Cedar Fair continues its record revenue and attendance trend

Posted Thursday, July 6, 2017 9:49 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 reported preliminary net revenues through July 4, 2017 of approximately $524 million, a $2 million increase on a same-park basis when compared with the same period a year ago. This period represents approximately 40% of the Company's total operating days for 2017.

On a same-park basis, excluding the closing of a stand-alone water park in Cleveland, Ohio, preliminary net revenues were up as a result of a 1%, or 110,000-visit, increase in attendance to 10.5 million visits, and a 2% increase in out-of-park revenues to $62 million. Average in-park guest per capita spending of approximately $45.41 was comparable with the same period in 2016 when taking into consideration changes in foreign currency exchange rates.

"We are well-positioned to make 2017 our eighth consecutive year of record results, as we have been able to build upon the record attendance and revenues we achieved during the first half of last year," said Matt Ouimet, Cedar Fair's chief executive officer. "Mystic Timbers, a world-class roller coaster at Kings Island and the significant water park investments at Cedar Point Shores and Knott's Soak City have all set various attendance records at their respective parks. This early-season success of our capital investment program gives us great confidence as we head into the peak vacation months of July and August."

Ouimet noted that in 2017 Cedar Fair has again generated record season pass sales across its properties. The Company also reported increased sales from its other advance purchase channels -- including all-season dining and beverage programs; FunPix, its digital imaging platform; and group business bookings.

"Our current-year sales trends in advance purchase commitments are strong and support our positive outlook for 2017," added Ouimet. "We believe our significant capital investments, combined with the lengthening of our operating season via WinterFest, are contributing to these advanced sales and current year results, and will continue to create value in the long term."

Based on its year-to-date results and continuing consumer trends toward prioritizing experiences over possessions, the Company believes it is on track to achieve its FUNforward 2.0 long-term goal of $500 million of Adjusted EBITDA by the end of 2017, a year earlier than planned.

Read the entire press release from Cedar Fair.

Thursday, July 6, 2017 10:11 AM
Vater's avatar

Good, maybe poor, neglected Michigan's Adventure will finally get that new coaster it "deserves."

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Thursday, July 6, 2017 11:31 AM
rollergator's avatar

...and then whatever that attraction replaces can be sent to Dorney? ;~)


You still have Zoidberg.... You ALL have Zoidberg! (V) (;,,;) (V)

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Thursday, July 6, 2017 12:01 PM
Raven-Phile's avatar

...but what about GEAUGA LAKE!!@?!2


R.I.P LeRoi Moore 9/7/61 - 8/19/2008
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Thursday, July 6, 2017 1:06 PM
Lord Gonchar's avatar

Raven-Phile said:

...but what about GEAUGA LAKE!!@?!2

This is just proof that the plan to buy and shutter the competition has been wildly successful.


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Thursday, July 6, 2017 2:31 PM
kpjb's avatar

At least they got new shutters. Michigan doesn't get crap.


Hi

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Thursday, July 6, 2017 4:50 PM
Raven-Phile's avatar

Those shutters would block out the sun, and then they wouldn't sell as many drinks


R.I.P LeRoi Moore 9/7/61 - 8/19/2008
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Thursday, July 6, 2017 11:52 PM

I'll add CGA to the deserves a great new coaster list. We'll see what those 2018 markers have in store...

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Friday, July 7, 2017 11:59 AM

Lord Gonchar said:

Raven-Phile said:

...but what about GEAUGA LAKE!!@?!2

This is just proof that the plan to buy and shutter the competition has been wildly successful.

So, what I think I am hearing is that the plan to boycott CF by Geauga Lake fans have failed

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Friday, July 7, 2017 12:14 PM
sirloindude's avatar

Given GL's attendance figures, it could have been wildly successful and we'd have no way of knowing.


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Saturday, July 8, 2017 10:14 AM

Not to beat the horse that's been dead for a decade now (wow) - I know the place was bleeding money and not bringing in the people, but I still will always think of the 'what if'. If they had just held on one or two more seasons, would it have helped or just delayed the inevitable. With the 2008/2009 recession, they really could have marketed the heck out of the place as an affordable day out. And in the Ouimet era, I feel like it really could have been something special. Obviously we will never know and the fanboys will see drone footage of the current state of the place and demand that Aurora and Bainbridge reopen a nonexistent park. But us logical folks who still grew up with and loved the place will always wonder what it would have been like if it had survived to the Ouimet era.

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Sunday, July 9, 2017 11:29 AM
Jeff's avatar

They held on for a decade with the water park, and it still didn't work. While the execution was certainly terrible in the Kinzel era, the skeptics need to accept that there was no longer a viable business there.


Jeff - Webmaster/Editor - CoasterBuzz.com - My Blog - Twitter - Video

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Sunday, July 9, 2017 1:20 PM

I disagree.

There was a viable business there for over 100 years--with competition from CP for every one of those years. I still say GL was viable if CF (and, before them, Six Flags) hadn't tried to expand the park. If CP had kept the existing water park on the GL side of the lake and sold off the Sea World side instead of spending $25+ mil building a waterpark on the "other" side of the lake, they have a WOF sized park drawing about the same number of people.

But, by creating a 2nd park, they increased the overhead and made it inconvenient for people to visit both parks on the same trip, hurting attendance. The problem wasn't GL--it was keeping the overhead of the "Sea World" side instead of selling it off


This Isn't A Hospital--It's An Insane Asylum!

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Sunday, July 9, 2017 4:09 PM
Lord Gonchar's avatar

I honestly can't believe this is still a discussion or point of contention a decade later.

Regretting making the joke.


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Sunday, July 9, 2017 6:29 PM

I get pining away for a lost park, I really do. There are those who still miss places like Riverside, Palisades, Olentangy, and Euclid Beach, and probably will be after any of us who actually remember are long dead.

What I don't get is continuously playing the blame game for those lost parks, though it might've been less painful to watch when things like racism, sketchy neighborhoods, and lucrative real estate deals were the culprits.

Parks, like all businesses aren't God-given, but are owned and run by people. People who make decisions that usually benefit themselves some way right at that moment, and that's the clear nature of the thing. One can spend a lot of time playing "if only" or "what if" but that seems like a waste of time.

Gosh, I wish I could visit Howard Johnsons for a buttery fried clam roll and a pointy ice cream cone, so who do I talk to about that?

Last edited by RCMAC, Sunday, July 9, 2017 6:32 PM
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Sunday, July 9, 2017 7:26 PM
Jeff's avatar

Captain Hawkeye said:
There was a viable business there for over 100 years...

The only way that's a valid argument is if the world and all its variables never change. Building steam engines was a viable business for a hundred years too.


Jeff - Webmaster/Editor - CoasterBuzz.com - My Blog - Twitter - Video

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Sunday, July 9, 2017 8:34 PM
Tekwardo's avatar

In Hawkeye's defense, the variable that changed was that SF tried to grow a small, locally popular park into a competitor to one of the largest and most visited parks in the country. Geauga Lake was never going to be a destination park like CP. And lets face it, Kinzel didn't really do the best for the park. I'm not saying he made poor decisions based off of trying to close it down, but hindsight is 20/20.

I have a feeling that if the park had been right sized on one side of the lake, it could have slunk back to being a local park, but sadly the world will never know. But what was there before the insanity took over was consistent.


cebeavers.tumblr.com

Don't cry because it's over, smile because it happened.

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Sunday, July 9, 2017 8:38 PM

You put it better than I did.


This Isn't A Hospital--It's An Insane Asylum!

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Monday, July 10, 2017 7:28 AM
Rick_UK's avatar

Tekwardo said:

I have a feeling that if the park had been right sized on one side of the lake, it could have slunk back to being a local park, but sadly the world will never know. But what was there before the insanity took over was consistent.

Even without SeaWorld?

I had a great time at the Cedar Fair parks I visited this year. Hats off to them, I guess.


Nothing to see here. Move along.

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Monday, July 10, 2017 8:07 AM
slithernoggin's avatar

RCMAC said:

... I wish I could visit Howard Johnsons ....

Ye gods, seeing that orange roof as we pulled up thrilled me back when I was a youngster. I loved Howard Johnsons.

What Mac said. Amusement parks are businesses.

And what Tek said. Six Flags tried to turn Geauga Lake into something it couldn't be.

Okay, I'm going to go sit in the corner and wonder how many people on Cbuzz even remember Howard Johnson restaurants.....

Last edited by slithernoggin, Monday, July 10, 2017 8:09 AM

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. -- Groucho Marx

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