Cedar Fair Attendance Drops in 2000.
According to the latest quarterly financial report, FUN's attendanced dropped 1%. However, per capita spending was up. I think similar results can be expected for PKS, which won't be good for them because of the tremendous debt load that they carry.
Yes, but that was overall combined attendance. You seemed to have left out an abundance of details that indicated that 2000 was in fact a strong year for Cedar Fair...
"Although our attendance expectations for 2000 were higher than we achieved, we are satisfied with the record third-quarter results, particularly given the unusually cool and wet weather experienced at our Pennsylvania park," said Kinzel. "At our five amusement parks, we achieved increases of 7% in in-park guest per capita spending and 17% in out-of-park revenues during the third quarter, offset slightly by a 1% decrease in combined attendance. Meanwhile, combined water park attendance nearly doubled in the third quarter on the very successful debuts of our two new California water parks."
Source:
http://www.cedarfair.com/index2.cfm
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Neil
Pittsburgh, PA
*** This post was edited by Seven-of-9 on 11/7/2000. ***
"Although our attendance expectations for 2000 were higher than we achieved, we are satisfied with the record third-quarter results, particularly given the unusually cool and wet weather experienced at our Pennsylvania park," said Kinzel. "At our five amusement parks, we achieved increases of 7% in in-park guest per capita spending and 17% in out-of-park revenues during the third quarter, offset slightly by a 1% decrease in combined attendance. Meanwhile, combined water park attendance nearly doubled in the third quarter on the very successful debuts of our two new California water parks."
Source:
http://www.cedarfair.com/index2.cfm
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Neil
Pittsburgh, PA
*** This post was edited by Seven-of-9 on 11/7/2000. ***
They didn't break it down by park, but word on the street is that CP and KBF had increases in 3Q attendance. Mind you, CP didn't hit its budgeted goal from what I hear, but they still had an increase.
The stock hasn't done anything, but that's about what I would expect. It's all about the dividends, and I'm quite pleased with the quarterlies so far. Helps offset my dot-com losses! ;)
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Jeff
Webmaster/Admin - CoasterBuzz.com
The stock hasn't done anything, but that's about what I would expect. It's all about the dividends, and I'm quite pleased with the quarterlies so far. Helps offset my dot-com losses! ;)
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Jeff
Webmaster/Admin - CoasterBuzz.com
...And of course cool and wet weather at Dorney would be particularly bad, as...at least when I visited there a few years ago...Wildwater Kingdom seems to get considerably more visitors than Dorney Park. So if Wildwater Kingdom is down, then Dorney is down.
(Wildwater Kingdom is Dorney's water park. Unlike CP's Soak City, Wildwater Kingdom is NOT separately gated.)
--Dave Althoff, Jr.
(Wildwater Kingdom is Dorney's water park. Unlike CP's Soak City, Wildwater Kingdom is NOT separately gated.)
--Dave Althoff, Jr.
In the webcast today Dick Kinzel said Cedar Point was at record high. But he also said attendance was way down at Worlds of Fun and Dorney Park.
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Ride with full FORCE
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Ride with full FORCE
BECAUSE WORLDS OF FUN DIDN'T ADD ANYTHING!
Oh wow a boomerang. I thought it was funny how people in line were making comments about how much better Mr. Freeze is then this ride.
AND THE PUBLIC ISN'T EDUCATED?!?!
Dustijn
-IMHO Camp Snoopy in 01 is a mistake, they should have gotten Talon to boost the attendance. It's in a slump, considering that WOF has gotten the shaft the last two years.
-used go carts
-boomerang
Oh wow a boomerang. I thought it was funny how people in line were making comments about how much better Mr. Freeze is then this ride.
AND THE PUBLIC ISN'T EDUCATED?!?!
Dustijn
-IMHO Camp Snoopy in 01 is a mistake, they should have gotten Talon to boost the attendance. It's in a slump, considering that WOF has gotten the shaft the last two years.
-used go carts
-boomerang
Just to like in for Minnesota's Park. Valleyfair! hit basically the same number that they do every year.
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Randy Hutchinson
You build it, I'll ride it
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Randy Hutchinson
You build it, I'll ride it
Camp Snoopy a mistake?
Thrill ride = single teens, thirtysomethings and enthusiasts purchasing one ticket or pass and spending about $32 in the park. Large capital investment, lower return on investment.
Family attraction = 3.2 admissions or passes (average family size) and spending $102.40 (3.2 * $32). Low capital investment, much larger ROI.
Have I mentioned amusement parks are businesses, not charities?
If Mr. Freeze was a better ride than Boomerang, why were people waiting in line to ride it again?
Unless WOF and Valleyfair's markets experience phenomenal growth, their attendance will remain relatively flat with less frequent capital investment. You might not like that, and I wouldn't either if it was my home park, but when you're the only game in town, that's what you do to run a successful business.
Let's explore ROI again, shall we? Because Cedar Fair doesn't like to carry excessive debt for long periods of time, the first move is to figure out how you're going to pay for the ride in a year or two.
In the case of Talon, Dorney has to generate $12 million (or whatever it was) in the next year or two through a combination of increased attendance and higher per capita in-park spending. I don't think Dorney has maxed out at 1.4 million visitors per year, but let's assume they get another 100,000 guests for each year at $30 admission each. There's $6 million... you're half way there. Now get every guest to spend five or six dollars more in the park and your ride is paid for.
Each park has to do this on its own... other parks don't pay for each other's rides. How do I know? Just wait for a little interview with a very important person next week during IAAPA...
So how do you pay for a $25 million Millennium Force? Well, when you've got a number of different revenue streams to depend on in addition to admission and per capita spending, including a few thousnad high-margin hotel rooms tha 礀漀甀 挀愀渀 挀漀甀渀琀 漀渀 戀攀椀渀最 戀漀漀欀攀搀Ⰰ 椀琀✀猀 渀漀琀 琀栀愀琀 栀愀爀搀⸀ 䴀愀欀攀 渀漀 洀椀猀琀愀欀攀 愀戀漀甀琀 椀琀Ⰰ 琀栀攀礀 漀眀渀 䈀爀攀愀欀攀爀猀 吀漀眀攀爀 愀渀搀 䈀爀攀愀欀攀爀猀 䔀砀瀀爀攀猀猀⸀ 㰀戀爀㸀 㰀戀爀㸀ⴀⴀⴀⴀⴀⴀⴀⴀⴀⴀⴀⴀⴀ 㰀戀爀㸀䨀攀昀昀 㰀戀爀㸀圀攀戀洀愀猀琀攀爀⼀䄀搀洀椀渀 ⴀ 䌀漀愀猀琀攀爀䈀甀稀稀⸀挀漀洀
Thrill ride = single teens, thirtysomethings and enthusiasts purchasing one ticket or pass and spending about $32 in the park. Large capital investment, lower return on investment.
Family attraction = 3.2 admissions or passes (average family size) and spending $102.40 (3.2 * $32). Low capital investment, much larger ROI.
Have I mentioned amusement parks are businesses, not charities?
If Mr. Freeze was a better ride than Boomerang, why were people waiting in line to ride it again?
Unless WOF and Valleyfair's markets experience phenomenal growth, their attendance will remain relatively flat with less frequent capital investment. You might not like that, and I wouldn't either if it was my home park, but when you're the only game in town, that's what you do to run a successful business.
Let's explore ROI again, shall we? Because Cedar Fair doesn't like to carry excessive debt for long periods of time, the first move is to figure out how you're going to pay for the ride in a year or two.
In the case of Talon, Dorney has to generate $12 million (or whatever it was) in the next year or two through a combination of increased attendance and higher per capita in-park spending. I don't think Dorney has maxed out at 1.4 million visitors per year, but let's assume they get another 100,000 guests for each year at $30 admission each. There's $6 million... you're half way there. Now get every guest to spend five or six dollars more in the park and your ride is paid for.
Each park has to do this on its own... other parks don't pay for each other's rides. How do I know? Just wait for a little interview with a very important person next week during IAAPA...
So how do you pay for a $25 million Millennium Force? Well, when you've got a number of different revenue streams to depend on in addition to admission and per capita spending, including a few thousnad high-margin hotel rooms tha 礀漀甀 挀愀渀 挀漀甀渀琀 漀渀 戀攀椀渀最 戀漀漀欀攀搀Ⰰ 椀琀✀猀 渀漀琀 琀栀愀琀 栀愀爀搀⸀ 䴀愀欀攀 渀漀 洀椀猀琀愀欀攀 愀戀漀甀琀 椀琀Ⰰ 琀栀攀礀 漀眀渀 䈀爀攀愀欀攀爀猀 吀漀眀攀爀 愀渀搀 䈀爀攀愀欀攀爀猀 䔀砀瀀爀攀猀猀⸀ 㰀戀爀㸀 㰀戀爀㸀ⴀⴀⴀⴀⴀⴀⴀⴀⴀⴀⴀⴀⴀ 㰀戀爀㸀䨀攀昀昀 㰀戀爀㸀圀攀戀洀愀猀琀攀爀⼀䄀搀洀椀渀 ⴀ 䌀漀愀猀琀攀爀䈀甀稀稀⸀挀漀洀
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