News: Six Flags May Back Out of New Orleans Lease

Posted at 11:23 PM EDT (0323 GMT)

Jul. 20th, 2006 -- Six Flags will try to offer $10 million to the City of New Orleans to cover rent and give the 66 acre parcel of land that Six Flags New Orleans operated on in order to end the lease. The company also will give the city 20 percent of insurance money over $75 million.

The park was completely submerged following Hurricane Katrina, with only the taller rides above the water. Almost all rides and buildings suffered extensive damage due to flooding. Six Flags had previously hoped to reopen the park sometime in the future.
New Orleans mayor Ray Nagin intends to hold Six Flags to the lease agreement.

Source: KLFY-TV 10, Lafayette, La