North America’s largest regional amusement park operator is making a major shift in its asset portfolio.
Six Flags Entertainment Corporation has announced a definitive agreement that will see several of its well-known properties change hands in a strategic move aimed at accelerating deleveraging and sharpening operational focus.
The amusement giant has entered into an agreement to divest a portion of its portfolio to EPR Properties. The transaction involves a total cash consideration of $331 million, subject to customary purchase price adjustments. According to the company, the cash proceeds will be used to pay down debt after taxes and transaction expenses are settled. On an after-tax basis, the net proceeds are expected to be slightly beneficial to the leverage ratio of Six Flags.
The properties changing ownership include Valleyfair in Minneapolis, Worlds of Fun in Kansas City, Michigan’s Adventure in Grand Rapids, Schlitterbahn Waterpark Galveston in Texas, Six Flags St. Louis, Six Flags Great Escape in New York, and Six Flags La Ronde in Montreal. Together, these seven locations entertained approximately 4.5 million guests over the full year ended December 31, 2025. They generated around $260 million in net revenue and $45 million in Adjusted EBITDA during that period.
Financial impact and strategic focus
“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-realised. This transaction will simplify our portfolio, strengthen our balance sheet and position us to execute with greater clarity and discipline.”
Reilly added that focusing resources on parks with the highest growth potential is expected to drive operating leverage, expand margins and accelerate cash flow generation.
Following the completion of the transaction, EPR Properties plans to partner with Enchanted Parks to run the six domestic locations. La Ronde Operations, Inc., a company owned by Kieran Burke, will operate Six Flags La Ronde. EPR Properties will retain the right to utilise the Six Flags brand name through the end of 2026, subject to specific requirements.
Six Flags operations and guest experience
The transition is not expected to significantly impact guests. The parks will continue their regular operating schedules. All season passes sold will be recognised through the 2026 operating season, which includes multi-park pass privileges at other properties within the remaining portfolio.
“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,” Reilly stated. “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.”
After the sale, Six Flags 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 the beginning of the second quarter, pending customary closing conditions and third-party approvals.
The most recent announcement follows the closure of Six Flags America last year. A licensed Six Flags park also opened in Qiddiya City.
