Six Flags sells seven parks in $331M deal with EPR Properties, including Valleyfair and Worlds of Fun
Six Flags has finalized agreements to sell seven U.S. and Canadian parks to EPR Properties for about $331 million, a move to streamline its portfolio while the parks — including Valleyfair and Worlds of Fun — continue regular operations.
Key takeaways
- Buyer: EPR Properties agreed to acquire seven parks on March 5, 2026.
- Parks sold: Michigan’s Adventure (Muskegon, MI); Schlitterbahn Waterpark Galveston (Galveston, TX); Six Flags Great Escape (Queensbury, NY); Six Flags La Ronde (Montreal, QC); Six Flags St. Louis (Eureka, MO); Valleyfair (Minneapolis, MN); Worlds of Fun (Kansas City, MO).
- Price & structure: ~$331 million cash consideration per Six Flags; EPR materials describe ~$342 million gross package with ~$315 million financed by EPR and tenant commitments for working capital and improvements.
- Operations & passes: Six U.S. parks to be leased to Enchanted Parks; La Ronde to be operated by La Ronde Operations, Inc. All season passes will be honored through the 2026 season.
Deal overview
On March 5, 2026, Six Flags Entertainment Corporation announced definitive agreements to sell seven regional parks to EPR Properties. The transaction is presented as a focused portfolio shift to allow Six Flags to concentrate capital and leadership on higher-return assets.
Terms and transaction structure
Six Flags reported approximately $331 million in consideration. EPR’s investor materials describe the portfolio at roughly $342 million gross, with EPR financing about $315 million and tenants committing additional working capital and capital improvements. After-tax cash proceeds, net of transaction expenses, will be used to pay down debt and modestly improve leverage ratios.
Advisors included Perella Weinberg Partners (financial) and Weil, Gotshal & Manges LLP (legal) for Six Flags.
Who will run the parks
EPR will retain ownership and partner with experienced operators. The six U.S. parks will be leased to Enchanted Parks (formerly Innovative Attraction Management), while La Ronde in Montreal will be operated by La Ronde Operations, Inc. EPR emphasized conservative lease underwriting (coverage ~2.0x) and committed capital for improvements to support a smooth transition.
John Reilly, CEO of Six Flags: “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… positioning us to execute with greater clarity and discipline.”
What guests and season-pass holders should know
Six Flags and EPR said operations and schedules should see no disruption. All season passes — including multi-park products tied to these parks — will be honored through the 2026 operating season. EPR will retain limited rights to use the Six Flags brand through 2026 under the agreement; long-term branding decisions rest with EPR and its operating partners.
Scale, financials and performance
Collectively, the seven parks span roughly 1,600 acres with 418 attractions, served about 4.5 million guests in the last year, and generated around $260 million in net revenue and approximately $45 million in Adjusted EBITDA in 2025. Six Flags will continue to operate 34 parks across 23 North American locations through 2026.
Terms and value differences
Differences in reported values reflect structure: Six Flags’ reported net consideration (~$331 million) versus EPR’s gross package (~$342 million) that includes financing and tenant commitments. Net cash to Six Flags will be applied to debt reduction after taxes and transaction costs.
Questions and risks to watch
- Staffing & local sourcing: Will operators maintain local staffing levels and supplier relationships during the transition? Six Flags and EPR state no disruption is expected, but specifics on labor and procurement are limited.
- Branding after 2026: Six Flags branding rights are limited through 2026 — operators may pursue rebranding thereafter.
- Debt reduction impact: Whether the sale meaningfully reduces Six Flags’ long-term leverage depends on final net proceeds and future capital needs.
- Closing risk: The deal is subject to regulatory approvals and customary closing conditions; a failure to close remains possible.
Implications for Sonoma, California
Sonoma County does not host any parks in this sale, but the transaction matters locally for several reasons:
- Economic & travel patterns: Investment-driven attendance growth at Midwest parks could nudge national travel patterns and family vacation spending, indirectly affecting Sonoma’s hospitality sector and visitation trends.
- Labor & employment lessons: Local policymakers and labor leaders should monitor how Enchanted Parks and La Ronde Operations manage hiring, wages and contractor relationships for lessons relevant to Sonoma’s seasonal workforce.
- Real estate & land-use parallels: EPR’s view of parks as experiential real estate highlights parallels for Sonoma event venues, agritourism and tourism real estate investments.
- Branding & visitor communication: The temporary retention of Six Flags branding through 2026 underscores the importance of clear guest communications and honoring pre-sold passes during ownership transitions.
Reporting and next steps
The transaction is expected to close by the end of Q1 or the start of Q2 2026, pending regulatory approvals and customary closing conditions. Journalists, local officials and stakeholders should monitor updated filings and operator communications for details on capital plans, staffing, branding and guest policies as the deal progresses.
Sources and supporting documents
- Business Wire — Six Flags news release
- EPR Properties — investor announcement and presentation
- Sandusky Register — local reporting and context
Additional note: This article preserves original facts, figures and source links as released by Six Flags, EPR Properties and local reporting. Monitor the linked releases for updates as regulatory reviews and closing conditions progress.
