Six Flags Entertainment is North America's largest regional amusement park operator, running 26 amusement parks and 15 separately gated water parks across the U.S., Canada, and Mexico. The company is the product of the 2024 merger between legacy Cedar Fair and legacy Six Flags. Its portfolio includes well-known regional brands such as Cedar Point, Knott's Berry Farm, Kings Island, and Canada's Wonderland, alongside 24 parks branded under the Six Flags or Hurricane Harbor names. Parks are located near major metro areas, positioning Six Flags as a "close to home" alternative to destination parks like Disney or Universal. Six Flags generates revenue from three sources: admissions, in-park spending (food, merchandise, and premium experiences), and out-of-park revenues from hotels and resort properties at select parks. Season passes are central to the model, representing roughly 55–60% of attendance, generating upfront recurring cash, and driving repeat visitation. Revenue is highly seasonal, with roughly 70% of annual attendance occurring in Q2 and Q3. The business carries high operating leverage, as fixed costs are largely set regardless of attendance levels. Capital investment in new attractions is a core demand driver. Management identifies two cohorts within the portfolio: outperforming parks generating roughly 70% of EBITDA, and underperforming parks that are either targeted for investment or divestiture. New CEO John Reilly, appointed in late 2025, is focused on improving operational execution, marketing discipline, and portfolio simplification, with proceeds from asset sales targeted at debt reduction.