The Los Angeles Times reported that Six Flags Corporation announced, after the stock market closed on Friday, that it intended to sell Magic Mountain and Hurricane Harbor as part single transaction sale. As previously reported, Six Flags the parent company is trying to reduce it’s dept load.
Speaking to Bloomberg News Service, CEO Mark Shapiro said that they may decide to keep the parks if they don’t receive an adequate offer for the six parks that are proposed for sale. The company said on Friday that it has sent out detailed financial information to potential buyers.
Land around the parks in the West Ranch area sells for $750,000 to $1 million an acre. That puts a value on the Magic Mountain parks of nearly $200 million or more. Local developer have expressed interest in the parcel. Newhall Land/Lennar is already developing a mixed use site of office and retail on property at the corner of The old Road and Magic Mountain Parkway. That proposed project will be presented to the west Ranch Town Council later this year.
The local parks have had a reputation in recent years for security problems and attracting a rougher crowd that has turned off the local family population. If the parks don’t sell then Six Flags may look at trying to re-tool the park so that it is a more family friendly environment. It certainly doesn’t take a rocket scientist to see the demographic mix of the nearly 350,000 residents of the Santa Clarita Valley!