News Enchanted Parks & EPR Acquire Seven Parks from Six Flags

[Fiender]

SF is getting “total cash consideration of $331 million” subject to adjustments.

This is something I'm not seeing much discussion on. Isn't this a paltry amount compared to the amount of property being off loaded? Palace Entertainment sold for around a billion dollars, and I don't doubt that total package is more than what EPR has acquired here, I doubt it was triple the value.

 

[MaxxForceFan]

This is something I'm not seeing much discussion on. Isn't this a paltry amount compared to the amount of property being off loaded? Palace Entertainment sold for around a billion dollars, and I don't doubt that total package is more than what EPR has acquired here, I doubt it was triple the value.

These parks were only producing $45 million adjusted ebitda. Multiply that by about 7 or 8 years to get the sale price.

 

[paintervision]

This is something I'm not seeing much discussion on. Isn't this a paltry amount compared to the amount of property being off loaded? Palace Entertainment sold for around a billion dollars, and I don't doubt that total package is more than what EPR has acquired here, I doubt it was triple the value.

These parks were only producing $45 million adjusted ebitda. Multiply that by about 7 or 8 years to get the sale price.

Yeah I don't think cash is really the thing to focus on here. More like less on SF's plate as far as managing the whole chain.

 

[Zachary]

These parks were only producing $45 million adjusted ebitda. Multiply that by about 7 or 8 years to get the sale price.

And crucially, these are all depreciating assets that, honestly, if you look at many of their collections, are likely barrelling towards some very serious, very costly issues.

Look at St. Louis. THREE high-maintenance wooden coasters—one of which has already been allowed to exist in an insanely poor state for far longer than it should have. A highly problematic, very expensive to operate, old Premier LIM launch. A 1995 B&M invert. A disaster of a forbidden Arrow/Vekoma love child looper. Half of a 1971 mine train. A boomerang, a family spinner, and a vekoma kiddie coaster. A ton of old, relatively poorly maintained flats. Rotting infrastructure. A trash reputation. Worthless land. You couldn't pay me to onboard that nightmare.

Michigan's Adventure, Valleyfair, and Worlds of Fun don't have anywhere near the infrastructure and general park neglect evident at St. Louis, but their attraction collections are all seriously aging and they're all barrelling towards the point where seriously costly decisions will have to be made about a number of rides on their properties.

There's no way that $45 million in adjusted EBITDA was going to be maintainable over the next 7 to 8 years without some significant investments—investments Six Flags was definitely not in a financial position to make. The chain's money is far, far better utilized at the likes of Great America and Great Adventure.

 

[DH_The_ThemeParkFaniac]

Y’know, I’ve been in panic mode for a short time, let’s try and think positive about this.

I wonder if Enchanted Parks would keep Charles Woods’ legacy and history in Great Escape.. and since they might drop Hurricane Harbor, I hope they bring Splashwater Kingdom back

 

[Great Adventurer]

Here's Enchanted Parks' side of the announcement: Enchanted Parks, in Partnership with EPR Properties, Signs Definitive Agreement to Acquire Six Regional Amusement Parks, Reinforcing Commitment to Local Communities - Enchanted Parks

I was so focused on the seven Six Flags parks, I didn't even notice the eighth property in this announcement: Diggerland (which IAM acquired just over a year ago... quick turnaround) was also purchased. That park has gotten pretty consistent annual attention and investment, so I hope that can continue under EP.

 

[MaxxForceFan]

I was so focused on the seven Six Flags parks, I didn't even notice the eighth property in this announcement: Diggerland (which IAM acquired just over a year ago... quick turnaround) was also purchased. That park has gotten pretty consistent annual attention and investment, so I hope that can continue under EP.

That happened in January 2025.

 

[paintervision]

I was so focused on the seven Six Flags parks, I didn't even notice the eighth property in this announcement: Diggerland (which IAM acquired just over a year ago... quick turnaround) was also purchased. That park has gotten pretty consistent annual attention and investment, so I hope that can continue under EP.

Makes me wonder if they also kicked the tires on Sahara Sam's Oasis Water Park, which is basically "next door" to Diggerland and was acquired by IB Parks in Dec 2024.

 

[Great Adventurer]

That happened in January 2025.

For some reason I thought EP was a separate entity from IAM instead of just a spinoff. Thanks!

 

[at4n27]

If anyone needs a reminder of how EPR operates here’s an article.
TLDR: “EPR is an “Experiential Net Lease REIT.” They lease properties on a triple-net leases, under which tenants must pay for all maintenance, taxes, and insurance.”

 

[SweetBabyJames]

If anyone needs a reminder of how EPR operates here’s an article.
TLDR: “EPR is an “Experiential Net Lease REIT.” They lease properties on a triple-net leases, under which tenants must pay for all maintenance, taxes, and insurance.”

I am very happy to see this quote in the article about EPR under the "where we are" heading, "EPR is an extremely well-managed company. Their balance-sheet is excellent, and their management of it has been outstanding. They have handled issues with tenants well, too" (2025). A hopeful prospect for these offloaded parks and a far cry from the current SFEC balance sheet.

 

[TPoseOnTantrum]

Ex-Legoland Florida president and WhiteWater West exec Franceen Gonzales is attached as Enchanted Parks COO effective this month;

 

[kmccarthy27]

Makes me wonder if they also kicked the tires on Sahara Sam's Oasis Water Park, which is basically "next door" to Diggerland and was acquired by IB Parks in Dec 2024.

They have something going on a few times with that because at some point last year or the year before there was a rainy period and they announced being able to use your Diggerland Season Passes there

I think Sahara Sams and Clementon Park are now under the same ownership.

 

[paintervision]

I think Sahara Sams and Clementon Park are now under the same ownership.

They are with IB Parks currently.

 

[EdReedFan20]

I wonder if SFA would've been included had it not been shut down.

 

[DH_The_ThemeParkFaniac]

Was he good at it?

 

[TPoseOnTantrum]

Was he good at it?

Kieran Burke?

Well he's made his mark, that's for sure. He was CEO of the eventually merged Premier Parks/Six Flags entity from 1989 to 2005. Under his watch they had an excessive buying and selling off of just about every major park out there at the time. His last act with the original Six Flags was to close AstroWorld, which was a horrid move in retrospect. In 2009 he formed the second iteration of Premier Parks and has just been existing very mundanely with the quiet but consistent management of several fringe waterparks and smaller parks. It's hard to remember that they're really still an operating chain.

I think most of the properties under his control are doing satisfactory or just as much as they need to run a sustainable business, although all but a few are owned by other companies (most to EPR Properties). They're more of an operating firm rather than a chain.

 

[SweetBabyJames]

Kieran Burke?

Well he's made his mark, that's for sure. He was CEO of the eventually merged Premier Parks/Six Flags entity from 1989 to 2005. Under his watch they had an excessive buying and selling off of just about every major park out there at the time. His last act with the original Six Flags was to close AstroWorld, which was a horrid move in retrospect. In 2009 he formed the second iteration of Premier Parks and has just been existing very mundanely with the quiet but consistent management of several fringe waterparks and smaller parks. It's hard to remember that they're really still an operating chain.

I think most of the properties under his control are doing satisfactory or just as much as they need to run a sustainable business, although all but a few are owned by other companies (most to EPR Properties). They're more of an operating firm rather than a chain.

Personally, I would prefer Kieran Burke stay out of the picture entirely. However of all the parks to be in charge of I am glad he is at La Ronde. Let's just pray he keeps his hands off the Enchanted Parks in the United states!! Honestly, though I feel bad for La Ronde under his leadership. That park has a much higher potential to succeed than it will likely see under his fingers. For the foreseeable future the only succeeding La Ronde will do is "SUCK-seeding". Let's hope its "seed" does not spread.

In other news, the press release set forth by Enchanted Parks seems very promising. It sounds like the group of executives there have a heart and will actually care about the parks they are serving. Also, like I mentioned above, ERP knows how to keep a balanced budget.

 

[GASM]

I wonder if SFA would've been included had it not been shut down.

Difference with SFA is that the land it sits on has some real value. If that were the case with these parks, they’d probably be looking at the same fate.

I wouldn’t be surprised if there was an offer from EPR for SFA that was declined, this has almost certainly been in the works much longer than we’ve known about it.

 

[mtorange]

It's surreal to see the "Fair" of legacy Cedar Fair no longer associated with Cedar Point.

I’m not sure if I ever knew that Cedar Fair’s name was a merging of these two park names. Wild.