Posted Thursday, September 7, 2017 8:54 AM | Contributed by Jeff
From the press release:
Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced that preliminary net revenues through Monday, September 4, 2017, were $1.0 billion, down less than one percent when compared with the last year's record results for the same period.
On a same-park basis, attendance through Labor Day was 20.3 million guests, average in-park guest per capita spending was $47.08 and out-of-park revenues were $115 million. All are comparable with the same time last year.
Commenting on the 2017 season to-date, Matt Ouimet, Cedar Fair's chief executive officer, stated, "We are pleased with the guest response to our 2017 capital programs. Mystic Timbers, our world-class roller coaster at Kings Island, and our water park transformations at Knott's Berry Farm and Cedar Point Shores have delivered attendance above our expectations. However, we have experienced more than a few instances of unfavorable weather on some of our traditionally peak attendance days – including the recent Labor Day weekend - and it has proven difficult to fully recover these attendance shortfalls up to this point in time.
"We are optimistic about the growth opportunities ahead of us for the remainder of 2017, as well as over the long term," added Ouimet. "In fact, our most immersive entertainment offerings, including our Halloween and new WinterFest events, are about to begin. These unique events, both by scale and by offering, provide a guest experience unmatched by other regional entertainment options."
Looking ahead, the Company's 2018 capital investment lineup, which includes four roller coasters, expanded family attractions, high capacity dining venues and increased resort offerings, is already generating excitement. In particular, Steel Vengeance, a record-breaking hybrid coaster at Cedar Point, has had both guests and the media talking about its massive steel and wooden structure for months. "We continue to build upon our regional brands by giving our guests unique and immersive entertainment experiences each time they visit our parks. We are confident that our capital lineup for next year, combined with more resort offerings at Cedar Point and new season pass programs, will make 2018 another great year for Cedar Fair," added Ouimet.
Based on year-to-date results, the Company expects full-year 2017 Adjusted EBITDA to be between $480 million and $490 million. Ouimet said that the Company now expects to achieve its FUNforward 2.0 long-term Adjusted EBITDA goal of $500 million, or more, by its original target date of 2018.
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