CHARLOTTE, N.C. AND KANSAS CITY, MO. — Charlotte-based Six Flags Entertainment Corp. (NYSE: FUN), the world’s largest regional theme park operator, has entered into a definitive agreement to sell seven of its amusement parks for $331 million in cash. Kansas City-based EPR Properties (NYSE: EPR), an experiential and entertainment real estate investment trust, was the buyer. The parks total more than 1,600 acres combined and draw approximately 4.5 million visitors annually.
“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,” says John Reilly, president and CEO of Six Flags.
Six Flags will sell a list of parks including Valleyfair in Minneapolis; Worlds of Fun in Kansas City; Michigan’s Adventure in Grand Rapids, Mich.; Schlitterbahn Waterpark Galveston in Galveston, Texas; Six Flags St. Louis in St. Louis; Six Flags Great Escape in Queensbury, N.Y.; and Six Flags La Ronde in Montreal.
Florida-based Enchanted Parks, a newly formed owner-operator entity that was formerly known as Innovative Attraction Management, is partnering with EPR Properties to lease and operate the six U.S. parks, while La Ronde Operations Inc. will lease and operate the Canadian park.
Collectively, the seven parks generated about $260 million in net revenue last year, according to EPR Properties. Six Flags will use cash proceeds, after taxes and transaction expenses, to pay down debt.
The deal is expected to close by the beginning of the second quarter, subject to certain closing conditions and receipt of third-party approvals.
The parks will continue to operate on their regular schedule, and all season passes sold will be recognized through the 2026 operating season.
Perella Weinberg Partners served as financial advisor to Six Flags, and Weil, Gotshal & Manges LLP acted as the company’s legal counsel.
Six Flags Entertainment was formed by a 2024 merger between Six Flags and Cedar Fair that now includes a portfolio of 26 amusement parks, 15 water parks and nine resorts in North America. The company’s stock price opened at $16.64 per share on Friday, March 6, down from $39.01 one year ago, a roughly 54 percent decrease.
EPR Properties has approximately $5.7 billion in assets under management across 43 states and Canada. The REIT’s stock price opened today at $57.18 per share, up from $52.80 a year ago, an 8.3 percent increase.
— Abby Cox