Monday September 12, 2005 10:03pm
HOUSTON (AP) - Six Flags Inc. was due to close its Six Flags AstroWorld theme park at the end of the year and had been looking for a buyer for the 109-acre site that sits near Reliant Park, Houston's entertainment district and Texas Medical Center. The theme park company said it expects the property will yield a good price and the money from the sale of the 37-year-old park would be used to reduce debt and for general corporate purposes. Though the sale must be approved by Six Flags' bank lenders, a last minute bidder has entered the fray and appears poised to save the park.
Kieran Burke, chairman and CEO of Six Flags, said the company decided the best way to enhance shareholder value was to sell the theme park because of the significant increase in real estate values in the Houston market.
"While we continually review our properties in order to determine the best allocation of resources, it is important to note that a unique set of circumstances applies to the AstroWorld property and this action should not be considered indicative of our intentions for any of our other parks," Burke said in a release.
No details are available about the new buyer or plans for the park after the sale.