Six Flags Entertainment Corp. announced Thursday that it is selling Michigan’s Adventure and six other parks to EPR Properties as part of a $331 million deal.
The deal includes seven amusement and water parks across the United States and Canada and is part of the company’s strategy to streamline its portfolio and strengthen its financial position, according to a release.
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In addition to Michigan’s Adventure, which is near Muskegon, the parks being sold include the following:
- Valleyfair in (Minneapolis, Minn.)
- Worlds of Fun (Kansas City, Mo.)
- Schlitterbahn Waterpark (Galveston, Texas)
- Six Flags St. Louis (St. Louis, Mo.)
- Six Flags Great Escape (Queensbury, N.Y.)
- Six Flags La Ronde (Montreal, QC)
Together, the parks welcomed about 4.5 million guests in 2025 and generated roughly $260 million in net revenue and about $45 million in adjusted EBITDA, the company said.
Six Flags President and CEO John Reilly said the divestiture is intended to sharpen the company’s operational focus and improve its balance sheet.
“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 Reilly. “Since joining the Company, I have been clear that Six Flags’ earnings power has been under-realized. This transaction will simplify our portfolio, strengthen our balance sheet and position us to execute with greater clarity and discipline.”
The transaction will also allow the company to simplify its portfolio and direct resources toward parks with the greatest growth potential, he said.
Under the agreement, EPR plans to partner with Enchanted Parks to operate the six U.S. properties, while La Ronde Operations, Inc., owned by Kieran Burke, will run La Ronde in Montreal.
EPR will retain the right to use the Six Flags brand through the end of 2026, subject to certain conditions.
Six Flags said guests should not see significant changes during the transition, and all season passes, including multi-park passes, will continue to be honored through the 2026 operating season.
The company said it will use cash proceeds from the sale, after taxes and transaction costs, to pay down debt. On an after-tax basis, the proceeds are expected to slightly improve Six Flags’ leverage ratio.
Following the sale, Six Flags said it plans to operate 34 parks across 23 locations in North America during the 2026 season.
The transaction is expected to close by late in the first quarter or early in the second quarter of the year, pending regulatory approvals and other closing conditions, according to the release.