Posted Tuesday, January 16, 2007 10:35 AM | Contributed by Jeff
Amusement park operator Cedar Fair Entertainment Co. said it saw a slight drop in visitors last year. Attendance was down less than 1 percent at its amusement and water parks, the company said. That does not include five parks that the company acquired last year when it bought Paramount Parks Inc.
Read more from AP via The Akron Beacon Journal.
Tuesday, January 16, 2007 2:54 PM
According to the article:
"Higher gas prices and a poor economy affected attendance at parks in the Midwest, including Cedar Point and Geauga Lake in Ohio, said Stacy Frole, director of investor relations."
I thought that was always Six Flags excuse.
Tuesday, January 16, 2007 3:14 PM
No, theirs was weather.
Tuesday, January 16, 2007 3:20 PM
Honestly, do you even have to make an excuse for a drop that's less than 1%?
Tuesday, January 16, 2007 3:22 PM
I wish there was a park-by-park breakdown so we could see how those price drops at CP and KBF really affected things.
Tuesday, January 16, 2007 4:15 PM
I am waiting for the annual report
Tuesday, January 16, 2007 4:28 PM
I would asume CP's attendance was either flat or slightly down based on an article I read in the Sandusky Register concerning the county's bed taxes being lower this year.
Then again, I probably should find the article...
...well, Sandusky Register's web site is as slow as molasses so I'll just stick with my 42-year-old, way-to-much-partying-in-my-younger-years addeled memory. :)
Tuesday, January 16, 2007 5:07 PM
Jeff said: "Honestly, do you even have to make an excuse for a drop that's less than 1%?"
I think this goes back to Shapiro's raise....all about *expectations*.... ;)
My thought is that, internally, CF expected this, so the "explanation" is more for outsiders (i.e., investors)...
Tuesday, January 16, 2007 8:38 PM
Gonchar, I believe Cedar Fair recently changed their policy regarding releasing attendance numbers, such that only the amount for the region (north, south, west) is disclosed.
Tuesday, January 16, 2007 9:09 PM
Honestly, do you even have to make an excuse for a drop that's less than 1%?After that admission price slash for two of their major properties...yes!
*** This post was edited by Antuan 1/17/2007 2:13:09 AM ***
Tuesday, January 16, 2007 9:19 PM
Less than 1% change is obviously not a statistically significant difference. However I'm sure investors want to see continued growth in numbers to warrant future investment. However, as has been stated before, given the consistent dividends paid by CF, it would be considered more of a value, rather than growth, stock. I also would love to see the individual park attendance numbers to see where the strengths and weaknesses came from. I do think high gas prices may have had a big impact last season.
Wednesday, January 17, 2007 9:23 AM
So CP didn't build a major coaster this year and guess what? They actually made more money.
Wonder how Geaugas attendance was?
Wednesday, January 17, 2007 3:31 PM
I would bet on Geauga's either going down slightly or staying the same. Remotely possible of an increase. I am guessing this doesnt include the paramount parks and if it does that might explain the drop in attendance. Especially if Kings Island was factored in. I am sure the Son Of Beast issue didnt help attendance there at all.
Wednesday, January 17, 2007 4:18 PM
The parks that arent doing good should get thrill rides when the raising ones should get family rides
Friday, January 19, 2007 12:50 AM
After visiting Michigan's Adventure this summer, I can tell you that MA was NOT one of the parks that lost attendence in 2006. I went this summer, and the park was insanely packed. I waited close to 2 hours in line to ride the parks new Grand Rapids ride. And, had a 45 minute wait to ride Shivering Timbers. Forget about the funnel of fear or the water park, people were packed in there like sardines.
I also know several other people who have been to the park. And, they also said that it was overly crowded. I only talked to one person who said the lines weren't bad. But she did agree that the water park was too crowded, and spent more than 30 minutes waiting for each slide.
I often wondered what the park would be like if it saw massive crowds. And, I can tell you. That it is not a pleasant day. I rarely saw any of the guest smile at the park. Most just looked exausted from all the walking and waiting in line.
Friday, January 19, 2007 1:00 AM
What? I was there on a Sunday in July and had a great time. Got to ride everything and didn't wait that long for anything.