They're ba-a-ack! Three years after buying Busch Gardens and SeaWorld from Anheuser-Busch Inbev (NYSE:BUD), The Blackstone Group (NYSE:BX) confirmed Thursday that it's bringing the theme parks back to the public markets in the form of a new IPO.

With a probable $1.4 billion in current-year sales, a once-again-public SeaWorld -- tentatively tickered "SEAS" -- could conceivably command a valuation as high as $3 billion. But is it worth it? Is it as good a bargain as, say, rival park operators Disney (NYSE:DIS) or Cedar Fair (NYSE:FUN)? And could there be an even better way to play this IPO, than by -- you know -- buying it?

Listen in, as Fool contributor Rich Smith lays out the angles...