Enchanted Parks acquires multiple properties from Six Flags

AT: Tim Baldwin

tbaldwin@amusementtoday.com

ORLANDO — Rumors have circulated, and now the reports have been confirmed. Six Flags, which merged with Cedar Fair in 2024, has sold off several parks to a new group to be operated as Enchanted Parks. In recent earnings calls, Six Flags has stated that it will focus on the top-tier parks that bring in the majority of profit. Still looking at reducing debt, complicated by the COVID-ravaged 2020 season, Six Flags felt it was in its best interest to sell multiple properties, and Enchanted Parks will continue to operate each of these facilities.

“Enchanted Parks is a spinoff from Innovative Attraction Management (IAM) to include our owner/operator park division. It is part of the strategic vision we started back in 2019 as we tried to move the company beyond consulting and management,” said James Harhi, CEO, IAM. “We really accelerated this path in 2024 when we formed a strategic partnership with EPR Properties and acquired our first property, Water Safari Resort. We are excited to welcome Franceen Gonzales to our team as the COO.  She will be leading the transformation of these assets.”

In addition to Water Safari Resort, Diggerland USA is under the same umbrella.

EPR Properties is a real estate investment trust, which Harhi terms as the “man behind the man.”

“They are a large player in the industry,” he said. “Six Flags is one of the companies that uses them with properties like Darien Lake, Frontier City, Splashtown, etc. They own the majority of AMC Theaters and places like Andretti’s, Regal and Top Golf. [EPR Properties] is a huge player in the entertainment field. Their primary goal is to go out, buy real estate and then do operating leases with them. We will do a 40-year operating lease with these properties.”

The properties being released by Six Flags are Six Flags St. Louis, Worlds of Fun and Oceans of Fun, The Great Escape and Six Flags Great Escape Lodge, Valleyfair, Michigan’s Adventure and Schlitterbahn Galveston.

“If you look at their last 2025 quarterly call, they referenced that 80% of the EBITDA comes from the top 12 parks, like Cedar Point, Knott’s Berry Farm, Kings Island and Carowinds,” Harhi said. “These are the parks that do more than 2 million in attendance a year.”

Harhi told Amusement Today:  “We feel there will always be a place for regional parks in the market. Enchanted Parks can come in and be much nimbler and more efficient, while building relationships with the local community.”

“We know how much these parks mean to our guests and to the incredible teams who bring them to life every day,” said Six Flags CEO John Reilly, in a statement. “Decisions like this are never taken lightly. 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.”

“We visited all six parks in December. They are in much better shape than if you read the headlines in the newspaper,” said Harhi. “There is definitely some investment to be made to get consistent ride times up. That’s going to be a big push of ours as we’ve looked at the guest reviews. We want to stabilize the rides and make sure we have rides that operate. We’re going to be opening these parks in less than 60 days of acquiring them.”

Elevating the parks to the company’s quality standards will be the immediate tasks at hand, with new attractions added in the third year.

Enchanted Parks, for the most part, won’t be tampering with the names of the parks.

“Valleyfair, Michigan’s Adventure, Worlds of Fun … those are names that have been in the community for more than 50 years. We’re not going to change those names,” Harhi said. “We’re not going to walk away from that.”

Notably, Six Flags St. Louis may be a complicated moniker, and the new owner is looking into that facility’s history with the potential name Mid-America by Enchanted Parks.

“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.”

Of note, a seventh property, La Ronde, was sold to La Ronde Opeartions, Inc., which is owned by former Six Flags exec Kieran Burke.

When asked what excites Harhi the most, he told AT: “The challenge gets my blood pumping. This is a transformative deal for our company. When I was lifeguarding at Disney in the 1990s, I never would have thought this is the path my life would take. I am just so blessed that my employees, friends, family and business partners believe in me to give me this opportunity. Like I said, we have a 40-year lease. We’re committed to these parks long term. We’re not going to walk away from that legacy. We’re really excited about what we’ve built.”