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But critics say the same pattern quietly resurfaced in recent years.
In late 2021, businessman Selim Bassoul stepped in as chief executive and immediately began reshaping the company’s strategy. One of the biggest moves was a massive merger with Cedar Fair, another theme park operator.
Supporters promised the combination would unlock efficiency and generate huge savings.
Those expectations never materialized.
The merger officially closed on July 1, 2024, creating a massive theme park empire but also leaving the newly combined company carrying nearly $5 billion in total debt.
Financial pressure quickly followed.
Attendance slipped sharply, dropping by roughly 1.4 million visitors during the second quarter of 2025 compared with the same period the previous year.
Credit agencies noticed.
Moody’s responded in November 2025 by slashing the company’s credit rating by three levels, pointing to integration problems between the merged businesses and the ongoing decline in attendance.
The company later reported a staggering $1.6 billion net loss for fiscal year 2025.
Junk Debt and a Leadership Exit
As financial conditions worsened, the company turned back to the bond market for emergency funding.
In January 2026, Six Flags raised another $1 billion through high-risk junk bonds. The financing came with steep borrowing costs, adding roughly $36 million annually to the company’s interest payments.
By that time, however, the executive who had overseen many of the strategic moves was already on his way out.
Bassoul stepped down in October 2025 and officially departed by January 1, 2026, leaving the company’s new leadership to deal with the consequences.
Seven Parks Sold in Major Asset Sale
The next major step arrived last week.
New CEO John Reilly announced that Six Flags would sell seven amusement parks to EPR Properties, a real estate investment trust, for $331 million.
Among the properties included in the sale are Valleyfair in Minnesota, Worlds of Fun in Kansas City, Michigan’s Adventure near Grand Rapids, Schlitterbahn Waterpark Galveston, Six Flags St. Louis, Six Flags Great Escape in New York, and La Ronde in Montreal.
Together those parks welcomed approximately 4.5 million visitors last year and produced around $260 million in revenue.
The sale is designed to generate immediate cash that can be used to reduce the company’s massive debt burden.
Reilly described the move as concentrating capital on “stronger-performing properties.”
For longtime visitors, however, the decision feels far more personal.
Many of the parks included in the transaction have operated for decades and are deeply woven into the memories of families who spent countless summers riding their coasters.
A Real Estate Firm Will Now Control the Land
Under the arrangement, EPR Properties will own the real estate tied to the parks.
The American locations will be operated through a partnership with a management group called Enchanted Parks.
Six Flags season passes will continue to be accepted for the upcoming 2026 season.
What happens after that remains uncertain.
Once the season ends, the future direction of those parks will ultimately rest with the real estate firm now controlling the properties.
A Familiar Wall Street Playbook
For critics of corporate finance culture, the episode highlights a broader pattern that has repeatedly hit large American companies.
Heavy borrowing fuels expansion, executives collect large compensation packages, and the financial consequences arrive years later after leadership has already moved on.
Six Flags has lived through this cycle before.
After its 2009 bankruptcy, the company handed 92 percent ownership to lenders in exchange for eliminating more than $1 billion in debt.
Now, more than a decade later, the theme park chain finds itself navigating another debt crisis.
The rides may still be running this summer, but behind the scenes, the financial roller coaster continues.
