (amusement and waterpark). (Business Wire; CBS6 Albany)
- Six Flags St. Louis — St. Louis, Missouri (amusement and waterpark). (Business Wire; CBS6 Albany)
- Schlitterbahn Waterpark Galveston — Galveston, Texas (waterpark). (CBS6 Albany; EPR investor release)
- Michigan’s Adventure — Muskegon/Grand Rapids area, Michigan (amusement and waterpark). (CBS6 Albany; EPR investor release)
- Six Flags Great Escape — Queensbury, New York (amusement and waterpark). (CBS6 Albany; EPR investor release)
- Six Flags La Ronde — Montreal, Quebec (amusement park), to be operated by La Ronde Operations, Inc. (CBS6 Albany; EPR investor release)
Why Six Flags is selling
Strategic rationale: Six Flags framed the divestiture as part of a plan to concentrate resources on its strongest assets, reduce debt and improve leverage ratios. Net cash proceeds, after taxes and transaction expenses, are expected to be used primarily to pay down corporate debt.
“We believe this will allow greater focus on higher-return properties while preserving a strong core portfolio,” the company said in its release (Business Wire).
Who is EPR Properties — and how will the parks be run?
EPR Properties is a REIT focused on experiential real estate — cinemas, entertainment and leisure. EPR described the acquisition as a compelling opportunity to expand its attractions portfolio in established regional markets and said this is its largest acquisition since 2017.
Financing & scale: EPR cited a gross transaction value around $342 million and said it expects to fund roughly $315 million. The company pointed to favorable lease coverage metrics and investor returns for the portfolio (EPR investor release).
“A compelling opportunity to expand our attractions portfolio with high-quality experiential real estate assets in established regional markets,” said CEO Gregory Silvers in EPR’s announcement.
Operations: Enchanted Parks will manage the six U.S. parks under long-term master leases; La Ronde Operations, led by Kieran Burke, will operate the Montreal park. EPR emphasized operator capital and local management focus as part of the value plan.
Guests, brand rights and transitions
Guest continuity: EPR confirmed regular schedules will continue and that all season passes sold will be honored through the 2026 season. The company secured limited rights to the Six Flags brand through the end of 2026 to smooth multi-park pass integration and guest experience during the transition (WSOC-TV).
Brand & local ties: Six Flags stressed the parks “will be in good hands” with experienced operators; changes in local sponsorships and community ties are possible and will depend on operator choices and local engagement strategies.
Timeline, advisors and financial snapshot
Closing timeline: Expected to close by the end of Q1 or start of Q2 2026, subject to customary closing conditions and third-party approvals.
Advisors: Six Flags retained Perella Weinberg Partners as financial advisor and Weil, Gotshal & Manges LLP as legal counsel (CBS6 Albany).
Financial snapshot: The seven parks covered ~1,600 acres, hosted about 4.5 million guests and generated roughly $260 million in net revenue and about $45 million in adjusted EBITDA for the year ended Dec. 31, 2025. EPR described the deal as providing approximately 2.0x lease coverage and attractive return metrics (ConnectCRE).
Implications for San Diego, California
Economic impact: Direct local effects on San Diego are limited — none of the seven parks are in California — but the transaction signals investor appetite for experiential assets and could influence national capital flows into regional amusement properties.
Tourism competition: If EPR and new operators invest in upgrades, Midwest and East Coast parks could capture more visitors and shift national marketing or seasonal travel patterns, indirectly affecting San Diego tourism strategies and promotional budgets.
Labor & social effects: Potential hiring spikes at acquired parks could influence national seasonal labor markets and recruiting patterns. Local staffing agencies, hospitality programs and employers should monitor hiring trends when advising seasonal workers.
Practical applications: San Diegans planning national trips or travel packages should watch pricing and pass policies after 2026; investors and developers may view the structure — REIT ownership plus master leases and third-party operators — as a model for local leisure deals.
Source links for this report
- Business Wire (Six Flags press release)
- EPR Properties investor release
- CBS6 Albany report
- ConnectCRE analysis
- WSOC-TV coverage
Reporting note: This article is based on company releases and public reporting; where possible company statements and filings were used to confirm guest counts, revenue figures and timeline specifics (Business Wire; EPR investor release; CBS6 Albany).
