Investor asks Six Flags CEO about ‘Enchanted Parks’ rumor as park portfolio review continues
Six Flags executives were asked about an ongoing rumor about some of its properties becoming “Enchanted Parks” as they continue to evaluate the company’s portfolio of theme parks.
New Six Flags CEO John Reilly shared remarks about these topics during the corporation’s quarterly earnings call on Feb. 19, 2026.
Enchanted Parks Holdings
During a question-and-answer portion of the call, a Six Flags investor asked point-blank about Enchanted Park Holdings. That title is attributed to recently filed trademarks that correlate with a number of Six Flags park names (such as “Enchanted Parks Oceans of Fun” and “Enchanted Parks Michigan Adventure”), which prompted speculation online about Six Flags’ intentions for those parks.
“We don’t have anything to share today on that front,” Reilly answered on today’s call, leaving his response at that before taking the next question.
Ongoing portfolio optimization
During the previous Six Flags quarterly earnings call in November 2025, prior to Reilly joining the company, Brian Witherow, executive VP and CFO of Six Flags, expressed that “getting the portfolio smaller and more nimble is a priority” in terms of evaluating low-performing parks and “divesting them where it makes strategic and financial sense.”
In contrast, on the Feb. 19, 2026, earnings call, Reilly nor Witherow directly mentioned any such priority to close or sell additional parks.
Photo by Blake Taylor
Reilly did say the company continues to evaluate its expansive portfolio of park properties. However, he stated different strategic solutions for going forward without mentioning closing more parks.
“We approach asset evaluation through a disciplined return framework. We have rigorous work underway on that front in terms of assessing,” Reilly said. He said the company’s high-performing parks give Six Flags “a strategic focus” and an ability “to dedicate management, time, expertise, knowhow, capital investments, [and] resource allocations, and I think that as a longer-term has the potential to be a greater benefit.”
Additionally, Reilly shared an observation he’s noticed in his brief time as CEO thus far. “I think the top takeaway I have as I’ve toured the parks … is that the issues are not systemic. The issues are market by market, park by park.”
We’ve transcribed Reilly’s full remarks from both of these responses below.
The company permanently closed Six Flags America and Six Flags Hurricane Harbor near Washington, D.C., in November 2025. Additionally, it still plans to close California’s Great America and the adjacent South Bay Shores water park in Santa Clara sometime between 2028 and 2032.
Photo courtesy of Six Flags
Six Flags merged with Cedar Fair in 2024. Together, the combined company owns a portfolio of over 50 parks.
In December 2025, Six Flags installed SeaWorld alum John Reilly as its new CEO, and big-picture changes to Six Flags as a corporation are already in progress. Such changes include a complete restructure of the corporation’s season passes, a new policy for riders filming on roller coasters, and a revised structure for passholder rewards.
Transcripts of Six Flags CEO’s remarks on these topics
Investor:
Just wondering if there’s anything, going back to the park optimization, if there’s anything you can share about Enchanted Park Holdings in particular. Thanks.
John Reilly, CEO of Six Flags:
We don’t have anything to share today on that front.
Investor:
I’m curious how you think about asset optimization. It could be early still, since you said you just got there. It is clear there are at least maybe 6-8 parks that generate less [inaudible] EBITDA in the portfolio. At the same time, it seems to me there’s not a straightforward— to even decide what can be pruned because there will be underperforming parks that are worth investing into to improve operations. And maybe there are assets that may not be quite worthwhile to invest in. How do you think about that?
John Reilly, CEO of Six Flags:
We approach asset evaluation through a disciplined return framework. We have rigorous work underway on that front in terms of assessing. Our highest ROI parks represent the core of the portfolio. Certainly, as you mentioned, if they’re done right, this could benefit leverage to optimize the portfolio. But really one of the opportunities we’re looking at is the strategic focus it gives us in order to be able to dedicate management, time, expertise, knowhow, capital investments, [and] resource allocations, and I think that as a longer-term has the potential to be a greater benefit.
Investor:
You said you have a history of working with underperforming parks. You’ve had a chance now to go through the portfolio. It sounds like you’ve been to about half of the portfolio at this point. What would you say, as you think about the underperforming parks, what are some of the top 2, 3, 4 things that you can identify as potentially make changes to? I’m not sure that makes sense, but I hope it does.
John Reilly, CEO of Six Flags:
It’s a good question. I think the top takeaway I have as I’ve toured the parks and as we— Brian and I and the teams at the parks and in the parks support center here— is that the issues are not systemic. The issues are market by market, park by park.
For example, we have parks where maybe price was an issue in terms of lost opportunities. We have parks where attendance was an issue. We have parks where cost was an issue. Then we have parks where two of those factors were a factor.
I think the key for us is to approach these parks issue by issue and to address it that way. That’s how we’re approaching the 2026 plan for these parks. It’s not systemic.
In some parks, we have opportunities. For example, as I traveled to Mexico. It’s a great park. It’s in a great market with great weather. So for example, we think in Mexico is a place to lean in. We’re going to add over 20 operating days in Mexico.
It really is case by case. That’s a different situation than many other parks. It really varies by site.
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