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Earthtimes.orgOriginal Article »
June 01, 2007
SANDUSKY, Ohio, June 1 /PRNewswire-FirstCall/ -- Cedar Fair Entertainment Company , a leader in regional amusement parks, water parks and active entertainment, today announced that combined 2007 revenues at its parks through the Memorial Day weekend were $147.2 million, on 3.0 million guest visits and average in-park per capita spending of $41.26. The 2007 results include the operations of the Paramount parks which the company acquired from CBS on June 30, 2006.
On a same-park basis, the company opened several of its amusement parks later in 2007 versus 2006, thereby reducing the number of operating days in 2007 by 10% or 19 days. The reduction in the number of operating days led to a decrease in net revenues of 2%, or $1.5 million, from a year ago. The decrease in revenues is expected to be offset by a reduction in seasonal operating expenses during this same period. Attendance on a same-park basis decreased 5%, while average in-park guest per capita spending increased 5% leaving total in-park revenues relatively unchanged for the first five months of the year.
"We are pleased with our early-season results and are encouraged by the initial guest response to our 2007 capital program," said Dick Kinzel, chairman, president and chief executive officer. "Both Maverick, the $21 million roller coaster at Cedar Point, and Renegade, the new wooden coaster at Valleyfair, have been very well received by park guests. With approximately 90% of the annual attendance at our seasonal parks still to come, we remain confident that our 2007 attendance and revenue goals for our properties are well within reach."
Kinzel noted that virtually all of Cedar Fair's revenues from its seasonal amusement parks, outdoor water parks and other seasonal resort facilities, are realized during a 130 to 140-day operating period beginning in early May, with the major portion concentrated in the peak vacation months of July and August. Only Knott's Berry Farm, Castaway Bay and Star Trek: The Experience are open year-round, but Knott's operates at its highest level of attendance in the third quarter of the year.
Cedar Fair is a publicly traded partnership headquartered in Sandusky, Ohio. The Partnership, which owns and operates twelve amusement parks, five outdoor water parks, one indoor water park and six hotels, is one of the largest regional amusement park operators in the world. Its parks are located in Ohio, California, North Carolina, Virginia / District of Columbia, Pennsylvania, Minnesota, Missouri, Michigan, and Toronto, Ontario. Cedar Fair also owns and operates Star Trek: The Experience, an interactive adventure located in Las Vegas, and operates the Gilroy Gardens Family Theme Park in Gilroy, California, under a management contract. Cedar Fair's flagship park, Cedar Point, has been voted the "Best Amusement Park in the World" for nine consecutive years in a prestigious annual poll conducted by Amusement Today newspaper.
Some of the statements contained in this news release constitute forward- looking statements. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Partnership believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, competition for consumer leisure time and spending, adverse weather conditions, unanticipated construction delays and other factors could affect attendance at our parks and cause actual results to differ materially from the Partnership's expectations. In addition, risks and uncertainties concerning the acquisition of the Paramount Parks include, but are not limited to the ability of the Partnership to combine the operations and take advantage of growth and synergy opportunities.
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