Dan Snyder's new management continues to shake up Six Flags. The new owner of 30 amusement parks is considering the sale of six parks across the country as it remakes the company from a thrill seeker's paradise to a family-friendly destination. Some of the parks on the block are likely to see their roller coasters dismantled to make way for homes. For example, the acreage of its Southern California parks easily is worth about a $1 million per acre, according to the LA Times. The Magic Mountain park is 250 acres, so it is easily worth at least $250 million. Even seemingly rural locations could be worth a great deal of money. For example, the company completed last month the sale of its Astroworld park in the Houston area for $77 million. If you consider that most of the parks are situated in suburbs, then odds are Six Flags is sitting on a gold mine. You could say that Six Flags is what Jim Cramer calls a “land bank.” In the event that Snyder's plans lead to loses and ultimately bankruptcy, at least his goal of turning Six Flags into a family-friendly destination may come true as homes replace rides.—Matthew Wurtzel
See story from LA Times
See story from Houston Chronicle
See story from TheStreet
Continue reading below
