All Or Nothing For Six Flags
Several weeks after announcing that it may put six amusement parks on the market, Six Flags Inc. said it plans to sell the properties as a package.
The announcement reduces the likelihood of individual parks like Southern California’s Magic Mountain being sold for real estate development. The Valencia property could be worth an estimated $200 million, according to the Los Angeles Times.
The New York-based Six Flags owns 30 amusement parks and is looking for ways to reduce its $2.1 billion debt. Parks in Denver, Seattle, Houston, Buffalo and Concord, Calif., are also being considered in the sale.
CEO Mark Shapiro has told the paper the sales would have to generate $500 million overall to be worthwhile. He said the company might keep the parks if offers are not good enough.