Six Flags sells seven parks to EPR Properties in roughly $331 million deal
Six Flags agreed to sell seven U.S. and Canadian parks to EPR Properties for about $331 million, part of a portfolio-optimization plan to focus on higher-return assets. Park operations and 2026 season passes are expected to continue without disruption.
Key takeaways
- Deal value: Approximately $331 million in cash consideration, subject to customary adjustments — structured mostly as equity sales for U.S. parks and a separate asset sale for La Ronde.
- Parks included: Seven parks across the U.S. and Canada, including Michigan’s Adventure, Valleyfair and Six Flags La Ronde.
- Operations: Parks will continue normal operations; 2026 season passes will be honored and third-party operators will run day-to-day operations.
- Use of proceeds: Cash proceeds will be used to pay down corporate debt so Six Flags can concentrate capital and leadership on higher-return properties.
Overview of the transaction
On March 5, 2026, Six Flags Entertainment Corporation finalized a definitive agreement to sell seven amusement parks to EPR Properties for about $331 million in cash consideration, as part of a long-term strategy to sharpen the company’s portfolio and focus resources on higher-return assets. The announcement emphasizes operational continuity during the transition and notes that the companies expect the transaction to close by the end of Q1 or the start of Q2 2026, subject to customary approvals. (Six Flags 8-K filing, EPR announcement).
Parks included in the sale
The seven properties being transferred are:
- 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 (Shakopee, MN)
- Worlds of Fun (Kansas City, MO)
(Source: Six Flags 8-K filing.)
Financial profile of the portfolio
For the year ended Dec. 31, 2025, the seven parks recorded roughly $260 million in net revenue and approximately $45 million in adjusted EBITDA, with about 4.5 million total visitors. The purchase consideration is approximately $331 million in cash, with about $318.885 million structured as equity sales of U.S. park subsidiaries and a separate asset sale for La Ronde. EPR’s materials list a gross transaction valuation near $342 million when including working capital and improvement contributions. (Six Flags 8-K filing, EPR announcement).
Operations and transition arrangements
EPR will partner with third-party operators to run daily operations: the six U.S. parks will be operated under arrangements with Enchanted Parks, while La Ronde will be run by La Ronde Operations, Inc. Six Flags will provide transition services for up to 30 days after the 2026 season, but those services end no later than Dec. 31, 2026. Both companies stressed that guests should expect normal schedules and that season passes will remain valid through the 2026 season. (Six Flags 8-K filing, EPR announcement).
“This transaction will enable 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,” Six Flags CEO John Reilly said in the company release.
Why Six Flags is selling
Six Flags frames the divestiture as a strategic move to sharpen its balance sheet and focus resources on higher-return assets. Management said proceeds, after taxes and transaction expenses, will be used to reduce corporate debt, improve leverage metrics, and concentrate capital and leadership on remaining core parks. The company positioned the sale as risk-reducing and focused on long-term upside. (Six Flags 8-K filing.)
EPR’s rationale and underwriting
EPR Properties presented the deal as an opportunity to expand its portfolio of experiential real estate in established regional markets. CEO Gregory Silvers said EPR underwrote the assets at roughly a 2.0x coverage metric and expects to rely on a master lease structure, with tenants and partners contributing working capital and improvements. EPR’s investor materials value the gross transaction nearer to $342 million when considering those contributions. (EPR announcement.)
Deal structure, approvals and timing
Most U.S. parks are being transferred via equity sales of subsidiaries (approximately $318.885 million) and La Ronde is being sold under separate asset-sale terms. Closing remains subject to customary third-party approvals and consents. Public filings indicate the parties expect to close by the end of March 2026 or early April 2026 — ahead of the main summer season for many parks. (Six Flags 8-K filing, EPR announcement).
Advisers and legal counsel
Six Flags engaged Perella Weinberg Partners as its financial adviser and Weil, Gotshal & Manges LLP as legal counsel in arranging the transaction. Local reporting noted the involvement of these major advisers, which the company portrayed as adding strategic and legal rigor to the sale process. (CBS6 Albany reporting.)
Investigative note: valuation and scale
The portfolio’s 2025 financials — about $260 million in net revenue and $45 million in adjusted EBITDA — translate into a modest purchase multiple relative to revenue. EPR’s underwriting and master-lease approach indicate a conservative acquisition strategy designed to buy stable regional assets and extract predictable cash flows via lease structures and operator relationships. This is EPR’s largest portfolio buy since 2017, per the announcement, and signals confidence in long-term upside from experiential real estate. (Six Flags 8-K filing, EPR announcement).
Implications for Walla Walla, Washington
Economic impact: Because none of the sold parks are in Washington state, direct local job impacts in Walla Walla are likely minimal. Indirect effects could follow if Six Flags scales down broader operations or executes further divestitures that shift travel patterns.
Political and social effects: Local officials may want to monitor national consolidation trends that could influence regional tourism flows. Families planning trips should take comfort that season passes will be honored for 2026 and that operations are expected to continue on schedule during the handover. (Six Flags 8-K filing, CBS6 Albany reporting).
Practical advice for residents and visitors
- If you hold a pass: Your Six Flags 2026 season pass will be honored; check the park’s official site for the latest scheduling and customer-service contacts.
- For travel vendors: Local travel businesses and package providers should monitor operator changes (Enchanted Parks, La Ronde Operations) that may affect vendor relationships and promotional calendars.
- For investors: The transaction is a debt-reduction and portfolio-concentration move by Six Flags and a selective, conservative acquisition by EPR — valuation watchers may view the deal as low multiple relative to revenue.
Reporting, sources and next steps
This article is based on primary public filings and company investor materials. Key sources include the Six Flags 8-K filing, the EPR announcement, and local reporting on advisory roles (CBS6 Albany reporting).
Investigative follow-up will monitor regulatory approvals, any staffing or vendor changes under new operators, and how Six Flags applies proceeds to its remaining portfolio. For immediate questions about passes or bookings, consult the parks’ official websites or customer-service channels.
