Magic Mountain hit with $533M value drop in Six Flags’ reassessment

Magic Mountain is worth $533 million less than Six Flags Entertainment Corp. previously thought, part of a broader reassessment that wiped out more than $1.5 billion in value across the company’s portfolio. The write-down was disclosed in the company’s latest financial filing and reflects what accountants call a “goodwill and intangible asset impairment.” ... That’s what happened here. The formal accounting test found that the assets were overstated. Magic Mountain alone saw $533 million removed from the books. Other major parks, including Six Flags Great America ($192.8 million), Six Flags Over Georgia ($187.9 million), Six Flags Fiesta Texas ($103.8 million),...