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Medusa42

Six Flags Adds Five More Parks to US Portfolio

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Wow!!  This is a pretty big move.

 

http://investors.sixflags.com/news-and-events/press-releases/2018/05-22-2018-210951050

 

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Six Flags Adds Five More Parks to US Portfolio

 

May 22, 2018

 

Six Flags Adds Five More Parks to US Portfolio
 

Houston, Phoenix, Buffalo, and Oklahoma City Parks Expand Market Reach

 

GRAND PRAIRIE, Texas--(BUSINESS WIRE)-- Six Flags EntertainmentCorporation (NYSE:SIX), the world’s largest regional theme park company, today announced it has entered into a purchase agreement with affiliates of Premier Parks, LLC to acquire the lease rights to operate five parks owned by EPR Properties (NYSE:EPR). The parks have previously been operated by Premier Parks, LLC of Oklahoma City. These latest acquisitions will expand the company’s portfolio of North American parks to twenty-five.

 

“Today’s announcement represents another milestone in our strategic North-American growth initiative to seek out park acquisitions that expand our addressable market,” said Six Flags Chairman, CEO, and President, Jim Reid-Anderson. “These are all fantastic properties that complement our existing portfolio and provide tremendous added value and cross-visitation opportunities for our extensive Membership and Season Pass base.”

 

The parks joining the Six Flags family are:

 

  • Wet n’ Wild Splashtown, Houston’s largest waterpark, with more than 48 lush acres and a wide selection of thrilling waterslides and attractions, along with two children’s areas;
  • Wet n’ Wild Phoenix, the largest waterpark in Arizona (located in the Adobe Dam Recreation Area), featuring 35 acres of high-speed slides and two pools, and also offering a Wet n’ Wild Jr. section with kid-friendly versions of some of the park’s most thrilling attractions;
  • Darien Lake near Buffalo, NY, a beautiful resort property located on approximately 1,000 acres that includes a theme park, waterpark, campground, hotel, and a 21,000-seat amphitheater;
  • Frontier City, an iconic part of the Oklahoma City landscape, is steeped in tradition. The park features a western theme and offers an extensive lineup of exciting rides, attractions, and shows geared to every member of the family; and
  • White Water Bay, near Frontier City, a tropical oasis with more than 25 acres of waterslides, interactive water play areas, and pools.

 

Six Flags is the largest regional theme park operator in the world and upon closing of the transactions, will be the largest waterpark operator in North America. With the addition of these five properties that entertained approximately two million guests in 2017, there will be an additional 20 million guests within a 100-mile radius of a Six Flags park, significantly expanding the company’s national footprint.

 

“We are thrilled to welcome these outstanding properties and employees into our family of parks and look forward to sharing the thrill of Six Flags with guests of all ages in these key markets,” added Reid-Anderson.

 

Closing of the transactions contemplated by the agreement is expected to occur in June, 2018 and is subject to customary closing conditions.

 

Edited by Medusa42

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Frontier City owns 1 side of Lightning Loops and it’s operational as “Diamondback”.  Happy to see Lightning Loops owned by Six flags again.

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Between this deal and Waterworld California deal, it seems like Six Flags is developing a good relationship with EPR Properties.  I would keep an eye on what happens with Schlitterbahn Kansas City because EPR is the debt holder and could take ownership of three of the parks.

 

http://www.kansascity.com/news/article208441519.html

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Schlitterbahn mortgage lender fears Verruckt indictments could endanger repayment

 

By Steve Vockrodt

svockrodt@kcstar.com

 

April 10, 2018 06:16 PM

Updated April 10, 2018 07:06 PM

 

A company that holds the mortgage on the Schlitterbahn water park in Kansas City, Kan., is warning investors that criminal indictments against its operator and co-owner could hurt Schlitterbahn's chances of repaying the $174.3 million balance on the loan.

 

EPR Properties, a Kansas City-based real estate investment trust, reported in a filing Monday to the Securities and Exchange Commission that the March indictments against Jeff Henry, Schlitterbahn and other defendants "may negatively impact the likelihood of repayment of the related mortgage loans."

 

The filing is the first public indication that the indictments could imperil Schlitterbahn's business in Kansas City, Kan., if not the entire company itself.

 

EPR Properties said that if Schlitterbahn defaults on the KCK mortgage, EPR may restructure the mortgage loan or foreclose on collateral that secured the loan. That collateral includes the KCK property as well as Schlitterbahn property in New Braunfels, Texas, and South Padre Island, Texas.

 

 

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All were former Six Flags owned parks except Wet n Wild Phoenix. It would be like going back to the early 2000's if they reacquired Elitch Gardens too.

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This regulatory filing shows that Six Flags paid approximately $23 million to acquire these leases.

http://otp.investis.com/clients/us/sixflags1/SEC/sec-show.aspx?Type=page&FilingId=12772121-4024-7732&CIK=0000701374&Index=11100

 

Here is some more info from the B. Riley Investor Conference this morning.

Six Flags beleives they will make back the $23 million in 3 years.  These are multi decade leases. 

Combo Passes will be sold between Wet N' Wild Phoenix and Magic Mountain

Combo Passes will be sold between the OKC and Dallas parks.

Combo Passes will be sold between Wet N' Wild Splashtown and Fiesta Texas and possibly Wet N' Wild Splashtown and Over Texas.

Darien Lake offers similar opportunities.

Edited by Medusa42
More info

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The only park they would not get is Clementon due to Great Adventure. I don't think Cedar Fair would take it either due to Dorney. Perhaps Hershey or Palace would end up taking it

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Interestingly Jeff Seibert (GM of SFFT) was on site at Splashtown yesterday as the deal was announced. It appears he may be managing both parks in this deal:

 

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^That’s correct.  They said in the presentation today that the parks were selected based on where a lot of single day ticket sales were coming from.  People from the Houston area were visiting Fiesta Texas, people from Phoenix were visiting Magic Mountain.  A lot of people from Oklahoma come to Arlington for a Cowboys or Rangers game and may be interested in visiting Over Texas next to the stadiums.  Darien Lake is close to a few other Six Flags parks.  According to the 2017 TEA/AECOM Attendance Report, the water parks in Houston and Phoenix are ranked 12th and 13th for highest attendance in North America.

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I just hope  that Sf just inproves on Frontier City, And D. Lake...And keeps the Six Flags branding outta the mix.

 

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I have a feeling Magic Waters Waterpark in Rockford, IL will be another Six Flags acquisition.

 

https://www.usnews.com/news/best-states/illinois/articles/2018-05-24/rockford-park-district-mulls-sale-of-well-known-water-park

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Rockford Park District Mulls Sale of Well-Known Water Park

The Rockford Park District is considering selling a well-known water park because of financial challenges.

 

May 24, 2018, at 5:37 a.m.

ROCKFORD, Ill. (AP) — The Rockford Park District is considering selling a well-known water park because of financial challenges.

The Rockford Register Star reports someone approached the district recently about buying or leasing Magic Waters water park.

Park District Executive Director Jay Sandine says the district has explored a sale before because the park's business is so weather-dependent. He says if there's a bad summer it can affect the whole district's finances.

Under state law, the district must get voter approval to sell the park. Some local lawmakers are pushing legislation to allow a sale if four of the five district board members approve, and if the sale price is at or above the average of three independent appraisals.

Sandine says the park hasn't been appraised recently so he doesn't know what it's worth.

___

Information from: Rockford Register Star, http://www.rrstar.com

 

 

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