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...

Fool contributor Rich Smith has no positions in the stocks mentioned above. The Motley Fool owns shares of Walt Disney. Motley Fool newsletter services recommend Walt Disney. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.