Kansas City, Missouri — The amusement park industry was forever changed by a major transaction earlier this month.
On March 5th, the Six Flags Entertainment Corporation announced the sale of various amusement and water parks to EPR Properties. Six Flags, which merged with Cedar Fair in 2024, has been working on downsizing to invest in its most valuable properties. This has included the closure of one park, the removal of a few popular attractions (RIP Kingda Ka), and now this downsizing.
The parks sold include Six Flags Great Escape in New York, La Ronde in Quebec, Michigan’s Adventure (you can probably guess which state that’s in), Schlitterbahn Galveston in Texas, Six Flags St. Louis in Missouri, ValleyFair in Minnesota, and Worlds of Fun in Missouri.
In response, a new corporation was created before the sale that will operate these parks (except La Ronde), and a few others run by Innovative Attractions Management. This new company, Enchanted Parks, will be a partnership between EPR Properties and Innovative Attractions Management. A key and confusing thing to note: not all of EPR Properties’ amusement and water parks, such as Magic Springs in Arkansas, will join Enchanted Parks.
What Is EPR?
EPR Properties is a real estate investment trust (REIT) that owns various businesses across the country. A REIT is a type of company that owns money-making real estate. Unlike most investment companies, EPR owns but doesn’t operate most properties, and it focuses on experiential businesses, like amusement parks and ski resorts. For skiers, it may be of interest that EPR Properties owns several major ski resorts and has a working relationship with Vail Resorts. Here’s a recap of which mountains are owned by EPR and how operators’ relationships with them work.
Ski Resorts Owned By EPR Properties
The ski resorts that are owned by EPR Properties include Alpine Valley in Ohio, Alyeska Resort in Alaska, Boston Mills/Brandywine in Ohio, Camelback Mountain Resort in Pennsylvania, Hunter Mountain in New York, Jack Frost/Big Boulder in Pennsylvania, Mad River Mountain (not Glen) in Ohio, Mount Snow in Vermont, and Northstar in California. According to EPR, skiing makes up 7% of its portfolio. In a recent investor presentation, the company stated that its goal is to grow its ski resort business.
EPR serves as the owner of the real estate/land, not the operators. They ultimately serve as investment partners in this equation, which includes relationships with Pomeroy Lodging for Alyeska, KSL Resorts for Camelback, and Vail Resorts.
Here’s what their website says about the benefit of partnering with them:
“Our tailored financing solutions are designed to help you reinvest in your resort, expand your footprint, or develop new guest experiences. We aim to structure financing that supports your goals and maintains your operational control.”
Vail Resorts’ Relationship With EPR Properties
Vail Resorts operates most of the properties that are owned by EPR. Northstar, which was sold in 2013 to CNL Properties, is operated by Vail. The land was sold by CNL to EPR Properties in 2017.
A big part of this relationship stemmed from the 2019 sale of Peak Resorts to Vail. Nearly all of those resorts, minus Attitash and Wildcat (because they’re on US Forest Service land), are owned by EPR but operated by Vail.
Ultimately, it shows how complex ownership and operator models for ski resorts and amusement parks can be.
Image/Video Credits: EPR Properties, Bruce Warrington, Drew Hastings, Canobie Coaster
