NRHP reference No. It was purchased in 1906 by F. W. Henninger and Andrew McSwigan, both of whom later formed the family-owned Kennywood Entertainment Company. The company later sold Kennywood, along with four other parks, in 2007 to Parques Reunidos, an international entertainment operator based in Spain.

As of early 2026, Kennywood is owned and operated by Herschend Family Entertainment, a private company based in the United States. For nearly two decades prior, the park was owned by Palace Entertainment, which is the U.S. subsidiary of the Spanish company Parques Reunidos. However, in a major industry shift in March 2025, Herschend—the same company that owns and operates iconic American destinations like Dollywood and Silver Dollar City—announced the acquisition of the Palace Entertainment portfolio. This transition brought Kennywood back under the management of a domestic, family-owned firm known for its focus on heritage, guest experience, and "themeworks." While the park remains a historic landmark in West Mifflin, Pennsylvania, its strategic direction is now helmed by the Herschend team out of their headquarters in Peachtree Corners, Georgia, marking a new chapter for the "Roller Coaster Capital of the World."