Six Flags Over Georgia is owned by a private limited partnership called Six Flags Over Georgia, Ltd., which holds the land, buildings, and rides. A separate company, Six Flags Entertainment Corporation, runs the park day to day under a long-term management contract. So the answer to who owns Six Flags Over Georgia has two parts: private limited partners own the property, and the publicly traded Six Flags corporation operates it and collects most of the upside.
The Partnership That Owns the Property
Six Flags Over Georgia uses what the industry calls a “partnership park” model. The physical park, from the parking lots to the roller coaster track, sits inside Six Flags Over Georgia, Ltd., a Georgia limited partnership formed with capital from private investors during the park’s early development. Those limited partners function like landlords. They hold title to the assets and receive annual distributions tied to the park’s performance, but they have no say in how the park is run.
Because they are limited partners rather than general partners, their personal assets are shielded from the partnership’s debts and legal obligations, and the partnership itself pays no entity-level income tax. Each partner is taxed directly on their share of the income.1Georgia.gov. Register a Limited Partnership
The Company That Runs the Park
Everything a visitor interacts with is handled by Six Flags Entertainment Corporation: branding, ticket pricing, hiring, marketing, ride maintenance, and new attraction decisions. The corporation operates under a long-term agreement with the partnership that dictates how cash moves between the two sides.
The partnership is required to pay its limited partners a guaranteed minimum annual distribution. For the Georgia and Texas partnership parks combined, that minimum came to roughly $88.5 million in 2024, with cost-of-living adjustments going forward. After that distribution is funded, Six Flags takes a management fee equal to 3% of the prior year’s gross revenues. Of any remaining cash from the Georgia park, 95% flows to Six Flags.2EDGAR Online. Six Flags Entertainment Corp Form 10-K
The agreements also force reinvestment. Minimum capital expenditures across rolling five-year periods are generally pegged at 6% of partnership park revenues, which keeps the operator from letting the physical park decline while the limited partners wait on their checks.2EDGAR Online. Six Flags Entertainment Corp Form 10-K
How Limited Partners Sell Their Units
Partnership units in Six Flags Over Georgia, Ltd. don’t trade on any public market. Instead, Six Flags is contractually required to make an annual offer to buy any outstanding units that holders choose to tender. This is called the Partnership Park Put.3U.S. Securities and Exchange Commission. Commitments and Contingencies
The buyout price is set by a formula: the park’s weighted average EBITDA over four years, multiplied by 8.0. If a higher price was previously offered for the units by certain entities, that higher figure applies instead.3U.S. Securities and Exchange Commission. Commitments and Contingencies The price moves with the park’s earnings rather than any outside market, so a strong operating year lifts the exit value and a weak one lowers it.
What Changes in 2027
Starting in 2027, Six Flags Entertainment Corporation has the contractual option to purchase all remaining limited partnership units in the Georgia partnership. The price would be set by the same formula used for the annual put, adjusted for cost of living.3U.S. Securities and Exchange Commission. Commitments and Contingencies
If Six Flags exercises that option, the partnership dissolves and the park becomes fully corporate-owned for the first time. The limited partners cash out, the guaranteed minimum distribution goes away, and the parent company gains full control over capital spending, redevelopment, and any eventual sale of the property. Whether the company actually pulls the trigger in 2027 or waits is an open question, but the window opens that year.
Who Controls the Operator Today
The operating side of the arrangement changed on July 1, 2024, when Cedar Fair and the original Six Flags completed their merger. The combined company kept the Six Flags Entertainment Corporation name, is headquartered in Charlotte, North Carolina, and trades on the New York Stock Exchange under the ticker FUN.4Six Flags Entertainment Corporation. Cedar Fair / Six Flags Merger FAQs5Six Flags Entertainment Corporation. Contact Information
The merger changed who sits atop the operator but left the Georgia partnership untouched. The limited partners’ rights, including the guaranteed minimum distribution and the annual put, carried over to the successor company. So the ownership picture today is the same split it has been for decades: private limited partners own the ground under the park, and a public corporation runs what happens on top of it, at least until the 2027 option forces that arrangement to a decision.