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  "documentTitle": "Six Flags Entertainment Corp. (SIX)",
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  "notes": "Uses historical examples of Marriott/Host Hotels and MGM/MGP to validate the OpCo/PropCo strategy for Six Flags.",
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      "text": "L&B believes that a separation of the SIX real estate could drive 50% upside to the shares today and over 100% upside is possible in the next 18 months as operational performance improves and EBITDA sees significant growth",
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      "text": "In 2016, MGM Resorts (NYSE: MGM) created MGM Growth Properties (NYSE: MGP); MGP owned the real estate of several integrated casino resorts primarily in Las Vegas, and MGM leased the assets and operated the gaming, hotel, and retail businesses. In 2022, MGP merged into VICI Properties to create what is now a $50 billion experiential-focused net lease REIT.",
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      "text": "In the 1990s, Marriott (NYSE: MAR) created what is today called Host Hotels & Resorts (NYSE: HST), a $16 billion REIT owning 78 properties, including iconic Ritz-Carlton and Four Seasons hotels. Today, Marriott operates as an asset-light operator of nearly 8,200 hotels around the world driving consistent growth though a variety of fees charged to the property owners.",
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      "text": "Six Flags, under prior leadership, explored monetizing its real estate through a REIT structure in the 2015 - 2017 timeframe and gained comfort with the IRS that such a transaction could be achieved on a tax efficient basis.",
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      "text": "L&B believes that a separation of the SIX real estate could drive 50% upside to the shares today and over 100% upside is possible in the next 18 months as operational performance improves and EBITDA sees significant growth.",
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      "text": "Six Flags has a unique opportunity today to monetize its real estate by creating a REIT or selling its real estate in whole or in part, allowing SIX to become an asset-light operator positioned for rapid growth as operations improve.",
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      "text": "Six Flags operates 27 amusement parks and attracts tens of millions of guests annually. It is well-established in the hospitality business that operators can maximize value for all shareholders by separating their real estate from the operator.",
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      "text": "share price upside: 100%",
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      "text": "Source: Company filings",
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      "text": "SEPARATING REAL ESTATE AND OPERATOR HAS LONG TRACK RECORD OF MAXIMIZING VALUE",
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      "text": "SIX OPCO/PROPCO OPPORTUNITY",
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